How to Analyse Your Marketplace Opportunity !

Let's be honest. It's difficult to expand a business. It's becoming harder to grow a business amidst the problems, from scratch from tough situations like the pandemic to inflation and war.

What is obvious is that your company's future success depends on your capacity to identify growth-sustaining tactics.

It requires a lot of work. However, we're here to support your journey.

You must have a thorough grasp of the business direction, resources, strengths, and skills of your organization before we begin. The secret to making data-driven judgments is complete visibility. After that, you may analyze the market and determine how well today's businesses are addressing consumer wants. Resourceful Team of GrowthJockey gives you a clear view of popular brands and their growth mechanism.

Proper internet market research takes time and money to conduct. But for the following reasons, allocating such funds to e-commerce research makes sense:

Let's look at how to analyze these variables to seize your next chance for growth.

Get A Thorough Understanding Of the Target Audience

Knowing your target market is essential for establishing innovative product concepts, successful marketing plans, and copy that sells. E-commerce personas also ensure you meet all of the customers' expectations and communicate directly to their requirements.

Remember that while understanding the demographics of your target market is crucial, it is insufficient on its own. You should grasp what your target customers value in addition to knowing who they are. You can delve into the underlying motivations behind a purchase with the aid of online market research, particularly qualitative research.

Analysis Of Possible Purchase Conditions

The decision-making process for purchases in knowing Marketplace 360 is far from simple. What, when, and where people purchase depends on various variables. To change your offerings and sway your customers' purchasing behavior, you must comprehend their purchasing habits. Some inquiries to make are:

• When do customers purchase our goods or services?

• When do they need it?

• Where do people purchase things?

• They pay in what way?

Get A Booming View Of The Market

The beauty of the e-commerce sector is that it doesn't rely on physical stores, especially when you combine Marketplace 360 and e-commerce Marketplace opportunities . Because customers are no longer restricted to purchasing in their immediate communities, eCommerce companies can reach a larger audience than is feasible with conventional, physical stores.

Focus on markets outside of your own to assure a consistent increase in sales once you've built up a following of devoted customers and a strong online presence there, particularly if there's a thriving demand for your goods or service there.

Explore Corresponding Opportunities

The first thing you should do is list the potential opportunities in E-commerce operations you wish to look into. It's the era of digital marketing.

Which market are you hoping to enter?

What kind of consumer are you attempting to entice?

Are you wanting to partner with or buy another company?

Has a potential opportunity been created by recent events?

Market Research Opportunities And Its types

An e-commerce company can use market research to assess the viability of a product or service by learning more about the requirements and preferences of its potential customers. An essential component of an effective marketing strategyis to maintain the company's offer current, appealing, and competitive.

It might seem high to conduct "e-commerce market research." However, you only need to become proficient in these two research techniques for execution:

A high-level view of the target market is provided by this section of eCommerce market research. It is here that we learn the following facts about a region:

• Per-capita GDP and inflation rate

• Monthly average income

• Number of people and demographics

• Principally populated areas

Primary Research

Data gathering for primary research is carried out by you with the aid of internal resources.

Here are a few illustrations:

• Online questions and surveys.

• Detailed in-person interviewing.

• Online discussion boards.

• To put it another way, with primary research, you collect the data and then evaluate it to derive useful business insights.

Secondary Research

Secondary research makes use of information and conclusions created by another party.

Here are a few illustrations:

Governmental data. For reference, the National Center for Health Statistics might be a useful source of information if you work in the healthcare industry.

Data About the E-commerce Industry

A wonderful resource for finding out more details about a specific market is Statista. A significant amount of unique industry research is also carried out by the Big-4 accounting firms.

Business reports. For instance, Growth Jockey releases a yearly report called the "State of Marketing Report," in which they share their online marketing research and progress history to summarize the latest trends in the e-commerce sector.

Process Of Conducting Market Research In E-Commerce Operation

Perform Keyword Research

You can use keyword research to determine whether there is a market for the goods you wish to sell online.

High search numbers don't necessarily imply that a product will be profitable, but they do show that people are genuinely interested in it.

