Market Research for E-Commerce: The Ultimate Guide
What Is Ecommerce Market Research?
Ecommerce market research is the process of gathering information from potential customers through surveys, interviews, focus groups, and observation. It helps companies determine which products will appeal most to their target audience, where those products should be placed on the site, and whether certain features should be included in the design of the site.
The primary goal of this kind of research is not to provide recommendations for specific website designs or marketing strategies. Instead, it’s meant to help businesses evaluate existing options before they decide. When done right, ecommerce market research can give companies a clear picture of what works best for them and how they can improve their approach.
The E-Commerce Market Landscape Overview
The E-commerce market landscape is constantly evolving with new entrants and changes in consumer behavior. This overview will provide an understanding of the key players and their respective market shares. The e-commerce market is rapidly growing, with global sales expected to exceed $4 trillion by 2021. Several factors are driving the growth, including the rise of mobile commerce, the growth of social media and the expansion of cross-border e-commerce. The key players in the e-commerce market include Amazon, eBay, Alibaba, and Walmart. Amazon is the largest player, with a market share of 30%. However, eBay has been steadily gaining ground as consumers increasingly prefer shopping online over traditional brick-and-mortar stores. In fact, according to NPD Group, e-retailers had a record year in 2017, when total U.S. retail sales exceeded $2.7 trillion.
As the market expands, so does the variety of products available. To attract new consumers, retailers are offering a wider range of products, including furniture, clothing, home goods, electronics, and other items that weren’t previously offered. This diversification has resulted in greater competition among manufacturers, driving down prices.
This shift toward a larger selection of products also means e-commerce sites need to offer more ways for shoppers to find exactly what they want. These methods include search engines, product descriptions, images, reviews, ratings, and price comparisons. But while these tools have helped reduce the time spent searching, there is still room for improvement. According to a recent report by Bazaar voice, the average shopper spends just 2 minutes and 47 seconds finding a product. While some consumers might be willing to wait a few extra seconds for a good deal, many others would rather buy online if they don’t know what they want.
The Role of Market Research in Ecommerce
Marketing involves the development and execution of plans designed to generate profits for your business. One element of marketing is market research. Market research provides companies with data about customer preferences, behaviors, and overall interests. This information gives companies a better idea of who they are targeting and allows them to make strategic decisions based on their findings.
There are distinct types of market research; each offers different benefits and drawbacks. Online surveys are often used to gather data from customers but require participants to complete a survey. Customer panels allow you to reach out to potential customers all at once, which saves money and resources. However, they involve collecting information from people outside your company, which may raise privacy concerns. You could use focus groups, where individuals discuss topics relevant to your business. Focus groups can shed light on ideas that might otherwise go unnoticed. They’re particularly useful for gathering feedback on concepts or products. There are no limits to the type of questions you can ask during focus groups.
You’ve heard of market segmentation–the practice of breaking down a large group into smaller ones. For example, if you wanted to sell more shoes, you could target men or women instead of trying to appeal to everyone. Using this approach, you’d divide the population into groups based on age, gender, income level, etc., then figure out why certain demographics prefer one brand over another.
To get the best results from market research you’ll need to conduct several tests to see what works. First off, you should produce a set of hypotheses. Then test those hypotheses using quantitative and qualitative methods. After testing, you should take the insights from your analysis and create a hypothesis for your next round of experiments. Finally, use continuous experimentation to refine your strategies and improve conversion rates.
To begin with, you should consider the goals of the project before you start any work. Do you need to increase sales? Or do you simply need to understand consumer behavior and needs? If you have a clear objective in mind, you will be able to draw meaningful conclusions. Once you have made sure you have a goal in mind, you should identify the key problems you face in reaching that goal. Is the concern related to pricing? If so, you should decide whether you want to lower prices or increase profit margins.
A wonderful way to gauge interest levels and build excitement around a new campaign is to run a pre-launch promotion or “teaser” campaign. Teasers are short campaigns that give a sneak peek into a larger launch campaign by offering limited time promotions or exclusive deals. The purpose is to pique interest and drive traffic to a landing page where interested parties can learn more about the product or service.
As mentioned earlier, there are many ways to collect data. Some of these options include online surveys, content creation, social media, email marketing, lead nurturing, analytics tracking, web forms, mobile apps, television advertising, radio advertisements, billboards, newspaper ads, and direct mailers. By choosing a method that fits your budget as well as your business objectives, you can successfully implement market research techniques.
