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Market research

How Market Research Benefits E-Commerce Companies

Rising market competition demands businesses to keep a keen watch on the changing market trends and gain a deeper understanding of their buyer personas. Over the last few years, there were several instances of e-commerce companies that shut shop due to declining profit margins. One of the key reasons why many of these players failed was primarily due to the absence of an effective market research solution that rightly defines the needs of their target consumers and gives comprehensive insights on the changing market trends. Experts at Infiniti Research posit that at least 3 out of every 5 e commerce businesses that do not undertake a market research study will fail in the long run.

We have curated some reasons why a market research study is a non-negotiable for e commerce companies.

Market research gives you a qualitative and a quantitative understanding of why your ideal customers would want to buy your products. Request a free proposal to know more about our market research solutions.

Benefits of E commerce market research

Market researchAnalyze industry trends

E commerce trends are often fast-changing, making it difficult for companies to keep up with the market transformations. A market research study about the e commerce industry will help companies determine key factors relating to the market such as current size, growth rate, and the changing trends. Moreover, this also helps e commerce companies to gain a first-mover advantage.

Looking for solutions to address your key business challenge? Get in touch with an expert for unparalleled business insights.

Develop customer personas

Most new-age entrepreneurs attempt to break the shell without understanding the rules of the market and try to formulate their own policies and business agendas. This attitude often derails their marketing campaigns and they end up paying for heavy losses. Having a clear understanding of the demographics and demands of various customer segments is one of the key benefits that market research has to offer e commerce companies. This helps them create better buying journeys leading to customer satisfaction and long-term customer loyalty towards the business.

Understand competitor strategies

The e commerce sector is dominated by cut-throat competition and many players are trying to gain a bigger chunk of the market share. Companies that are not agile will get left behind. A market research engagement helps avoid this by analyzing the competitors and their strategies thoroughly. E commerce companies can use this data while formulating their go to market strategy and devise ways to better attract and retain customers.

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market research

3 Ways Market Research can Help Build a Flawless Product Strategy

Most product failures and lack of customer adoption occur due to the lack of accurate data and research about the product, market, and the target consumers. This is a consequent effect of building a product that customers do not need or does not meet customer expectations. An effective market research strategy before product development can help businesses early in the product lifecycle to test value propositions and identify ideal customer segments, and also to hone the product’s usability and branding. A product strategy that is undertaken on the basis of adequate market research will play a key role in avoiding costly mistakes. Market research can also assist businesses in their product strategy by evaluating and identifying growth opportunities. Some of the key areas where a market research engagement can help in building an effective product strategy includes:

  • Differentiating the product from others in the market
  • Identifying how the product can solve consumer problems
  • Understanding how competitors address customer needs

In this article, experts at Infiniti provide a detailed account of how a market research study can benefit businesses to effectively formulate their product strategy.

Market research supports the creation of a definitive product strategy, helping exceed business targets. Request a free proposal to know more about how our market research solutions can help your business.

How market research can help in building a product strategy

market researchUnderstand consumer needs

An ideal product strategy must lay an increased emphasis on the needs of customers in the target market. Market research plays an instrumental role in identifying and analyzing these needs. This knowledge allows understanding the underlying customer preferences and the impact of the product strategy on the business. Products can then be customized to accurately meet the customers’ needs.

Identify market entry opportunities

Market research in product strategy can be used to evaluate the market entry prospects of a business. Whether a business is interested in markets with high growth rates, or a mature market that needs innovation to revitalize growth, research will help determine which market is a better fit. When entering a new market is vital to look beyond just market analysis and ascertain what the target consumers actually want. Market research study is one of the best ways to get solving this challenge while developing a product strategy.

Not sure on choosing the right product strategy for your business? Infiniti’s market research engagement can help. With data and analysis covering several industries in 100 countries globally, we help develop an ideal product strategy by analyzing key markets for entry, competitive analysis, surveying consumers, and identifying underlying consumer trends.

Evaluate competitors

Understanding competitor offerings is essential for businesses to differentiate their products from their rivals. The ability to grab customers’ attention as quickly as possible determines how successfully a business can compete in the market. Furthermore, effectively communicating how the business’s products are different for the better gives an added competitive advantage. Using market research brands can understand their top competitors in different product categories and also gain comprehensive insights on how concentrated the market is.

Learn more about Infiniti’s market research solutions.

Assessing the Millennial Customer Segments and their Buying Behavior for a Fashion Retailer – Customer Research Study by Infiniti Research

Business Challenge 

Even though the fashion retail industry has fared well in some years, market growth has been volatile at times. Growing consumerism, inventory management, sustainability, millennial buying behavior, and entry of new players have increased challenges for fashion retailers. This has pressurized companies in the fashion retail industry to leverage a consumer research study to learn more about customers’ needs, intents, and preferences.

A well-known fashion retailer was struggling to improve sales and better sell their products to target customers. Their inability to target millennial customer segments and analyze the purchase trends and channels preferred by millennials, resulted in a decline in their sales rate. This radical decline in the sales rate compelled the client to leverage Infiniti’s consumer research study to better analyze the millennial customer segment. By leveraging Infiniti’s consumer research analysis solution, the client wanted to assess customers’ purchase behaviors. Also, with the help of a consumer research analysis, they wanted to gain in-depth insights into the impact of demographics on millennials’ attitudes, various barriers to purchase, and potential solutions to overcome barriers.

