We strive to fully satisfy the market research needs of our clients. It provides us with an overall analysis of the market, key statistics, and overviews of the major players in the industry in an online service that is fast, easy to navigate, and reliable. If there is anything we can all agree upon, that is –. Moreover, it also helps you identify your competitors and their pricing for their products. The growth of the global e-commerce market is led by North America, majorly due to the humongous export volume of the region. There are many online platforms like google survey, to do surveys. As with most research, start in your favorite search engine: Join as many relevant groups or forums as you can, and ask each admin if they might be willing to share your survey. Got an idea of how it can help? If you are also an eCommerce owner, there's a good chance you have heard of multivendor marketplace. Secondary Research: Data or information that you collect from existing sources. 4. Apart from that, you can also conduct surveys on big Facebook groups that share the same interest with the permission from group owners. For example, you could run a series of successful Instagram advertisements using this knowledge to shape the type of creative you use, the headline you write, and the call to action. Senior executives from leading market research company The NPD Group have joined the Knowledge Hub speaker lineup for Beauty Tech Live, set for 12-16 April.. After you choose your product finding a cost-saving way of production becomes a big challenge and casual market research is necessary for that. The main purpose of Social media is not doing market research but connect people. This is one of our favorite ways to gather customer insight. Here's a stat from Emarketer, demonstrating the region-wise eCommerce growth, and you can see the number is going upwards everywhere around the globe. These things can easily be stopped by performing market research. You will be amazed at how much data you can get from social media for your market research. Market research firms for the eCommerce industry also often ask for a fair chunk of cash to access reports and so if your budget is limited, it can be frustrating and even more difficult to find the data that you need. Validating your product idea is an absolutely must-do step in this process. In the digitally transforming world, investing in AI-driven market research for eCommerce is a better solution for brands. Going back to the women’s active clothing and apparel example, you might start with relevant online forums, Facebook Groups, Slack channels, social media channels, or even people in your direct network. A comprehensive research on the Shopify App store and its apps. Great market research will not create immediate value, but you'll start to experience benefits as your business grows. From here, you can easily find some products that you can sell. Apart from that, he likes to travel and read books of all genres in his leisure time. Otherwise, nothing can stop a pile of never-ending inventory. [*], Pew Research Center: A fact tank that informs the public about the issues, attitudes and trends shaping America and the world. Growth in retail ecommerce will spike this year, followed by a slight recalibration in 2021 and strong growth thereafter. Use all the free tools at your disposal such as consumer surveys, consumer reports, and Facebook Audience Insights to build detailed customer profiles of real people that will actually buy your product. In this stage, you haven't yet decided on a product. But you don't even know if the Wooden Ornaments are popular all around your country. The company is strengthening its market position while competing at a global level with giants such as Alibaba and Amazon. In 2017, nearly 1.66 billion people worldwide purchase products online, amounting to 2.3 trillion U.S. dollars. THEORETICAL ASPECTS OF US E-COMMERCE MARKET 3 4. Nowadays it is becoming essential. Discoover ways to become more profitable with E-Commerce Market Research. Since then, it has quickly widened the margin. INTERNATIONAL. No matter how much you read, you can't possibly know everything before you experience them. The purpose of collecting in-depth information is to help you make better decisions. Instead of searching for a term such as “women’s shopping trends,” try searching for something like “women’s shopping behavior and consumer insights 2018.”, Specific searches lead to some incredible insights, such as this Why Women Buy research from Merkle:[*]. © 2008-2021, weDevs Pte. The tool provides useful information such as their age, income, lifestyle (as determined by Facebook), spending behavior, and more. The problem is, however, that these are all just a bunch of big numbers. Think like a customer. Download Report. Market research can be divided into four primary categories. Projections show a growth of up to 4.48 trillion U.S. dollars by 2021.