What I can do If keywords related to my product have very high bids

My suggestion would be rather to do keyword research and find keywords with lower bids and good volume, or rather go for ASIN targeting (if you have good reviews) or category targeting for this scenario.

If there is very high competition on Amazon ads and you are not getting any placements then you should go for FB, Instagram, or any other off-Amazon ads.

Trying using asin targeting, if you think that keyword targeting is out of your budget, then you can go for category targeting as those generally will have less bids and still give you sales.

Hy Riz! My suggestion is that do product research once again and find less competitive keywords or use those keywords in your campaign which top relevant to your product in the exact campaign. And do ASIN targeting and category targeting as well.

According to me If your keywords have high bids I think you should have to keyword research again and find those keywords whos have lower bids and high related to your product.

If the related keywords have high bids and you are not getting the position that you want then you must have to go for outside traffic on that keywords this will improve your ranking on relevant keywords.

If your keywords have high bids then you should go for ASIN targeting or you should try category targeting or try to find some keywords which have low bids

Going for Facebook, Instagram, or any other non-Amazon ads is a good idea if there is highly competitive for positions on Amazon ads.

You have to optimize your bids with experiments and also try ads outside of Amazon like Facebook, Instagram Tiktok, and Snapchat.

You instead of targeting the most competitive keywords, consider targeting longer-tail keywords that are related to your product but may have lower bids. These keywords may be less competitive and could still drive relevant traffic to your product.

If your product has high-bidding keywords then go for ASIN Targeting or category targeting.
Or you can try to use the half keywords and target that keyword in broad.