Ecommerce Market research refers to analyzing the competitors. If you have opened an Ecommerce venture on which you are selling any type of products, then you need to check what is going on in market. If you don’t do the research then the chances of losing the potential customers is very high. Also, if you have 10 competitors around your surroundings then the research things makes you different from others.
Well, it is very important to do this, because when you are in business, then you should have an idea, what is going on in your surroundings. If you discover the market is saturated, small (not enough customer), cheap (profit margins are too low to make real molar), and boring (you complete the research and you totally over the idea). Hence, you will have safe yourself from getting into the bad position.
How to do online market research for Ecommerce?
Now, the question arises is how we can perform this? Do not panic, here, I will tell you the steps of doing this simply.
Conduct Keyword research: -
Many tools do keyword research. These tools show you how many people are searching for your business or product idea during any given time. This will tell you what customers all over the world search for.
Find the trend and put the picture in perspective: -
For this, you can use the tool Google trend. Search for the product or business idea, and then view the directional search demand for that keyword throughout the past few years. you can also compare the volume of searches between a few terms, geographic locates and even view how particular events affect search popularity.
Examine social media: -
It is a good idea to mention your business idea and start understanding the volume of research. Social media also help you to unwrap aspects of your target marketing that can inform your marketing efforts later. This will help you to learn the different t language. So, you can use it later in the descriptions.
Using the languages of targeted customers will help you to drive the traffic to your site, build a loyal customer base and increase conversation.
Look into hashtags and what is trending.
Use the Instagram search tool
Hashtag and type in your product to see how many others are using that hashtag, related hashtags, and popular images.
Build an online store and test the waters to gain momentum:-
You can do this long before your product or service is ever created to start driving traffic or even to collect some pre-orders.
Reroutes to building an audience without a product: -
Leveraging an already existing audience to sell a new product to a great way to quickly sale business, and there various ways to do this.
Launch a native brand
Leverage your networks and get a temperature check: -
Leveraging your digital network is a must, including your twitter, facebook, and Instagram following. These people are potential customers who can help you to increase sales by giving feedback. Now, m going to represent some honest ways to get feedback;
You want the competition at this point to get a lay of the land.
These are some question to start you off:
Is there a clear owner of the space?
Is the market saturated with completion?
Can you see the weakness in the competition that can make your strength?
Customers surveys: -
You can do this, via emails, feedbacks, pools, and surveys from your websites.
9.In-depth customers interview: -
Try to do one-on-one telephonic interviews or video chats with clients.
Customers review: -
It is very important to take reviews. See what the clients are saying about your product.
Focus groups: -
Hire an agency to conduct in-depth research with the help of a focus group.
Sales record: -
Always notice the previous results of customers. That will give you some ideas.
What kinds of tools you can use to do online market research?
There are countless tools to use to conduct market research. Here are just a few;
Pew research center
Facebook Audience insights
Online Market Research Never Ends
It is the key to success and it's never-ending. By doing this, you know about the things that what is happening, some facts about you and your business. If there is any need for change then you can easily do that. Sometimes it gives you a new idea. All in all, it is very beneficial.