[*]. Hire yourself and start calling the shots. Market research gives you both a qualitative and quantitative understanding of why your ideal customers would want to buy your products. That gets us in the next step, which is descriptive market research. With market research, you can get real data that can help you decide the market demand for a product. It’s essential when contemplating a small business idea to perform market research before committing. Consider researching your competition as a necessary and vital part of the journey. If you ever wondered about how to build a multivendor marketplace, we have a link for you below, do check it out! To step up your growth, you have to keep a close eye on your competitors and what they are doing. From June 15, nonessential stores can begin reopening. In order to build a successful business, you have to find profitable niches or products where you still have scope to shine. By market research, you will get to know your audience even before you launch your products. Whether you are still deciding on a product or you are convinced with one, there is one thing you must keep on doing. E-COMMERCE MARKET Theoretical Aspects and Market Research 2. The biggest player in the Russian eCommerce Market is wildberries.ru.The store had a revenue of US$5 billion in 2020. Continuing with our women’s active clothing and apparel example from above, you’ll want to find and read as many industry articles as you can. Deloitte’s recent research also predicts that retail sales recovery will be difficult as eCommerce sales continue to rise. We have years of experience helping people making successful marketplaces using Dokan. MARKET INSIGHTS. You can see clearly from the data that Wooden Ornaments are most popular during November-December every year. Find out more Customer understanding. Find the latest market research reports by McKinsey, pwc, Bain, Forrestor and more from market research firm ecommerceIQ. Market research has been a norm for large companies for a long time. Every new nugget of information found within these customer research tools provides another avenue for data discovery. Filtering for “women”, “ages 18+”, and interested in “shopping and fashion” returns some interesting results. Market Research was not a big thing for eCommerce even a couple of years ago. Analysis of the Shopify App Store . Predicting the growth of a product perfectly can essentially help you make a better decision on a product. You can't build a great building on a weak foundation. The Ecommerce market revenue was xx.xx Million USD in 2014, grew to xx.xx Million USD in 2018, and will reach xx.xx Mill Global Ecommerce Industry Market Research Report | Inforgrowth - Market Research Find the latest charts and graphs to discover retail data on ecommerce, mobile usage, logistics, and other relative market research around the world. There is absolutely no better way to understand your ideal customer than to ask (primary research) the people who will actually buy your product. Also, targeting fans and followers of The Mint Julep Boutique with Facebook ads is a great way to get in front of an audience that is most likely to buy your product. Entrepreneurs who don’t have competition should be wary. If you are looking for a keyword tool, go to Google Adwords. Now it's time to know the people who are going to buy your products. More and more new entrepreneurs to start selling products online. There is no business without competition. In this phase, you will have to find answers for question's like – who are the potential buyers of the product?, What is the demand of the product?, When does the demand hit its peak? Without further ado, let's get started! Thorough market research can help you come up with products that have demands that are not fulfilled by any current market players or products that are still untouched. So, if you go with the ‘Y' tree, what impact it would have on product quality? Increasing penetration of internet is bolstering the smartphone using population across the world Understand on a deep level what’s working for them and what’s not and look to replicate their successes. Retail E-Commerce Packaging Market Research Report: By Material Type (Boxes, Envelopes), End User (Consumer Electronics, Fashion and Apparel, Cosmetics and Personal Care, Food and beverages, Furniture and Home Furnishing) - Global Industry Analysis and Demand Forecast to 2030 To help you do market research for your business, we’ve put together an ecommerce market research template. There are several ways you can try to understand your customer base. In fact, proper market research creates a good foundation for a long-standing business. But prediction these days are not all about your gut or intuition, we depend more on data gathered from sources like google trends, statistics than our sixth sense. If you look at some stats, it becomes quite apparent that eCommerce is not the future but present. This is how market research helps you grow your business or product, even before you launch them. To know market research from its core, you have to know it's fundamentals or basics. Next up, formulate a strategy by which you can eliminate all the ideas that are impractical, does not match your available resources and skill set. Ecommerce Wiki / Market Research. Thus you can choose how to market a product in a better way than your competitor. Market research for eCommerce can be used to conduct product page research. Luckily, we have a complete guide on competitor analysis. Yoga is large enough of an industry to where they can be extremely profitable, yet not too large to where they have no idea who their target customer is. Our site uses cookies to give you the best experience Is there a clear dominant player in the space? It has come to a point when giant offline companies like Walmart are now forced to sell online because that's where the customer's shop! At that point, it’s time to do some competitive analysis. Market Research for eCommerce - Free Tools and Case Studies (2019) By Simon Tomkins. 4.2.3 Threat of New Entrants. Ultimately it's not about what you like, but what people like. Primary research. 4.1 Market Overview. [*], NPD Group: Industry analysis and advisory services help retailers identify market trends to make smarter business decisions.