How a Market Data Research Company Can Help Your ECommerce Business

Authored by Novus Insights 20/06/2022

Do you think your eCommerce idea is profitable? Before you start an eCommerce business, it is always recommended to put your concept to the test by looking at the market landscape in your vertical. Market research is essential whether you're beginning an eCommerce business from scratch or launching a new line of products in your existing store. Hiring the right market research company can help you conduct meaningful market data research. So, where do you start? In this post, we'll go through some of the most common ways a market research company can help your eCommerce business.

What is eCommerce market research?

Contrary to popular belief, conducting e-commerce market research is fairly simple. It all boils down to figuring out exactly what your customers want from your brand. Ecommerce market research can be defined as a systematic process of acquiring data about individuals or companies (together forming a market) and then evaluating it to better understand what that group of people requires. Market research provides you with both qualitative and quantitative insights into why your target clients would want to purchase your goods, and whether your product idea is viable. So, how can a market research firm help your eCommerce business?

1. Determining market size and potential customer base

Marketing research agencies can help you determine the potential market size for your eCommerce firm or specific products. Knowing your target market is essential to come up with fresh product ideas, strategize a winning marketing plan, and write marketing copy that converts. Keep in mind that while knowing your target market's demographics is vital, it isn't sufficient. You should not only know who your target customers are, but also what they think, feel, and value. Marketing consulting companies employ specialized techniques such as qualitative research, to help you explore the internal motivators that drive a purchasing decision.

2. Keyword research to detect trends

When it comes to making your eCommerce business a success, keyword research can be a good place to begin. A market research company can assist you in acquiring a basic understanding of your audience’s needs. For instance, if you are selling coffee machines and fail to use certain marketing terms, you may not get the attention of potential customers. To make sure you stay in the spotlight, you need relevant market data research initiatives, which are guaranteed to bear fruit when you partner with one of the best market research companies. Market consulting firms can also help you detect the latest trends to help you optimize your inventory and marketing campaigns.

3. Learning customer behavior

Business consulting companies can help you understand your target customers’ online purchasing and browsing behavior. The insights can help make your eCommerce website more user-friendly, offering a better customer experience. You must understand that every point of friction in the buyer's journey decreases customer satisfaction, raising the chances of cart abandonment, leading to loss of up-sell and retention opportunities. Market research consulting organizations can assist you in identifying potential stumbling blocks and deal-breakers. You can then apply what you've learned to make your eCommerce site’s navigation simpler, the process of product discovery easier, and conversion rates higher.

Final word

eCommerce companies can leverage market data research to fine-tune their product selection process and uncover hidden growth opportunities. When searching for a market research company with a proven track record of excellence, look no further than Novus Insights! We are one of the leading market research firms that can deliver actionable insights from research data using the most up-to-date market research techniques. To talk to our market research experts or get answers to all your questions about market data research, call +91 1244142292, +91 7428225350, or email contactus@novusinsights.com.