How Does Market Research Work?
Ecommerce companies usually hire ecommerce market researchers to collect data that helps them understand the competition, identify new opportunities, and decide what types of products to sell online. They use different methods according to the type of information they need, including (but not limited to):
Surveys: These are questionnaires that ask participants about their opinions, behavior, and attitudes toward various aspects of the industry or company they represent. Surveys are sometimes conducted over the phone and sometimes via email.
Interplay involves one person asking questions while another record’s response using audio and/or video equipment.
Focus Groups: Also known as in-person group discussions, focus groups typically involve between six and twelve people talking at once. Each participant may have an assigned role such as “attendee,” “participant” or “facilitator.” The facilitator controls the discussion, keeping everyone focused.
Observations: Observers spend time with someone who represents a target market to learn more about that individual’s expectations, behaviors, motivations, beliefs, and other factors that influence buying decisions.
Amazon’s Ecommerce Marketing Strategy: Online Survey Tools
One of the biggest advantages of running an online business is that there are no limits to how far you can reach. The only thing that stands between you and success is your ability to gather useful data about your customer base. That’s why many successful brands rely on online survey tools to get started with ecommerce market research.
As one of the world’s largest online retailers, Amazon has a wide selection of products available for purchase. But even though the company focuses heavily on its own brand name, Amazon also sells thousands of other manufacturers.
Where Can I Find Market Research Information Online?
You can find information about ecommerce market research in many places. Here are some examples:
Websites: Websites like Google Trends and Alexa offer general statistics about topics related to your search terms. If you are looking for ecommerce market research, you could do a keyword search for trends associated with your topic.
Blogs: Blogs are often written by individuals who work in the field, so they tend to be more accurate than other sources. However, they don’t always cover everything, so you might also want to read industry publications and trade journals.
Trade associations: Many trade associations publish reports about issues affecting the industry and offer training workshops and conferences. You can contact these organizations directly to see if there are any relevant studies available.
Online magazines: magazines like Business2Community and Marketing Pros host regular ecommerce market research roundups. Subscribe to their newsletters to stay up to date.
Industry publications: There are numerous industry publications that report on important developments and research findings. For example, Search Engine Land publishes a monthly newsletter called Search Engine Land Report.
Conferences: Conferences are a fantastic way to connect with experts in the field and get valuable insights into what’s happening in the industry right now. Look for events sponsored by professional societies, trade associations, or universities.
What Kind of Data Can I Expect from My Survey?
The kind of data you receive depends on the type of survey administered. Here are some examples:
Surveys that use questionnaires: Typically, these are used to gather feedback and opinions. They often involve multiple choice questions (e.g., “Which colors do you prefer?”), rating scales (e.g., How would you rate your experience?), or open-ended questions (e.g., What was your favorite part of your recent trip?).
Telephone surveys: These typically involve structured telephone interviews. For example, a representative might call households at random and ask about their political views, family history, and lifestyle preferences.
Focus groups: These use small group discussions to collect more qualitative data than questionnaires or telephone surveys. Participants discuss issues related to products, services, brands, or advertising messages. Typical topics include product quality, brand awareness, and customer satisfaction.
In-person observations: These are conducted by a researcher who enters a target environment without being noticed. Observers record their findings through video cameras, notebooks, or digital voice recorders. Afterward, they compile notes based on what they observed.
Consumer panel studies: These are conducted in person using an electronic device called a computer-assisted personal interview system. A representative asks each member of a sample population questions concerning their product usage, attitudes toward certain products or marketing strategies, etc. The answers are then compiled and analyzed, allowing the surveyor to determine if there were any significant differences among subgroups.
How Long Does an Online Shopping Project Take?
It varies depending on the size of the project and the number of people involved. If you expect to find out how well a website converts visitors into customers, it will take longer than if you want to improve user experience after you’re already selling goods online.
However, don’t be discouraged if you end up with A long timeline. Many projects can be completed within a few weeks. And even when deadlines are tight, most vendors offer flexible payment plans. You may need to consider factors such as the complexity of the project and the amount of time you can commit. But regardless of whether you need help fast or slow, make sure you know exactly what you’re paying for.
Do You Need to Have Your Own Team of Researchers?
¡No! There are many companies that specialize in conducting shopping research. So, think carefully before hiring someone who suggests otherwise. Although some firms hire their own team of researchers, this isn’t always necessary. Sometimes, you can get quality results by outsourcing the task.
