2023 Algopix Review: Ultimate eCommerce Product Research
When many sellers are just beginning their Amazon and eBay selling journeys, time maximization is key. Like with most new sellers, budget and resources are limited. When I started selling, I wanted highly profitable and niche products, so I did my own product and market research to ensure I was making the best business decisions. After spending too much time trying to conduct my own product research, I decided I needed to try a market research tool. The switch seemed obvious to me; I needed a surplus of accurate data in minutes for a low price. Despite my newfound success, I still have industry colleagues who do their own research or worse ask their suppliers for suggestions to forgo the research, a clear conflict of interest. I’ve saved an immense amount of time and dramatically increased my bottom line. In the eCommerce business, knowledge is everything, so invest in a research tool today!
Once you’ve made the easy decision to invest in a product research tool, you have to pick which tool to use. There are at least 20 different services to choose from that can improve your eCommerce business. Some platforms focus on a single marketplace and some focus on multiple marketplaces or some specialize in big corporations and some specialize in helping small sellers. After working my way through almost all of the competitors, like Jungle Scout, Terapeak, and Feedvisor, I found that Algopix offered the right tools for my needs.
What Is Algopix?
Algopix is a market research BI platform that makes sourcing products simple and easy. Of course, all of the tools will provide insightful information for your business, but Algopix is different. Algopix alleviates seller stress by helping you pick out the right product at the right price and avoiding the risky inventory investments.
Why I Use Algopix?
Algopix is different from its competitors for a few main reasons. The first and the biggest is that it covers 17 markets, including 9 local Amazon markets, 8 eBay markets, and 1 Walmart US market. As both an Amazon and eBay seller, this is crucial! In the past, I used Jungle Scout for Amazon and Terapeak for eBay. I was paying for two separate services and my data was scattered and non-compatible. Now that I use Algopix, all my data is in one central location. Algopix analyzes each market and compares all 17 marketplaces to show which markets your product would perform best on. The insight is obviously helpful for a seller on multiple marketplaces, but the extra intelligence can still help a seller who uses just one marketplace. For example, say you are an Amazon US and Amazon Canada seller, it would be very relevant to know if the product was selling for more money on eBay or if there was low competition on Amazon Germany. All insight is good insight!
Single Product Analysis
The most known feature on Algopix is the single product analysis tool. This was the first tool I used on Algopix and was instantly impressed. The amount of insight they can provide on an item is unbelievable. Algopix uses unique algorithms to analyze real-time market data and provides you with critical statistics. After searching for a specific item and price point, Algopix shares product information like product identifiers, product descriptions, and product and shipping dimensions. It then analyzes the product compared to the market to give you price points, profit margins, demand and competition levels, and a breakdown of all logistic expenses, like shipping and taxes. It is crucial to know the supply and demand levels before putting a product online. The demand level calculation is precise and instantaneous. The competitive analysis feature informs on the number of current listings and the corresponding seller feedback. The ability to optimize sales and competitiveness is due to market recommendations and market knowledge. Success, opportunity, and knowledge all go hand in hand with Algopix.
Bulk Product Analysis + Product Discovery
In addition to single product analysis, Algopix offers Bulk product analysis and product discovery. These tools are groundbreaking in the eCommerce industry. The Bulk Product Analysis feature enables you to analyze up to 3,000 products at once. After uploading a formatted CSV, Algopix can turn it into important metrics in mere minutes. You can identify the most profitable products while filtering out the least relevant ones. It’s as easy refining the file, saving it as a CSV file, and including the product identifiers and maybe detail titles. After uploading, it’s necessary to fill out the price range and markets of interest and the report will be emailed directly to you. The report includes data-driven recommendations, like prices, demand levels, profit percentages, US product rank, and shipping, handling, and tax fee estimations. This information is listed for any of the Amazon, eBay, or Walmart markets.
The product discovery tool is very helpful for new sellers exploring the market or seasoned sellers looking for a new product channel. It is a good idea to sell products you know something about, so think of a category you have expertise in and use this tool to search for a subcategory. Or use it if you have a vague idea but do not know the specific product you want. This feature allows you to search for a general product instead of a UPC or ASIN. Search for a keyword, like chair, watch, or cosmetics, and select a market to analyze and then a list of products will appear. This will give you an overview of categories, products, and markets before you fine-tune your inventory list and switch to single product analysis.
Store Analysis Feature
Algopix’s store analysis feature provides essential insight about any online store’s most popular products. This gives you the ability to peek inside your competitors’ eCommerce stores to find out more about their successful products. This unique view of your competition identifies best-selling products, how much they cost, their demand level, and the marketplaces where they sell the best. Knowing what works for your competitors can help you plan your own inventory and enable you to grow your eCommerce business.
Algopix can automate product research and integrate with your systems. This means there is no need to manually search for products and you get quicker and easier access to all the valuable metrics Algopix provides. The interface and data makes decision making effortless and accurate. You can check the competitiveness of listings at any time and make changes to your inventory quickly, like changing the sale price or removing low demand products. Algopix API is the biggest asset because it increases sales and profit margins through a conveniently aggregated and formatted database. For a relatively low cost, this reliable interface improved my eCommerce business drastically.
There are some free product research platforms, like Unicorn Smasher. I’ve tried one or two but I was not thoroughly impressed. The thing about free platforms is they are making money one way or another, so if you aren’t paying to use the application they are either making money through advertisements or they are selling your information. The advertisements would infringe on your time spent on the platform. The selling of your information could either be to target ads specifically to you or worse selling your information to competitors. Read the terms of service to find out more, however it is not usually worth the risk.
Instead of taking a chance with more untrustworthy sources, choose Algopix, an affordable option. They offer a monthly or annual unlimited plans. The monthly plan is less of a commitment upfront but the annual plan saves you 20% overall. It provides a whole array of services from product metrics to Amazon sales estimation, eBay sales breakdown, price comparisons, and daily best sellers. The price is absolutely worth the services and that can be seen almost immediately from your bottom line. If you are considering Algopix but are not 100% sure, try their 7-day free trial, no credit card necessary.
Industry Connections and Knowledge
In addition to the main services provided when you sign up with Algopix, there are some complimentary services which are helpful to all. I use the whole website as a resource but most frequently use Algopix’s blog, dictionary, and ecosystem.
When I was just getting started in eCommerce, before I even used Algopix for my product research, I read their blog looking for industry advice. They have articles on everything from finding a good supplier to Amazon FBA tips to customer service and pricing. Each article is incredibly informative and is a great starting place to help understand a complex and constantly evolving industry, like eCommerce. I would say the same about the Algopix dictionary. This page defines every industry (and Algopix) term and phrase. This tool is even helpful today as an experienced Amazon and eBay seller. It defines all the product identifiers, Amazon and eBay specific terms, as well as listing, payment, shipping and handling, and inventory management terms. As I’ve said before, knowledge is everything so read up before opening your eCommerce store.
The Algopix ecosystem is a detailed map of all the industry connections Algopix has. This includes everything from freight options, suppliers, dropshipping tools, marketing and supply chain management companies, etc. Their network is extensive and they are more than willing to help you get in touch with other industry experts. This was an asset to further boost my company’s reputation and profits.
If you’re looking for one platform to help you with every single eCommerce need, look no further than Algopix. Use Algopix to refine your inventory, explore new niches, increase sales, and everything and anything else. Algopix is truly changing the way product research is done for the better.
Take my word as an experienced seller or try it for yourself with their free trial. Make sure you are enjoying just how lucrative eCommerce can be. Good luck!