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Market research for eCommerce

08/02/2023
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Market research has become an invaluable tool when preparing a digital go-to-market strategy. With it, you can understand market needs, measure customer satisfaction and study what kind of resources your competitors invest to attract buyers.

After doing a thorough analysis of the current situation, you will be able to identify key performance indicators and know how to best use budgetary and staff resources. Market research is absolutely essential if you want to make sure that your efforts will not be in vain.

What is market research?

Market research is an important process for companies to understand their target audience and gain valuable information about their target market.

Basically, it involves gathering data from customers, competitors and industry experts to identify customer needs, market trends and the best sales opportunities.

To conduct effective market research, it is essential to start by defining a research objective and developing a clear plan of action. This should include the methods to be used, the sources of data, who will be involved in the research and when the research should be completed.

Once the data have been collected, they need to be analyzed and interpreted. This means using tools such as market segmentation and customer surveys to identify customer preferences and buying trends. Compiling this information into a report will help you determine the path you should follow in your digital strategy.

This process can require a significant investment of time and resources, but it is essential for any company that wants to launch into the online arena and maximize its success in the marketplace.

Benefits of market research

In general, market research can provide valuable information to help you develop products and services that meet the needs of your target market. It can also help you identify potential problems or issues that need to be addressed before launching a new product or service.

  • Know the supply and demand for the product and/or service you want to market.
  • Know the channels and digital media to sell your product and/or service.
  • Know the target audience of your brand
  • Know the needs of your consumers and define your ideal customer.
  • Know the market trends
  • Know your competitors
  • Control risks and threats in the market
  • Create a successful digital strategy based on the market, competitors and the target
  • Improve the customer's shopping experience
  • Adapt offers and promotions correctly according to the market and audience

How to do market research for your eCommerce in 4 steps?

Know your niche and define your brand's target audience

The first step in market research for an eCommerce company is to understand your niche and define your target audience. This involves researching the needs of potential customers, identifying what differentiates you from other companies in the same industry, and defining the specific characteristics that make up your ideal customer.

Spend time analyzing demographic factors such as age and location to specifically tailor your message and offers to those who will respond most positively. This will help you get responses that tell you how best to target your ideal customers.

Understand your customers' needs

Some market research methods, such as surveys, can be a great tool for understanding the needs and characteristics of your consumers. Launching this type of surveys through social networks will allow you to gather information quickly and easily to obtain very interesting data about your target audience thanks to the great reach offered by this type of channels.

By knowing what their interests are, their tastes, the type of products they prefer or other relevant factors, you will be able to create more tailored specific campaigns. Having this knowledge will help you stay one step ahead of the competition and build customer loyalty.

Identify and evaluate your competition

Identifying and assessing the competition is an important part of that research process as it will allow you to anticipate your competitors' next steps. Examining the type of products your competitors offer, their pricing, how they market and how they design their stores are important aspects that will help you launch your business with confidence and prepare for any potential competition with the right plans to stay ahead.

Analyzing the strengths and weaknesses of your direct competitors will also give you a great advantage in establishing your own market positioning strategy. In this way, it is worth noting that market research not only provides insight into competitors' strategies, but also helps you understand what drives customers to buy from a particular store. With all this data, you can get a better idea of whether your brand is prepared to face strong competitors.

Launch your eCommerce to the market

Once you have done your market research, you are ready to launch your online store and let the world know about your products in the eCommerce sector. Keep in mind that as your business grows, the market can change quite rapidly, so it is important to keep up to date with any technological advances, as well as listen to your customers' feedback in order to keep your store competitive.

Select an eCommerce platform capable of meeting your needs and requirements in the short and long term, and start selling online.

LogiCommerce is a Headless eCommerce solution for medium and large organizations that offers state-of-the-art technology through a Unified B2B & B2C platform. Invisible and regular updates, 200+ features, transparent pricing policy, Elastic Cloud infrastructure and a SaaS mode, among many other things. If you have decided to launch into the digital sector, contact us and tell us about your project!

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