Consider these pros and cons of working with a vendor versus doing it yourself:
Pros: Working with a third-party shopper services company is usually less expensive than having your own team of researchers. And since the firm is in the business of researching shopping experiences, they have access to a wide variety of tools and technologies. Plus, you won’t have to worry about recruiting and training new employees.
Cons: As mentioned earlier, not all vendors offer reliable shopping research. In addition, because they sell to clients, there’s no guarantee that they’ll provide unbiased results. Furthermore, a shopper services provider may not have as much expertise in designing effective conversion tracking systems as you do.
Who Should Conduct Ecommerce Market Research?
There are several types of professionals who conduct ecommerce market research. Some conduct surveys and focus groups, others observe consumers, and still others analyze data collected from consumer panels and interviews.
Data analysts: Data analysts prepare reports based on the results of market research. They look at survey results, interview transcripts, site traffic patterns, and other kinds of data to determine which products will perform best and where the largest profits can be made. They also investigate competitors to help identify areas of opportunity.
Marketing managers: Marketing managers oversee marketing budgets and strategies. They develop advertising campaigns and manage e-commerce websites. In addition, they collaborate with product development teams to create successful digital experiences.
Business strategists: Business strategists are responsible for strategic planning and financial projections. They make recommendations regarding expansion plans, budget allocations, marketing strategies, and sales forecasts. They assess the competitive landscape and recommend tactics to differentiate your brand from your competition.
How to Conduct Online Market Research
Many ecommerce businesses are looking to expand their customer base on social media sites such as Facebook. Since there are millions of active users, your business stands a greater chance of reaching a wider audience than traditional marketing techniques would have allowed. Therefore, conducting online market research via social media is a fantastic way to learn what kind of content resonates well with your customers.
There are many distinct types of social networking websites, each designed specifically for a certain type of person or group of people. Some are geared towards college students, while others cater to families. To find the best site for your needs, take note of which features work best for you when browsing various sites. Then, select the ones that meet your criteria. Below are some common features offered by popular social media websites:
We looked at this data and found that our client’s eCommerce business grew by 7% last year and predicted another 5% increase this year. Our client predicts that mobile eCommerce usage will grow by 50% next year, and that the average order size will be $250. This client prefers to use PayPal as a method of payment, and he uses Facebook as his main source of information about local events. He also uses Google Chrome as his preferred browser.
We did more digging around. We discovered that there were over 13.4 billion searches performed on Google every month. The vast majority (about 91%) of these searches were conducted via smartphones and tablets. And if we take a look at the top five countries where people search:
The United States is number 1 followed by China, Japan, Brazil, and India. In terms of devices used, Apple products account for almost three quarters of all searches made, while Android phone usage has grown steadily.
Mobile eCommerce Growth
It wasn’t until I started reading about the new “mobile first” approach to digital marketing that I realized just how much potential the world of eCommerce has in front of us. If you haven’t already figured it out, consumers want access to great deals and discounts from anywhere, anytime and on any device. So, they don’t care if they’re shopping for a laptop, desktop computer, smartphone, tablet, or smartwatch. What they do care about is getting a good deal in a timely manner. And, if something goes wrong, then they want quick customer service. Mobile eCommerce gives you the ability to provide customers with all of that, and more. A recent study by Juniper Research shows that mobile commerce worldwide will reach US$1 trillion in 2016 and continue growing rapidly. Â According to McKinsey & Company, 70 percent of global online purchases will be done through connected devices by 2020.
Therefore, so many retailers are shifting towards the mobile, especially when it comes to marketing. They know that if they’re going to make money, they need to get out of their behinds and start communicating with customers. These days, they can do that from anywhere. There’s no excuse anymore for missing this growing trend.
While the growth rate of eCommerce is staggering, it has been slowing down lately. But there are still some extremely exciting developments happening right now that could see eCommerce break into a whole new stratosphere. For example, when Walmart announced its intention to acquire Jet.com, one of America’s most promising startups. By acquiring Jet.com, Walmart would gain control over one of the fastest growing eCommerce platforms in the country — but it wouldn’t stop there. When combined with Walmart’s existing online operations, Jet.com would become the largest retailer in the U.S., allowing Walmart to compete directly with Amazon.
