Why Is Market Research Important In eCommerce?
Market research should not be disregarded or discounted, especially if you are trying to launch an online eCommerce business. Market research is extremely helpful in establishing a strong and stable foundation for your company. You always have the upper hand and a competitive edge, whether you're researching potential competitors or preparing the company for any threat.
Have you ever wondered about your eCommerce apparel market size?
Do you have a precise idea about the demographic positions of your customers?
If you don’t have a clear answer to either of the above questions, eCommerce market research is the perfect solution for you.
eCommerce market research offers you both – quantitative and qualitative understanding of why your potential customers would love to buy your products. Despite knowing that 56% of Generation X and 67% of Millennials prefer online shopping, you need to break these numbers for the best eCommerce marketing strategies possible only through market research.
How To Do eCommerce Market Research?
The first thing that you should focus on is to determine the market size for your potential customers that involve:
1. Analyze your product industry
The ideal eCommerce market research will allow you to check out the current size of your industry and the overall trends in the market. Moreover, it will also showcase your product industry's growth rate to make the appropriate marketing decisions based on these reports.
In fact, you can get your hands on several data sources from various market research companies and other online publications that can provide you with the most valuable data on your industry.
2. Understand your consumers
Once you have an appropriate projection of your industry key trends, size, and the direction in which it is directed, you can move towards consumer research. It will help you to create a target audience-based eCommerce marketing plan to boost your sales. But how can you find out demographic, socioeconomic, and other details about your ideal consumers? Here are the ways:
a. Consumer Surveys
There is no better alternative than directly asking your ideal customers about what they are actually looking for from your brand. There are various tools available online to conduct such free surveys for your eCommerce marketing.
b. Consumer Reports
With the consumer reports, you will be able to get a general outlook on the purchasing behavior of your target customers. In fact, you can find the latest data-based consumer reports over the web that can be searched with proper keywords, or you can also take the help of an eCommerce marketing agency.
C. Facebook Audience Insights
One of the most underrated available research tools is the Facebook Audience Insights. You can use the free audience insights on your Facebook page to understand your page followers and find out the related relevant information such as their age group, income level, and of course, their lifestyle.
3. Research about your competitors
There is as such no industry that doesn't have competition. In fact, it is a healthy option to have one as that is how you will be able to understand whether the market is ready to accept your products or not. Thereby making it relevant to understand the rivals as well. Initiate this process by looking for your rivals' biggest strengths and weaknesses and put that knowledge into use. By this, you can find out the unique ways to serve your customers better and influence them to switch their loyalties towards your products over your rivals.
eCommerce Market Research Tools
However, some of the reliable sources where you can seek data-backed surveys and studies. There are countless tools to use to conduct market research. Here are just a few:1. Nielsen- It is one of the leading global information and measurement companies that provides data and insights regarding what people listen to, watch, and buy.
2. US Census Bureau- It is one of the leading reliable sources that provide accurate business, people, and economic data.
3. Pew Research Center- If you need to figure out the latest trends, issues, and attitudes shaping the US and the rest of the world, turn your focus towards Pew Research Center.
4. Google Trends: Google Trends is a fascinating tool that displays a wealth of information about every search term you enter. For example, if you want to start a clothing business and want to know if your target market is interested in vintage dresses, all you have to do is type the term into a search engine and see what comes up.
Why C2 CORNER For eCommerce Market Research?
The market is constantly changing, and to keep up with the competition, you need to ensure that you are on top of the league. Thereby, it is crucial to constantly update your business data with adequate eCommerce market research to grow and thrive your business.
C2 CORNER has extensive expertise working directly with a variety of eCommerce businesses and conducting market research for a variety of clients. We have the specialized expertise and understanding required to conduct eCommerce market research. Our crew has firsthand experience writing market research papers and other materials for our clients.
Are You Ready to Sell Better? Schedule a free consultation with us and we can help you find the best solution to overcome your marketplace challenges. We can help you grow your business & make your business a success story in the eCommerce industry.