In fact, many retailers prefer to own the market research process as they enjoy spending time with customers and learning more about how consumers view their businesses. While some business owners opt to hire a market research firm or consultant, it’s entirely possible to conduct this research yourself.
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In the meantime, start building your store with a free 3-day trial of Shopify. Understanding the competition, then, helps you figure out how to differentiate your brand and develop a unique selling proposition to stand out from the crowd and attract customers. It also reveals your competitors’ product quality and shortcomings, helping you design better product and customer experiences. Stand out from competitorsĬompetitor analysis as part of retail market research tells you how fierce the competition is and what others are doing to market and retain their buyers. Consumer feedback on sample products and new concepts can help you launch products already proven to succeed. Validate product idea(s)īy digging into consumer shopping preferences and interests, you can validate and refine your ideas. With the insights that you gather, you can work out audience-resonating marketing strategies, smart product pricing, and effective brand positioning. With market research, learn where and how to find your customers and how to present your product to them.
This information can help you create a SWOT analysis, which in turn helps you devise strategies to penetrate the market effectively. Market research gives you insights on the size of the market you’re targeting, how competitive it is, and where there’s room for improvement. Here are some things it can help you do: Better understand your target market As more retailers enter the market, competition is only going to grow.įortunately, market research can help you not just effectively grow brand awareness but also stand out and make loyal customers. The 2022 Shopify Future of Commerce report reveals that availability of marketplaces and advancements in technology have lowered the barrier to entry. Put simply, retail market research tells you who your target consumers are and why they’d want to buy from you. With this information, you’ll be able to create products that provide solutions, market to consumers effectively, and increase your chances for success. Among other essential details, it will provide you with data on your target shopper’s buying power, shopping preferences, and relationship with competitors. Market research, in other words, is research about the world of your retail business. It’ll also help you understand the competitive landscape. It will help you understand whether there’s a demand for your product, how big that demand is, and who is generating the demand. Market research is the study of a target market, including companies and people involved, to understand its needs and preferences.Įssentially, it gives you an understanding of the cultural, societal, socioeconomic, geographic, and personal makeup of your target customers.
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