If you’ve been following along, you’ll notice that we didn’t discuss anything relating to physical product sales. Why? Because it’s a different animal altogether. In fact, eCommerce isn’t even remotely close to being as big of a business as physical product sale. While it’s true that physical product sales are a huge part of the overall picture, it accounts for less than 20% of total revenue. The rest of the pie is divided among advertising, software/services, and other services. To put this into perspective, here’s a chart showing how big each segment is compared to physical product sales (source: Wikipedia):
E-commerce is the future. With all the advances in technology, both the buyer and seller benefit. Online shoppers enjoy convenient payment options, immediate shipping and returns, price comparison, and 24/7 convenience. Sellers are able to increase visibility and lower costs by offering flexible terms and conditions, fast delivery and return policies, and the opportunity to connect directly with buyers.
Get a Deeper Understanding of Your Target Audience
Understanding your target audience will allow you to build better products, services, and websites. For example, if you know that most people who visit your site are interested in health and fitness, then you might design your site around this interest. If you don’t know who your target audience is, it’s difficult to build a successful online presence. How do we get our product out into the world?
What do they want?
Do they already like our competitors’ offerings? Do they want something new? How does our product stack up against the competition? Are they willing to give us credit for developing a unique offering? What other things might be important to them? Who is our audience?
Who else wants our product/service?
Are there competing products available? From whom should we expect referrals? Where can I buy my desired goods or services? How easy is it to purchase from me?
Researching Your Customers
The more information you gather about your customers, the easier it will be to make informed decisions moving forward. This includes gathering data on their demographics (age range, income level, number of children) as well as their buying habits. It also includes knowing how much time they spend per day on their cell phones — and considering whether to include mobile versions of your website.
Where To Get Information About Potential Audience Demographics
This process is known as demographic segmentation. You’ll use it to determine who your ideal customers are and why they’re buying from you instead of someone else.
There are several ways to collect demographic information:
· Focus Groups
· Social Media Data Collection
A survey is the traditional method used to gather data. Typically, surveys ask questions and provide an opportunity for respondents to respond. Respondents must answer every question before they can advance to the next section.
A good survey doesn’t assume anything; it provides a neutral space where consumers can express themselves freely. The survey asks open-ended questions so that respondents feel comfortable sharing subjective opinions without being judged.
In focus groups, participants discuss issues related to the topics at hand. They may share their thoughts and feelings on issues like quality control, packaging, advertising, pricing, etc.
Focus groups tend to be extremely specific and detailed, but they are expensive and time-consuming to conduct. A typical focus group lasts 4–6 hours.
An interview consists of asking one or two closed questions. Both parties (interviewer and respondent) are given equal time to speak uninterrupted.
Interviews require little preparation, but they aren’t often effective since they elicit responses based on personal perceptions rather than objective reality.
Social Media Data Collection
This form of research involves collecting qualitative and quantitative data through online discussion forums, message boards, blogs, and wikis.
These forms of social media are great because they reach your potential customer base directly. However, many of these types of discussions are informal and often lack structure. Therefore, when analyzing comments, you need to develop coding systems to classify them into meaningful categories.
How To Make Decisions Based on Customer Demographic Data?
Once you have collected all your customer demographic data, you need to categorize it to effectively analyze what it means. There are three main approaches to this task:
Segmentation allows you to divide your market into smaller segments based on demographic data. Let’s say that you identified that 80% of your audience were male and 20% female. You could create four different segments: men, women, young adults, and empty nester (which would comprise the remaining 10%). Each segment would represent a unique set of requirements and desires.
Market mixing allows you to combine multiple segments together to create new markets. So instead of having four separate segments, you could have four combinations of men and women, which would result in eight total segments. These would each represent a subset of the overall market.
Targeted marketing focuses on creating solutions specifically designed for individual segments. Instead of spending money targeting everyone, you could narrow your efforts down to those individuals with needs. For example, a company selling eyeglasses might choose to target only men over 40 years old. In this case, they wouldn’t waste resources focusing on other demographics.
What is the best way to collect Social Media Data?
You can use several methods to collect Social Media Data. The most common method is to listen in on social media conversations. This will allow you to hear what people are saying about your brand as well as how they feel about current products and services.
Another popular option is to conduct an online survey. Survey Monkey is a free tool available at http://www.surveymonkey.com. It is easy to use and provides a wide range of customization options. Surveys typically take less than 5 minutes to fill out. By completing these simple surveys, you can gain valuable insights into your customers’ opinions.