Additionally, keyword research helps you identify chances for using search engine optimization to generate organic traffic as you develop your inbound marketing plan (SEO).

To get more inbound leads, it's time to go through the Growth Jockey internal team.

Competition In Marketplace 360 and Its Scope

Finding out who your primary competitors are and researching them will help you learn a lot about the market.

Be aware that even while you are conducting e-commerce market research, you shouldn't focus solely on e-commerce companies.

For instance, the Growth Jockey team competes with specialty online shops and web marketplaces when selling its items online. Their core team and consulting members conducted extensive market research before the company's launch to ensure there isn't a direct rival with the same service.

Complete Research On Market Trends

In conducting product research for online sales, it is important to keep up with the most recent consumer trends. Find them using Google Trends.

The following two inquiries can aid in online product research:

• Is interest in this product waning, staying the same, or increasing?

• Is there a seasonality to the interest in this product, or is it constant throughout the year?

Survey On Popular Brands In Marketplace Operation

We can learn more about the buying habits of potential customers in the target market and the factors that influence their choice of our client's goods and services, in this case, athletic goods, by conducting a consumer survey using popular brand statistics.

Indian e-commerce platforms achieved sales totaling US$ 9.2 billion in gross GMV (Gross Merchandise Value) for the festive season of 2021, a 23% rise from US$ 7.4 billion the previous year, according to an IBEF report.

By conducting this survey, we can compare the information we gleaned from our research against actual user data, giving us valuable insights into issues that are important to our clients, such as consumer spending habits, frequency of purchases, preferences for online shopping, delivery issues, and other elements that affect purchasing decisions.

Systematic Application Of Social Media Networks

The use of social media analysis in eCommerce market research is crucial because it enables us to identify rival marketing tactics that our clients might take into account when entering a new market, such as the use of micro-influencers, user-generated content, and contests.

Keep your online business research focused on the following to prevent falling too far down the internet rabbit hole:

• Observing influential people in your sector Analyze their viewpoints, interactions, and prior brand collaborations.

• track pertinent hashtags. Choose the hashtags that are the most appropriate for your products, and then make it a point to constantly check them.

• Assess the attitude of the competition. Pay attention to what others are saying about your rivals. Finding out their skills and shortcomings in this way is a terrific idea. Be aware that posts that mention rival businesses or their goods but don't tag them frequently contain the most useful information.

Design Catchy E-commerce Store And Test For Its Performance

It's time to transition from theory to practice at some point. Once you've gathered enough information, test your business concept by putting it in front of the public. The only factor that matters, in the end, is how the target market reacts. Framing the e-Commerce store that should bring Opportunities in E-commerce operation gives a systematic insight into the Brands in E-Commerce operation by going deep through:

• Analyzing Marketplace 360 and all possible E-Commerce

• Marketplace 360 Ecommerce

• Check your Marketplace Opportunity

Connect With Customer Forums And Have Customer Feedback

Another avenue for learning about your consumers' preferences is through specialized web forums while conducting E-commerce operations and finding opportunities in E-commerce operation

Follow these steps to get the greatest scoops:

• Identify the most well-liked internet communities in your niche.

• Sign up for those and return frequently.

• Participate in the conversations to establish your trustworthiness.

• To comprehend your audience better, ask questions and start conversations.

End-Notes

E-commerce Operation insight is given with practical illustrations in the above guide. We tend to believe that we "know" what our intended audience wants.

However, that is how biases enter our thought processes. Instead of guessing what your target market wants, do the research and validate your hypotheses.

To codify what your target customers enjoy, dislike, and miss, use pertinent quantitative and qualitative data. then get moving!

We at GrowthJockey assist in unlocking potential, and every customer has access to a proven track record of multiple-fold revenue growth, significant cost reduction, and faster execution.

At GrowthJockey, our sole focus is on creating custom solutions that address the unique challenges faced by our clients in the e-commerce industry. We are committed to helping businesses of all sizes, from small-scale enterprises to large corporations, harness the power of technology

Get in touch with us today to scale your business with our expert solutions !