The process of discovering more about the target market and evaluating the prospects and feasibility of a new product or service is known as market research.

1. A comprehensive guide to
doing the market research for
your E-Commerce Startup

2. • What isMarket Research?
• Why does an e-commerce businessneed Market
Research?
• How to do Market Research foreCommerce startup?
• Understanding the Market & itsOverview
• Competitor Analysis
• Data Analysisand Research
• Trend and Pricing Research
Contents
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3. Inthisstartup era, various business models eye the international market. Many
of them perform well insome parts of the world, but they could not sustain
themselves in other countries. What if the company could have estimated it
beforehand. For thispurpose, proper market research might have helped the
business plan to be successful. Let'stalk about market research briefly in the
next section.
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4. What is Market Research?
The process of discovering more about the target market and evaluating
the prospects and feasibility of a new product or service isknown as market
research. Itincludes the survey for the opinion of the potential customers to
make more informed decisions. Itcould be done by the company itself or
outsourced from organizations with expertise in interacting with the public
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5. Why does an e-commerce business need
Market Research?
• Well-planned market research tells us all about the vital aspects of the e-
commerce business you wish to enter. Itprovides insights about the
product demand in the market, market size and share, customer
behaviour and trends, supply chain network, sales channel, payment
options, and various other issues that affect the business. The sole purpose
of market research is to understand public opinion and analyse the market
associated with the products you want to sell. The market research for e-
commerce could determine the marketing strategy and outline the
consumers' prioritiesin advance.
• Along with it, market research helps accomplish some of the goals such
as:
 Investments and funding
 Finding new business opportunities
 Foreseeing and avoiding business failures
 Making the right business decisions
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6. How to do Market Research for
eCommerce startup:
• Every eCommerce business or product/ service type is unique in its
pros and cons, strengths and weaknesses.
• A business isdynamic and needs to adapt to the continuously
changing market. This market research can be divided into primary
and secondary research, which will eventually help you position
your business plan in the targeted market.
• Let's have a brief look over some essential steps of market research.
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7. Understanding the Market & its
Overview
• Classify or segment the market based on
distribution channels, product portfolio,
gender, age groups of the end-users.
• A detailed market overview isthe first
necessary step for launching and growing
your online website.
• Various market research tools (polls,
questionnaires, etc.) are available for start-
ups.
• A proper market overview is not just limited to
conclusionsfrom statistics;you need to
gauge customer behaviour
, analyse the
reason behind the success of ongoing trends,
and have customized solutions for any issue.
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8. Competitor Analysis
• One of the critical steps to do market research iscorrectly
deciphering the target market and mapping the competition.
• Analyzing your competitors is necessary to formulate effective
marketing strategies for your product or service.
• To give your venture a successful start, one should comprehensively
analyze what your competitors are offering, their website and app
marketing, profit margins, advertisement policies, distribution
channels, and other meaningful insights.
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9. Data Analysis and Research
• Your data analysisresults can help you
know what your customersare likely to buy.
• Your market research could help you spot
loopholes or gapsin your eCommerce
startups, from the bottom line to upfront.
• These analyticswork magically for your
businessand assist you in building a robust
supply chain.
• Data analysisfacilitates the marketing
researchers to forecast the inventory for
next season, detect possible frauds, and
introduce personalized products for your
regular customersbased on their
feedback.
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10. Trend and Pricing Research
• You may be wondering how much you should charge for your
product.
• In the eCommerce industry, pricing research is a prerequisite.
• Marketers should always analyze how competitors manage
their pricing policy and use predictive analysis to determine
the price range for the product.
• Recommendations for pricing research, conjoint analysis, and
pricing elicitation pricing methods are available for doing
pricing research.
• Pricing research for maximizing profit is the new normal to scale
business growth across industries.
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11. How YRC Can Help You
• Getting started with eCommerce can be a daunting task for startups. We at YRC
aim towards helping our clients adopt a better competitive stance for an upper
edge over their competitors. Your Retail Coach, YRC, provides an insightful blend
of segmentation, comprehensive research, differentiation, marketing strategy,
and a personal touch to your brand in this competitive world.
• As a progressive consultancy firm, YRC uses cutting-edge advanced technology
equipped with extensive eCommerce market research tools. Our in-house
consultants formulate and implement the strategies to keep your future goals.
• YRC and its team have years of experience in the retail and eCommerce
business. Our team has developed an unmatchable research service for those
who wish to enter the eCommerce market. We handle everything from the
beginning, whether it's SOPs, Business Process Solutions, Business Intelligence,
Finance, or a variety of other retail-related issues, whether for a small business, a
huge corporation, or a startup. We choose a startup-friendly approach and keep
the process transparent for client satisfaction. So contact us today for a promising
future and prosperity.
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12. Thank You
+91-98604-26700
consult@mindamend.net
Yourretailcoach.in