The third approach is through focus groups. Focus group research is expensive because it requires hiring professional facilitators, but it produces excellent results. A good facilitator can help you uncover the true motivations behind consumers’ buying decisions. While the cost is high, the benefits are great.
Online Market Analysis Software
An effective way to gather information about your online marketplace is with the help of online software tools. Online market analysis software enables you to identify profitable niches, determine pricing models, and track competitor performance. There are two types of software programs.
Content Management System (CMS)
A content management system (or CMS) aggregates website content and makes it easily accessible via an Internet browser. Content managed by a CMS is commonly viewed as being more reliable and easier to update than static pages. As such, many webmasters prefer this model when managing large numbers of websites.
Google analytics is one of the most widely used analytical tools available today. Google provides detailed reports on visitor behavior, giving marketers a greater understanding of their audience’s interests, preferences, and challenges. You can also utilize various features within Google Analytics including:
Page views – Track traffic to individual pages within your site.
Traffic Sources – Identify the diverse sources of visitors.
Referring Sites – Find out where your visitors come from.
AdWords Keyword Tool
AdWords keyword tool helps you find keywords that are relevant to your product or service. They provide suggestions based on search volume and competition level. Once you enter your product/service, AdWords generates a list of keywords. Use this list to improve your ad copy and optimize your landing page.
Social Media Monitoring Tools
Social media monitoring tools enable you to analyze thousands of messages posted to different social networks in real time. These tools make it easy to read social media comments, Twitter feeds, and Facebook wall updates. You can view all incoming messages in chronological order or filter them by topic, so you only see those messages concerning your product or service.
Online Customer Relationship Management Systems (CRM)
If you want to build strong relationships with your customers, then an online CRM is essential. An online CRM platform allows you to manage sales, marketing, customer support, and other aspects of your business operation. Some platforms offer call tracking and email integration.
Ways to Work with Other Business Owners to Achieve Your Ecommerce Goals
If you’re looking to grow your online business, it may be worth considering working with other entrepreneurs who share similar goals. For example, if you’re interested in selling products from China, you could partner with someone who already has a relationship with suppliers in Asia. Or, if you’d like to start a new type of business, you might consider partnering with another entrepreneur who has experience in a related industry. Here are some ways to work together:
Share eCommerce Resources
Ecommerce resources include books, articles, training videos, blogs, and forums. It can be difficult to know which ecommerce resources will be useful, but there are several good places to look. For example, the following websites contain helpful tips, advice, and insights, plus they often share links to additional resources:
You can find eCommerce blogs at sites like ezinearticles.com, blog.ecommercemall.com, and blog.merchantcircle.com. The goal of these sites is to educate readers on current trends, news, and best practices in eCommerce. Many bloggers post regularly, so it’s worthwhile subscribing to their RSS feed.
Amazon Associates Program
The Amazon Associates program is free to join and provides access to a comprehensive affiliate network. One benefit of joining Amazon Associates is that you don’t need to maintain your own website—you simply refer shoppers to Amazon when they purchase through your link. When visitors make purchases, you earn commissions. Although you won’t receive any upfront payments, affiliates usually do well once they’ve built up a large enough audience.
Look Over Amazon’s “Most Wished For” List
Amazon’s Most Wished For list is a fantastic way to see which products people most are interested in buying. I recommend using this list to find new products to add to your wish list. If you’ve seen something you like, it might be worth adding it to your cart. The holidays are coming, and with them the annual scramble for the perfect gift. If you’re looking for something special, look at Amazon’s “Most Wished For” list. It’s a treasure trove of the hottest gifts of the season, chosen by Amazon customers themselves.
Whether you’re looking for the latest gadget, the newest toy, or just the perfect gift for that hard-to-please relative, you’re sure to find it on this list. In addition to their own Best Sellers list, Amazon also features some of the bestsellers that were added directly to the “Most Wished For.” These products have been recommended by customers as the top choices for those who’ve made purchases recently. You’ll want to check out the results below to get an idea of what everyone else is wishing for this holiday season.
How To Make Money on Amazon FBA
If you’re looking to make some extra money, Amazon FBA may be a great option for you. Amazon FBA, or “fulfillment by Amazon,” is a program that allows sellers to send their products to Amazon’s warehouses, where they will be stored and then sold by Amazon. Amazon takes care of all the shipping and customer service for the products, which can be a great advantage for sellers. There are a few things you’ll need to do to get started with Amazon FBA, including setting up a seller account, finding products to sell, and preparing your products for shipping. You can find more information on Amazon’s website. Here’s how to make money on Amazon FBA.