[*]. Which platform saw the highest conversion rate? Google is a great place to start your search. If you answered “no” to one or both of the questions above… You’re not alone! This guide will not only provide the tools and data you’ll need to be successful, but will also provide actionable takeaways you can use to grow and improve your ecommerce business. You can also try researching the most popular hashtags. Trust me, it's relatively easy to start one! To cope up with it, and be successful, you need to follow a continuous strategy. You’ll have enough keywords for your ads, but you can’t bank on Adwords for ecommerce market research. ... AT Kearney: China's Ecommerce Market Logistics Challenges. The rise of eCommerce is a long talked matter. Now only those are left that you think you're interested and possible with your resource. Bonus Material: Ecommerce Market Research Template, discovering exactly what your customers want. SERPs or Search Engine Result Page can also be a great option for discovering products. You should discover if there is enough of a healthy customer demand within the chosen niche to make it a viable, profitable business. May 28, 2020 | USD 5,950... by Grand View Research, Inc. But market research doesn’t have to be complicated. Ecommerce market research services. Faisal is a tech blogger who loves to help people by sharing useful information. Casual market research is the next step of descriptive market research. Market research is a systematic process of collecting, analyzing and interpreting information. This is how market research can help you choose the demand and potential of a product. Theoretical Aspects of Ecommerce Market - 4 2. Once you have the list of solid product ideas the only way to find out if they are valid is to see if real people are willing to buy it. Altogether, the top three stores account for 40% of online revenue in in Russia. If you have a Facebook Business Page, you can use their free audience insights tool to understand who your followers are. You’re looking to launch a new line of women’s active clothing and apparel. Ltd. All Rights Reserved. CONTENT: 1. The consumer survey is one of the most common practices of knowing your customer better. In this stage, you will try to find products that you can sell. Ai-driven market research has many advantages over traditional market research. This way you don't need to rely on your intuition or the buzz. In the image below, you can see that we searched on google with the term “products for car” and scrolled to the bottom of the page, and as you can see it is showing search terms like best car cleaning products, best car wash products, best car detailing products. E-Commerce Market Research Reports & Industry Analysis With the diversification and increased sophistication of the small business, the marketplace is expanding in the area of ecommerce. Take Leisa Papa’s Little Kids Business or JOSHi as an example. But you got the idea, right? Visit Google Trends, search for any product it'll show you something like the image below. Get this... 67% of Millennials and 56% of Generation X prefer to shop online rather than in-store, each combining to make up a big portion of the U.S. ecommerce market.[*]. Market research helps to identify and analyze the needs of the market, the market size and the competition. Now, you have some specific, actionable data from more than 887 women aged 18-37 that you can immediately apply to your product or service. In the next few paragraphs, we will show you how to perform the four different parts of market research for eCommerce. [*], Even with Amazon grabbing 4% of all retail sales in 2017 and projected to account for 50% of the U.S. ecommerce retail market by 2021, both Amazon and the ecommerce industry in general are still poised for massive growth.[*]. This is the only way you can eventually see the lights of success. The eCommerce market encompasses the sale of physical goods via … The first step in every ecommerce market research journey is to determine the potential market size for your business or individual products. 4.2.1 Bargaining Power of Suppliers. If you are someone who's planning to open a shop online, this is a must-read article for you. Use this market research template to research your competition. What is their biggest weakness? Finding the right product with high demand yet low competition means a better chance to be successful. So, we can put together that definition with eCommerce, and safely say that eCommerce market research is the process of gathering information on which products your customers want to buy online. Revuze is one of the tremendous AI-driven market research platforms that help you to perform product page research. Often eCommerce owners select a trendy product that ultimately results in devastating failure. The Ecommerce Market Landscape (Overview), Determining The Market Size For Your Business Or Product, 3 Key Ecommerce Market Research Takeaways. Which are –. Make a list of all the potential products that you can find through several methods, such as Google Search, Google, Trends, Amazon, and even your nearest supermarket. An advertisement doesn't work, move on to a new one. And luckily, you will also know how to survive and outperform them with a proper strategy. Some of the most effective ones are –. Cognitive Market Research provides detailed analysis of Ecommerce Software in its recently published report titled, "Ecommerce Software Market 2027". Finding the right audience can make advertisements cost much less as you will not have to spend and try to know your audience. Businesses use this information to design better products, improve user experience, and craft a marketing message that attracts quality leads and improves conversion rates. Many AI-driven text analytics tools and eCommerce platforms such as Revuze are gaining popularity among brands. The global e-commerce market can be segmented on the basis of hosting platform, end-user, product, and region. Quite possibly the most underrated ecommerce market research tool available is Facebook Audience Insights.