Never think about launching your eCommerce operation without market research. You will find yourself stuck and helpless if your product launch lacks a proper research and marketing strategy. With market research, you can know your potential market and existing customer base.
It also helps you know which products are gaining popularity and losing their demand in the market. As a result, you will be able to develop a product that has good chances of winning consumers’ hearts.
With this in mind, this article will discuss four must-know market research tips before launching your eCommerce operation. But before that, let’s learn more about the importance of market research for eCommerce.
Why Is Market Research for eCommerce Is Essential?
It’s always an intelligent decision to conduct market research for eCommerce before launching your eCommerce business or products. In the haste of launching their products, many eCommerce businesses overlook market research. At the same time, some consider market research an additional expenditure that involves a lot of time. If you are one of them, it’s time to reconsider your opinion.
Market research wasn’t that important a couple of years back. However, it has become a necessity in today’s world. With growing consumer expectations and needs, the demand for market research is increasing with each passing day.
Moreover, the Coronavirus pandemic has drastically changed the needs of consumers. In such a scenario, neglecting market research will be the most stupid decision that an eCommerce business can take.
Effective market research can boost your eCommerce sales and conversions. From knowing your target audience to gaining consumer insights, market research can help you in several ways that you can’t even imagine. Therefore, it’s required to level up your market research skills.
4 Useful Market Research Tips to Consider
Below are the four helpful market research tips that you can consider before launching an eCommerce operation.
Choose the Right Tools: Performing market research without proper tools can result in inaccurate data. Many businesses use surveys and polls to conduct market research. Although surveys are widely used for conducting research, they are not always reliable.
At times, consumers take surveys to receive the benefits, discounts, and cashback offers that they accept by entering into surveys.
It is, therefore, crucial to use the right text analytics tools for your market research. There are some widely known eCommerce insights gaining platforms such as Revuze that help you with effective market research.
Revuze uses AI-driven market research tools to collect appropriate data at a fast speed. As a result, you gain genuine consumer insights and opinions that otherwise are not always possible with surveys and questionnaires.
Segment the Right Audience: Segmentation is a vital strategy to conduct customized market research. In this process, the target audience is grouped into different categories based on age groups, interests, gender, shopping trends, and other such criteria.
Once you have different segments, you can conduct customized research on them. It will also help you to sort your consumer insights according to different segments. As a result, taking action on consumer insights will become easy to handle and more organized.
Understand Shipping & Return Policies in Different Countries: If you deliver worldwide, it’s essential to be clear with your shipping and return policies in different countries for better market research. You can’t follow the exact shipping and return policies for all the nations.
In some countries, shipping will take more time than in other countries. Moreover, returning products is always not possible for all the locations. Therefore, you need to keep in mind different shipping and return policies by conducting thorough market research before launching your eCommerce business.
Prepare Your Customer Success Team: Planning an eCommerce endeavor without a customer success team is a big NO. You should always think of building long-term associations with your customers. However, gaining the trust of your customers and resolving their issues isn’t possible without a hardworking customer support team.
If you fail to create a positive impression on your customers, your business won’t be successful. Customer experience matters the most in the success of any business. If a customer likes your services, it’s evident that they will recommend your site to their friends, relatives, and other close ones. A dedicated and experienced customer support team helps enhance customers’ experience and satisfaction.
Gone are the days when market research wasn’t that important. In today’s competitive world, it’s crucial to rise above others to retain your monopoly. With effective market research, you can take your eCommerce to new heights. From boosting sales to gaining valuable consumer insights, market research can do wonders. Therefore, it’s always advisable to perform market research before launching your eCommerce venture.
This article has discussed four helpful market research tips to help you with your eCommerce business. From segmenting your audience to creating a customer care team, we have presented some of the most valuable ways to perform your market research. Follow these tips if you are planning to launch your eCommerce operation.