Build a Better Website Through Effective SEO Techniques
Search engines are an important part of every internet user’s daily routine. Not only does Google serve as the main search engine for billions of users, but it provides most referrals each day. A well optimized site attracts visitors, leads, and revenue. As such, creating a better web presence through effective SEO techniques is one of the most crucial parts of any e-commerce strategy. Below are three tips to help you build a better website through effective SEO techniques.
Create Great Content – The Internet is full of articles about SEO. Use these as inspiration for creating original content that includes keywords for your company. By providing unique content, you increase the chance that other websites will link back to you, and when they do, it sends traffic your way.
Inbox Dollars – Signing Ups Is there anything better than getting money instantly? And yet another method of making online cash has come onto the scene. This time it’s called Inbox Dollars. This is a survey panel, so you answer questions online and once you reach certain points, you are offered payment options. I haven’t tried this myself yet, but I hear it’s great!
Sell Private Label Products – Another great side business idea if you don’t mind doing the work yourself (and we know you won’t) is selling private label products. These are the items that companies purchase in enormous quantities from manufacturers. They pay anywhere between $25-$100 per item depending on the product, size, and demand. You can either start a standalone store on eBay, Etsy, Amazon or even create a Facebook page dedicated to selling these products.
Use Amazon Smile. When you shop at AmazonSmile, the same smile benefits the charity that benefits you. Shop for items that matter to you before you shop. Your donation is a simple and convenient way to support your favorite charitable organization.
What Is the Difference Between Affiliate Marketing and Selling Products Online?
Affiliate marketing is a popular method of making money online. It involves promoting someone else’s product, either physically or digitally. When you click on an ad, you go to the merchant’s site and buy whatever they’re offering. So why does affiliate marketing work so well? Because the affiliates.com team works hard to ensure that each article is worth reading. They provide valuable information regarding trending news, hot topics, best practices, and more. With all this useful information, you’d think the team would benefit financially, too. Their goal is to keep readers engaged, so they can continue browsing and buying. That means they certainly aren’t out for themselves. Still, they’re able to generate millions of dollars in revenue.
Listen in on Social Media Conversation
In addition to listening to social media conversations, it’s important to monitor them closely. If you see something that raises concerns, you should act immediately. For example, if someone posts a negative review of your company online, respond quickly by offering a solution to the problem.
As an online business owner, it is crucial to be aware of the conversations happening on social media platforms that are related to your industry. By monitoring these conversations, you can gain insights into what customers are talking about, what they want, and how they feel about your brand and your competitors. This information can help you improve your e-commerce business by modifying your products, services, or marketing strategies. Additionally, monitoring social media conversations can help you identify potential customer service issues before they become bigger issues. By being proactive and responsive to customer feedback, you can improve customer satisfaction and loyalty.
Use Analytics Tools to Track Conversations About Your Brand Online
You don’t need to spend hours searching through comments on Facebook or Twitter to get a snapshot of public opinion about your brand. You can use analytics tools like Google Trends and Topsy to see what terms are trending across the web and how people are discussing your product or service. These tools allow you to analyze information in real time, making trends visible within minutes. Google Trend will show you when searches for specific words increase or decrease over time. Topsy allows you to view recent mentions of keywords over the past 12 months. The data provided by these tools helps you understand where your audience is coming from, what interests them, and how they are interacting with your brand.
Take Advantage of Pinterest Marketing Strategies
Pinterest is one of the best platforms for building awareness around your brand. People use Pinterest to plan their weddings, decorate their homes, and share inspiration on topics like fashion, food, DIY projects, etc. Because Pinterest users tend to have higher engagement rates than non-users, you should take advantage of its marketing capabilities as much as possible. To do so, create boards dedicated to your company’s products and services, and pin images and videos related to those subjects. Be sure to include relevant hashtags (if applicable) to promote your content beyond your own followers.
Create Content That Attracts Customers
One way to attract more traffic to your website is to publish high quality blog articles on websites such as Blogger, Medium, LinkedIn Pulse, Tumblr, and WordPress. You could also write guest blogs for other sites. Another option would be to start podcasting. Podcasts have been found to increase site visitors by up to 2x times! If you’re looking to grow your email subscriber base, there’s no better tool than MailChimp. With a free account, you can send out emails, set up autoresponders, track opens/clicks, segment lists, design professional templates, and even add beautiful graphics to make your emails look good.