[*]. But unfortunately, the majority of them don't do proper market research, which leads to an early end of their dream to build the next Amazon or eBay or Aliexpress. Choosing the right product to sell at the right time and find a product whose market is still not saturated with too much provider is the key to be successful for a new eCommerce, and that's what you can find out with market research. Don’t wait for someone else to do it. [*], MarketResearch.com: A leading provider of market research reports and industry analysis on products, markets, companies, industries, and countries worldwide. These are the things that you'll get to know from consumer reports. 1.2 Scope of the Study. Amazon's most-wished-for list is extremely useful when it comes to finding products that have high demand. How did they still manage to carve out a $1 billion+ business? Here are a couple of questions you should be asking when you get started: Once you have a solid understanding of each of the four questions above, it’s time to put that knowledge to use. 3 Key Ecommerce Market Research Takeaways Analyze Your Industry Understand Your Consumer Research Your Competition Or, you decided to use a new type of color on the ornaments, what would be the effect of that? The more you can find out, the better! Last but not the least you can also get ideas on your competitors content strategy, brand messaging, new products, so that you will know the competition you are going to face once you launch the product. Today, Lululemon is making their shareholders incredibly wealthy by selling super high-quality athletic apparel… with a particular focus on yoga. First, you’ll need to determine several key pieces of information: The ideal industry market research report should ultimately allow you to describe your industry’s current size, growth rate, and trends. Who are the potential competitors?, and What are their specialties? Let’s take a closer look at both. You can try out several methods to find and seek the values of a product. Some of the most popular tools to do that are Amazon Most Wished-For List, Keyword Research, Google Trends, SERPs, and Social Media. There are hundreds of definitions out there for what market research really is, and how it can help your online business. You must synthesize all of this information and make the right decision for your business. That’s where ecommerce market research is crucial. The above page will be shown when you visit Google Trends. Now that’s ecommerce market research at its finest! 4.2.2 Bargaining Power of Consumers. But unfortunately, the majority of them don't do proper market research, which leads to an early end of their dream to build the next Amazon or eBay or Aliexpress. [*], U.S. Census Bureau: One of America’s leading sources of quality data about people, business, and economy. The growth of eCommerce has been extra-ordinary. We have all the basics of how market research works, and now is the best time to get to know how to conduct one. Includes commentary on Amazon's impact on US eCommerce. A solid foundation can make your business go a long way. These questions can help you find your long sought answer, the perfect product to sell, when and to whom. It’s hard to believe that Amazon turned 25 years old in 2018. Do you know exactly how big the market size is for your ecommerce business? There are many tools to help you do keyword research, but we will only talk about Google Keyword Planner. The great thing about market research is that it mixes science with intuition. And those are only a fraction of the hundreds of products out there competing for your customers. You can easily determine from the result whether the interest has increased or decreased over time for that specific search term. Looking for Regional Analysis or Competitive Landscape in E-commerce Market, ask for a customized report. Remember those old handheld devices called PalmPilots? If you are not yet sure of a product you can use another smart feature from Google Trend. “The absence of competition in any given market segment is often viewed as a positive by entrepreneurs, providing them with a clear and straightforward path to success. Download Download Report. More and more new entrepreneurs to start selling products online. We expect ecommerce will account for an ever-greater proportion of total retail sales. Take Lululemon, for example. You must have a solid foundation if you're going to have a strong superstructure. For example, let's say you want to create an eCommerce marketplace and sell Wooden Ornaments as you saw some of the people around you wearing those. Now don't get worried, we're going to explain all the types of market research in detail. Your gut might be telling you one thing, but the data is telling you something different. Market research is the process of gathering, analysing and interpreting information about a market, product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service. At the end of the day, it’s all about discovering exactly what your customers want from you. But you think ‘Y' tree would be more cost-saving. The research study is an outcome of extensive primary and secondary research conducted by our highly experienced analyst team located across the globe. After completing market research, you will get to know the following things and get your business started. Or you can get search volume and probable search forecast for a certain product. Or, if you’d like to get the survey out to more people, you can pay for a service like Google Surveys, which also allows you to target specific user segments to get more specific insights.