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Ecommerce involves the buying and selling of the products n services through internet, using certain devices such as cell phones, tablets, laptops. This needs transfer of money and data to accomplish the process of ecommerce. This is simply the online business to carry about, where there’s may or may not be the need for a physical store place.
Today, every business needs online presence to grow. So, there’s an emerging need of the market research in this connection. Market research definitely involves gathering information about the ecommerce market for the most demanding products and services and their target consumers. This may vary from the origin of the manufacturers/whole sellers to the most demanding seasons/occasions for the specific categories of ecommerce.
Importance Of Market Research
The importance of market research can be never ever underestimated whether it is for ecommerce, retail, whole sellers, manufacturers side or whatever the gauge of the particular niche.
It is, on the one hand, to meet the customers’ expectations and on the other hand ,to beat the competitors. So we can say the market research as a tool of survival in the market jungle for the start up businesses.
KEY POINTS OF THE MARKET RESEARCH
On the whole ,the market research has the following key points:
1. Trends in the Sector; niche accordingly,
2. Your Target Audience,
3. Segmentation within your Target Market,
4. Your Competitors,
5. The Sector at large.
1. Knowing Current Trends in Your Niche
However there is an overflow of the products in each market whether they are clothing, shoes, beauty and skin care products, pet care, kitchen or garden accessories. Rather you have to chose that product niche as to be stable in demand; having no declining or growing trends for a specific time periods.
You may think about to fill the clients’ shoes i.e., to have pinpoint of customers’ pains .So that pick that niche for a product or service which considerably solve their problems of everyday life.
These are some of the best online consumer research tools that serve better to have understanding of their trends; Google Trends , Trend Watching,Think with Google, Omgili, Spezify ,YouGov Profiles, Consumer Barometer, Statistica and Alexa.
2. Knowing Your Target Audience
Knowing your target audience and have a deep understanding of their behaviour is very crucial in maintaining your niche qualitatively. Targeting a specific category of your customers is merely because they are more likely to buy your products or services .Other people are nonetheless an exclusion from your purchasers; they may be your potential buyers in future ,so you can then, broaden your future list of audience .
Segmenting The Target Market
To divide the target market further into smaller but more defined categories of the target audience is to segment the target market .Market segmentation keeps you on track and helps in focusing on the audiences having same ages, interests, needs or locations. It assists you in meeting their more precise and specific needs.
Knowing your Competitors
Knowing your competitors is also the foremost marketing strategy .Try to learn by analysing the competition ,you face in your niche market . Try to know about their business models, sales funnels, websites, launches ,offers , etc. Researching all this will help you determining what works, what doesn’t work and what can be optimised.
The Sector at Large
You must know the sector of your niche and vertical at large to get awareness of the upcoming trends and the trends gone away, the consumers’ behaviour and their expectations to ecommerce industry, the packaging and the logistics solutions.
All the above mentioned key points may refer to Primary or Secondary market research.
Primary research involves the procedures and methods, adopted by you, as a business, as research tools. It refers to the original data collections by the business itself ,through
· Online surveys and questionnaires.
· In- person, in-depth interviews,
· Online focus groups
And then take actions accordingly.
Secondary Market research is a type of research that has already been compiled, gathered, organized and published by others. It includes reports and studies by the government agencies, trade associations or other businesses in your industry.
Utilising Social Media
Utilising social media platforms by businesses as marketers has created opportunities for companies to develop trust-worthy relationships with their customers . There is a way of open discussion, on these platforms, between marketers and their target audiences.
Social media no doubt, offers strong and effective ways to have curtailing expenses, real time insights, uncovering and analysing the market trends.
You can join a number of those groups where your potential customers are discussing about their needs, wants and pain points.
You can gather quantitative data on key trends and topics, related to your business idea from the major social media platforms . This must help you to know the main theme of advertising posts that will help greatly to convey the message of your brand to targeted as well as potential customer
Now your Online Store Is Ready to Progression
It is the point where you are now ready to bring the theory into practice. It’s time to present your business idea to market. Once you are in progression , you will learn a lot of new things and will take steps accordingly . The target market response is the only thing that matters for your business.
Chose An Ecommerce Platform
There are a large number of ecommerce platforms that offer you best incentives and services for your online ecommerce store . You are very near now to select the one that best suits to your needs.
Most of them provide full technical support to your website from selecting the store themes to check out process and providing payment gateways etc.
Using Analytics on Your Ecommerce site
Now when your store is progressing smoothly, you are in a need to monitor the performance of your website, based on the visitors’ behaviour, their bouncing rates, the most visiting pages ,etc. This all to monitor and analyse is necessary to optimise the website performance so that the customers have pleasant shopping experience on your site.
Though ecommerce has become a market jungle , you shouldn’t be felt stepped on by big giants(competitors).The way does always open for every passionate beginner .You will definitely make your ways through your best adopted marketing strategies. So find your product, your target audience, create unique selling points and get the ways for your customers back to you