To make your products profitable, you have to take into consideration many factors from sourcing to selling.
Some of these factors include healthy competition, strong sales force, large market share and stable market demand.
We at Leelinesourcing want to share a product analysis report of the broom and dustpan set.
This will help you make better and informed decisions about selling this product.
1. About the market
(The chart of broom and dustpan set’s popularity of searching for the United States in the past five years)
According to the data provided by Google trend (trends.google.com) in the past five years, the search popularity of broom and dustpan set in American has fluctuated minimally. However, the overall trend has shown increase year after year. In particular, the increase accelerated from June 2017.
(The chart of broom and dustpan set’s popularity of searching of the worldwide in the past five years)
Overall, there has been a slight uptick in the search popularity of broom and dustpan set across the globe. In June 2017, search popularity hit a peak of 100.
Besides Google, we also got search data from Amazon (www.amazon.com). When we searched for the Broom and dustpan set using the Keywords tool, we found that the average number of searches on Amazon in the past one year was about 88,000 per month. The highest searches recorded were108, 000 in July, August 2017 and January 2018 while the minimum number of searches on Amazon was 48,000 a month.
Therefore, from the above search popularity and search volume results, we can conclude that the broom and dustpan set are necessary products for people to use in daily life. They have a relatively stable market demand.
After having a clear understanding of the market demand for the product, we need to find a suitable sales market for the product. This will enable us to sell the product smoothly and make a profit. Therefore, an analysis of the market distribution is also very important.
(The chart of the areal distribution of Broom and dustpan sets’ popularity of searching for the worldwide from Google)
(The chart of Broom and dustpan sets’ popularity of searching of the UK in the past 12 months)
(The chart of the areal distribution of Broom and dustpan sets’ popularity of searching of the UK)
As seen from the results of search popularity by region displayed by Google trend, the broom and dustpan set have the hottest search in the United States. In the US, the popularity of broom and dustpan set has been above 75 for most of 2017. Clearly, the potential market for broom and dustpan set in the United States looks optimistic. New York is seeing the biggest demand so far.
To sum it up, we can conclude that the United States is the main market for broom and dustpan set.
(3) Competitive environment
Having a healthy competitive environment is very important in selling any product. After understanding the market distribution of products, we also need to investigate the market competition environment of these products.
(The graph of search volume of Broom and dustpan set in the past 12 months in the UK from Google Adwords)
We used Google Adwords (adwords.google.com) and keyword tool (keywordtool.io) to search for Broom and dustpan set. Google search results showed an average search of 880 per month in the United States which is relatively small. This means fewer customers buy broom and dustpan set through independent websites in Google.
However, the average search volume on Amazon was 88,000 a month. The CPC is about 1.15 dollars per click with a competitive value of 1(According to the Keywords tool table, products with a competitive value of 0.69-1 are highly competitive.)
As a result, the broom and dustpan set is highly competitive in the U.S. market. We also know that websites that sell broom and dustpan set independently do not have an advantage over Amazon.
2. About the product
Product cost affects product profits. It is important to have a clear understanding of the product costs before starting to sell the product.
We searched online for the broom and dustpan set in 1688, as shown in the picture. The purchase prices of most products were not high with most ranging from ＄1-8. With the light weight and simple package, the expenses of packing and transportation will also not be too high.
Therefore we can conclude that the procurement cost of broom and dustpan set is low.
After getting a rough idea of the cost of the product, we can now estimate the profit margin of the product.
To investigate the profit range of the broom and dustpan set, we randomly selected a set of broom and dustpan with a purchase price of ＄2.16 in Alibaba and a sale price of ＄32.99 on Amazon. We then calculated profit by simply subtracting＄32.99-＄2.16=＄30.83.
We can then use the Unicorn smasherg tool to see the average monthly sales of this product which we found to be about 2819, so basically, this gives us monthly returns of 30.83*2819=86, 909.77 dollars.
We can see that the profit of the broom and dustpan set is quite considerable even after deducting transportation and packaging costs. In addition, we also see the sales of broom and dustpan set in other shops doing quite well. This proves that the broom and dustpan set has large market demand.
(3) Fluctuations in prices
Stable sales price mean a stable market environment and profits. Taking the above product as an example, we can find out whether the broom and dustpan set have a stable marketing environment.
The figure above shows a one-year historical sales price of this product from on the keeping tool. The results revealed that the price of the broomstick suit has been stable over the past year averaging $32.99. In conclusion, the market environment of the broomstick is relatively stable. As long as management is reasonable, you can easily obtain relatively stable and considerable profits.
We can learn from the above information that:
(1) The purchase cost of broom and dustpan set is low and the profits are big.
(2) The United States is its main sales market.
(3) There are great market demand and stable market environment, but the market competition is fierce.
In such a competitive environment, if you want to sell this product and make a high profit, the most important thing you need to do is to reduce the purchase costs. So how to reduce the purchasing cost?
You need to find a reliable supplier to supply you with quality products at low prices. Those products will not only retain your old customers but also attract new ones to buy. Therefore, a reliable supplier plays an important role in reducing purchasing cost and increasing product sales.
Are you worried where to get the best supplier? Worry no more since you’re in the right place. Leelinesourcing will help you access some of the best suppliers and get your products at the most affordable prices.
Leelinesourcing is a china purchasing agent company with ten years of experience and professional buyers and salespeople. It can provide you with services such as finding suppliers, conducting credit verification, cross-price inspection, negotiating prices, product photography, labeling, FBA shipping, and product branding. If you have any other service requirements or questions(Related content: Top 100 Questions You Should Know about Purchasing Product in China), contact us Leelinesourcing through：
Email: [email protected]
We will try our best to meet your requirements and provide you with a satisfactory service.
That’s leelinesourcing’s product marketing analysis report on the broom and dustpan set. Hopefully, it’ll help you out.
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