An eCommerce market research is, in all likelihood, the tool you need to ensure the success of your marketing strategy. Knowing first-hand not only your audience but also your competitors and your market, in general, will help you learn what your customers demand from you, prepare for unforeseen events and, of course, get more sales. Jason Simon, an eCommerce expert, talks about how to conduct eCommerce market research and how important it is for growing a business.
Over time, digital sales have evolved and companies have been able to take advantage of the benefits of digital commerce, allowing their products and services to be more easily purchased anytime, anywhere in the world. “eCommerce allows you to create innovative strategies for growing your sales, as the initial costs and investments of this business model are lower than those of a traditional retailer,” explains Simon.
An eCommerce market research provides you with a wide variety of data for your eBusiness and allows you to learn about the trends, products, and services that online shoppers are willing to buy. Always keep in mind that this research should be done before you open (or, at least, before you launch) your online business. Market research allows you to know your target audience, improve the features of your products and create a targeted marketing strategy for your brand.
“Market research for eCommerce helps you determine the focus on your products, but don’t just look at your customers; remember to analyze your competition as well,” Simon asserts. “That way, you can price appropriately and offer a unique value proposition that no one else offers!”
An eCommerce market study is conducted to define and meet business objectives. and as the owner of your eCommerce, it is in your interest to know the supply and demand for your eCommerce products and services. It is also of great importance to discern the most appropriate digital media for marketing products and services, create a marketing strategy that will be successful among your current and potential customers, launch innovative products that meet the needs of customers and face the competition and promote and distribute products, adjusting them to the right price.
Market research for eCommerce can be done through primary and secondary sources. Concerning primary sources, it is considered information that is collected directly, either through surveys of customers and employees or through field research and observation of a sample. On the other hand, the secondary is a type of research done through certified Internet sources, interviews with specialized people, online consulting. It is information that a third party collects for you.
The first step in market research for eCommerce is to know your market niche and define the audience you want to target with your products or services. Next, make sure you understand your consumer as much as possible. After establishing the size of your industry and market trends, it’s time to understand your consumer. This step involves obtaining socio-demographic, geographic, and personal information.
A good way to get this information is through online surveys because there is nothing better than directly asking the people who buy your products about their interests, their tastes, and ultimately, their lifestyle.
“By conducting eCommerce market research, you can personalize the user experience and improve their satisfaction when visiting your online store by offering the right product and service for your customers,” says Simon.
An eCommerce market research has a lower cost than traditional market research and that is always a good thing. Collecting customer information and other data from different sources of information is much easier and cheaper than relying on physical and less powerful sources of information. Online businesses have gained great momentum in recent years, as online sales are becoming more common and customers feel more and more confident about making an online purchase.
An eCommerce market research is essential for the success of your business. Both traditional and digital commerce require studies to identify all the elements and data that will help your business succeed.