Build Trust with Influencers
If you’ve got some big-name fans who have a massive following, try creating content based on something they’ve shared. Whether it’s a fan art piece, a recipe, anything at all – just make sure it’s something you think they’ll enjoy and that fits seamlessly with the topic of yours. They’ll love seeing your work, and they might share it themselves, which could bring in new customers.
Make Sure to Include Social Media Buttons on Your Site
Adding social sharing buttons to your website is another fantastic way to encourage people to share your content. Share Butt makes it easy to embed these buttons onto your site using code.
Check Out Consumer Reports
Consumer Reports is one of the most trusted sources of unbiased consumer reviews. They provide ratings and recommendations based on extensive testing and analysis of products. Their tests include everything from car safety to home appliances, and they offer advice on which products are best suited for specific uses.
They also provide recommendations on products such as cars, cell phones, electronics, kitchen appliances, mattresses, power equipment, and more. Visit ConsumerReports.org today to read reviews of thousands of products across hundreds of categories—including TVs, vacuum cleaners, and furniture.
As consumers become increasingly reliant on technology, companies are doing whatever it takes to keep them loyal with constant updates and amazing deals. To capture the attention of tech-savvy shoppers and give them an excuse to come back repeatedly, companies are making it easier than ever before to shop online. From mobile shopping to instant purchases, here are 12 ways retailers are staying ahead of the curve.
Ecommerce is growing rapidly! The average size of an order placed via ecommerce platforms increased by 6% from 2017 to 2018, according to Statista. During the same period, total sales grew 2%. So, while the number of transactions isn’t as high as it was 5 years ago, the overall growth rate is still strong.
By 2020, eCommerce revenue is expected to grow to $2.4 trillion, representing a compound annual growth rate (CAGR) of 12%, compared to 11% CAGR for the global retail industry. As online shopping continues to increase, so does the demand for secure payment methods. Consumers must feel safe placing their credit card information into websites because they don’t want to risk having it stolen.
Mobile devices are becoming ubiquitous. By 2021, there will be 1.5 billion smartphones sold annually around the world, and 90 percent of all adults use cellular networks, and over 50% of those people use their smartphone as their primary means of accessing these networks. These statistics mean that every adult in the world can potentially access the internet at any given moment.
Today, only about 10% of people make purchases on Amazon.com using a desktop computer. Most of the other sales happen via mobile phone apps, tablets, and smartwatches. In fact, Amazon’s mobile commerce market share is now larger than its competitor PayPal. However, mobile e-commerce is still in its initial stages, so e-retailers should take advantage of this opportunity to reach new audiences and convert more prospects into buyers.
The rise of ecommerce has been fueled by innovations in transportation and planning. Technologies like drones, autonomous vehicles, and geofencing allow for efficient delivery systems, such as drone deliveries which are being tested in select areas of the US. While many of these technologies are still immature and expensive, ecommerce giants are already expanding their portfolio of planning solutions and moving forward with implementing these emerging technologies.
The rise of mobile commerce has also changed how consumers browse and buy products online. Many large retailers offer free shipping when buying certain amounts of items. For example, Target offers free shipping on orders over $35, and Walmart provides free shipping for orders over $45. Smaller retailers can get away with charging less for shipping since they aren’t competing with brick-and-mortar stores.
A recent survey shows that 55% of consumers go directly to ecommerce sites when looking for a product, a sharp decline from the 82% who said they used search engines before going straight to an ecommerce site. Direct traffic makes up 24% of total web traffic, according to Cisco Visual Network Index, while transactional searches account for 21%.
For years, companies were slow to embrace social media marketing. With brands finally taking notice of how important it is to interact with fans, sharing news updates, answering questions, etc., there’s been a shift in digital marketing. Now, more companies are focusing on creating great content and engaging users. This is just a one-way social media marketer to stay relevant year-round – even during the summer slump!
E-commerce platforms, typically owned by third parties, operate the physical goods portion of online retail stores. Examples include OpenSky (a former Yahoo subsidiary), eBay, Alibaba Group (the Chinese company behind Taobao Marketplace), and Amazon. Commerce APIs connect e-commerce providers’ software applications with external services or databases of customer information, allowing them to provide features such as price comparisons between different vendors, automated inventory tracking, order fulfillment integration, and order management.
What are some advantages of Marketing Research for E-Commerce?