[*]. Truly understand your customers’ needs and challenges to inform future strategy. But some extra tips from experts can enhance the chance of making it successful. Early on, they tested their products religiously with actual yoga teachers before realising many products to the public.[*]. E-Commerce Market Research WHAT IS MARKET RESEARCH? Ecommerce market research is one of the most important aspects of a successful go-to-market strategy, yet so many businesses fail to do the work (and they end up paying for it in the long run). You can choose different categories after visiting this page of Amazon Most Wished For List. Some of the prominent players in the retail e-commerce market include: 2 with $586.92 billion. Very few can help you with effective suggestions than us, so let's get to it. The definition is fairly simple. So people often want to start an eCommerce website and start earning a big sum without analyzing the market and the product they want to sell. But day by day it is becoming essential for newer eCommerce businesses as well. According to the Oxford Dictionary, the term market research means The action or activity of gathering information about consumers' needs and preferences. Therefore, consider researching your competition as a necessary and vital part of the journey. You will have all sorts of products to choose from and get the perfect products for you to sell. Primary Research: Data and information that you collect yourself. Its techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data. Descriptive market research looks deeper into your selected products and helps you finalize the ultimate niche. Facebook groups, in particular, can be very useful to know the interest of people on a product. Rather than being a strength, a lack of competition in your market can be indicative of a serious weakness.”, You read that correctly. Every operation has a result. Albeit this is just a small part of what we will be going through in this blog. Discovering products is the first and foremost thing to do while you're performing market research. It basically deals with the aftermath of one decision to another. Plunkett Research Online provides a great ‘one stop shop’ for us to quickly come up to speed on major industries. Now if you do a quick research on Wooden Ornaments on Google Trends, you'll find something like the below image. In short, competitor analysis is about knowing your competitors. In 2019, retail e-commerce sales worldwide amounted to 3.5 trillion US dollars. Get Started Free What is Market Research? In fact, you may not want to be looking there at all…, CEO and startup founder, Chris Meyers, explains why in a recent Forbes article:[*]. Study The Mint Julep Boutique across social media and find out what they’re posting. You can find many of them just by searching on google. Remember, rather than being a strength, a lack of competition in your market can be indicative of a serious weakness. It As of now, you already decided which product you want to sell, right? You can check that blog for an in-depth review. If something doesn't work, move on to the next plan. Exploratory market research is the preliminary stage of your research. Business competition has been increasing day by day. Unless you truly understand how to break these numbers down, identify a target market segment, analyze the market opportunity, and sell your product directly to a willing customer, you’ll find yourself continuing to wonder how to get in on the action. Yet, there are no better places to know people's interests, psychology, and everything that has to do with market research. Be patient, be specific, and chase down every lead! You can also know which audience group to sell your product to. These figures are both inspiring and tempting. Google Trends is a great way to find new products and check whether the interest of people increased or decreased in the last few years or so. It works like this, you either enter the name of the product to discover related keywords that people search a lot about. An additional, unique component of Growthink’s customized market research analysis is a customized overview and analysis of a client’s key competitors and geography- specific industry and market data. More technically speaking, Shopify defines market research as consisting of “systematically gathering data about people or companies — a market — and then analyzing it to better understand what that group of people needs.”[*]. In this case, we’re looking to understand consumer behavior for a women’s clothing and apparel brand. The global e-commerce market size was valued at USD 9.09 trillion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027. The most comprehensive research ever done on global eCommerce market size, reported by online revenue segments. You can instantly see all the top Facebook Pages that this demographic is interested in, including the #1 clothing store on Facebook, The Mint Julep Boutique.
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