There are several advantages to conducting market research for ecommerce businesses. First, research can help identify what products and services are in demand and what potential customers want. This information can help businesses create a product or service offering that meets the needs of their target market and increases the likelihood of success. Additionally, research can help businesses understand their customers’ needs and preferences, allowing them to create a customer experience that is personal and relevant. Finally, research can help businesses track their performance and optimize their marketing efforts to maximize ROI.
The Internet has revolutionized the way consumers access and purchase products and services. Consumers have become more educated about brands and companies than ever before and are able to comparison shop across multiple channels. The Internet has made it easier than ever for consumers to search for, compare, analyze, buy, and even return items.
A recent study conducted by the American Customer Satisfaction Index showed that the average smartphone user spends over three hours per day searching for and comparing products. With the availability of online reviews, consumers now have another tool to evaluate the quality and reliability of a brand before making a purchasing decision. Online reputation management tools allow companies to monitor and respond to complaints and negative feedback concerning their business. These tools work by monitoring online reviews, social media sites, blogs, and other third-party sources. Companies use online reputation management tools as part of the overall customer relationship management (CRM) system to ensure positive brand awareness and enhance customer loyalty.
Analytics on Your Ecommerce Site
If you’ve got a website, chances are you’ve already run some analytics tools. They provide valuable insights into a visitor’s behavior and allow you to track conversions and revenue. But if you’re looking to improve the performance of your site, you might want to consider using a tool like Google Tag Manager (GTM) to add additional tags to your pages. GTM allows you to easily add a new tracking code to any page on your site without having to modify each individual page. In addition to adding extra tags, GTM also lets you control which data is collected from users — instead of all the data being sent back to a central server, only certain fields will be stored. That means your site won’t be inundated with unnecessary data. And when it comes to ecommerce websites, there are plenty of things you can do to increase conversion rates.
Market Research Never Ends
Market research never stops. If there are people who want to buy something, you should do market research to figure out what they want. Use Shopify Only Shopify to attract new customers and keep them. Build customer profiles to fuel your sales emails. Track your visitors’ activity to find out where they came from. Get ready for the next wave of shoppers: mobile devices. Marketers must adapt to this change while keeping customer data secure. Learn how to stay ahead of your competitors with these tips and tricks from our experts at Shopify Only.
Customer Data Management and Marketing Automation
Data collection and analysis is critical to running an effective marketing strategy. You need to know what works, what doesn’t, and how to make changes as needed. There’s no point in spending money on advertising campaigns that don’t generate results. Fortunately, today’s technology makes it easy for marketers to store, manage, and analyze data. Data collection is often referred to as “marketing automation.”
Automating your marketing processes saves time and money. For example, you may be able to set up automated email blasts based on specific events or actions. Or you could create an autoresponder sequence that sends a series of messages after someone subscribes to one of your newsletters. Once you’ve identified those processes, you’ll need to decide how much effort you’re willing to put into automating them. To start, you might need to experiment with different approaches to see which ones work best. Here are some ways to automate aspects of your ecommerce marketing.
Automate Email Campaigns
An email blast is the most usual form of marketing automation. But although many brands send regular email updates about exclusive offers and sales promotions, emails tend to become stale because recipients aren’t always interested. By setting up automatic email campaigns, your brand can deliver personalized messages to your audience on schedule. With automated messages, you can use dynamic content and personalize the message depending on your subscribers’ preferences. This ensures that your company stays top of mind. When sending out text messages, it’s recommended that you include a unique link in the message, so you can track opens and clicks. Otherwise, your campaign won’t have much success.
Automate Social Media Marketing
Social media marketing is another fantastic way to drive traffic to your online shop. You can use social media sites such as Facebook and Twitter to share news and exclusive offers related to your business. Be sure to post regularly and engage with followers by replying to their comments and questions.
When you are starting an online shop, it’s important to consider how you’ll market your business. The most successful e-commerce companies use a variety of marketing techniques, including SEO and social media. By following these tips, you can be sure to reach your target audience and drive traffic to your site. There are many ways to conduct research online. The essential thing to remember is that it is always best to conduct research before you start a new project. This includes when you are launching a new product or service. The more informed you are the better prepared you will be when issues arise, and you need to act quickly and decisively.
Understanding Your Target Market: The Importance of Market Research -May 16, 2023
[…] customers. Furthermore, we thoroughly examine industry trends and collect extensive data from market research. These invaluable insights are crucial in crafting winning marketing strategies, pinpointing viable […]