Our consumer research solutions have helped businesses to boost their profitability by augmenting sales and targeting right audiences. Request for a Brochure.

Top Challenges Faced by the Fashion Retailer 

Problem Statement 1: Growing consumerism

Today, as customers turn to the internet for information and shopping, to smartphone applications for price comparisons, and to social media for opinions, the industry’s response has become more price sensitive. Additionally, consumers demand variety and novelty. This has increased complications in the supply chain, product development, planning, and production processes.

Problem Statement 2: Inventory planning

Customer preferences change fast, which speeds up inventory turnover requirements. This compels suppliers to improve turnaround time and exhibit excellence in stock visibility. By leveraging Infiniti’s expertise in offering consumer research solutions, the client wanted to exhibit excellence in stock visibility, operations planning, and inventory intelligence.

Problem Statement 3: Discounting and competition

Fashion retailers are increasingly relying on discounts to drive sales. It is challenging for players in the fashion industry to maintain a healthy margin, when competitors are offering heavy discounts.

Our consumer research solutions can help businesses to thrive in today’s competitive market by learning more about customers’ needs, intents, and preferences. Request a FREE proposal.

Solutions Offered and Value Delivered 

To help the client tackle challenges in the industry, the experts at Infiniti Research recommended a consumer research study.

Phase 1: Customer survey

With the help of in-depth qualitative interviews with customers belonging to different segments, our market research experts helped the client assess their customers’ purchase behavior. Additionally, by tracking trends, analyzing, and interpreting consumer behavior, the client was able to understand target consumers more effectively.

Phase 2: Inventory forecasting

Our expertise in offering inventory forecasting solution helped the client avoid excess inventory. We also helped them identify stock levels that are required to meet the rising demands for apparels.

Phase 3: Competitive analysis

By analyzing top competitors in the industry, our experts helped the client understand discounting strategies used by their competitors. The consumer research study further helped the client to offer better discounts for their customers, while maintaining healthy profits.

In a span of nine weeks, the client saw clear advantages from this consumer research engagement. The client gained a clear understanding of the customer’s purchase behavior, especially the millennial generation. The consumer research engagement further helped the client assist sales and support product teams. With Infiniti’s consumer research analysis, the client realized a savings of 11% in a year.

Get in touch to know more about our consumer research analysis solutions.

market segmentation

Why do Market Research Services need to be Prioritized in 2019 – A Round-up of Popular Articles on Benefits of Market Research Services

With the economy becoming more and more competitive with each passing day, having apt knowledge about the concerns and preferences of your customers has become integral for any business. Waiting too long to make crucial business decisions can lead to a company missing out on opportunities. Moreover, failing to develop a marketing plan can result in budget problems, low customer volume and, in a worst-case scenario, the closure of a business. Hence, don’t you think, when fluctuations in the market affect your business in a negative way, you have to pivot your business model somehow? If yes, market research services are the best way to increase customer experience, understand the factors that influence your business, and to elevate your performance. Market research services provide detailed insights into the competitors, understand customers’ pain points, latest market trends, consumer buying patterns, economic shifts, and demographics. That’s why smart business owners never underestimate market research services and leverage it to formulate effective strategies.

If you want to keep up with the latest market trends and gain a competitive edge in the business market, understanding market research and utilizing it to your advantage is vital in reaching out to your target audience and increasing your sales.

Infiniti’s market research services have helped companies gain vital information about the competitors, economic shifts, demographics, current market trends and spending traits of the customers. We have listed up some of the recent success stories and have also highlighted ways in which market research services have helped businesses to become market leaders.

#1: Why market research is vital for business success?: Today’s buyers hold all of the power when performing a purchasing decision. Thus, have you really adapted your marketing plan to match the way today’s customers’ shop? Well, even if you think you know your customers pretty well, performing market research study will likely uncover new channels and messaging tips to help improve your interactions. Whether you’re a newbie or experienced, this guide will help you figure out why your business needs market research services and give you a blueprint for conducting thorough market research.

3 Reasons Why Market Research Services are Crucial for Businesses

#2: Market research services to identify the potential customer and strengthen market position: The more clarity you have for your “specific” audience, the more likely you are to have a profitable and impactful business. But if your understanding of your customers’ problems is weak or unclear, you will continue to struggle regardless of your strategy. This was the case with a consumer electronics manufacturer in the US. Hence, they approached Infiniti to leverage market research services. Infiniti’s market research services helped the client improve their products as well as identify upsell opportunities with existing customers.

How Infiniti’s Market Research Services Helped a Consumer Electronics Manufacturer to Strengthen their Market Position in the US

#3: Why market research services leads any business decision?: Businesses always have an element of risk and business decisions are tougher than they seem. Being a business owner, you can never be completely sure whether a particular decision can yield profit or loss to the company. In such situations, successful businesses prefer to do market research before making any critical decision. Similarly, an agrochemical firm consulted Infiniti to acquire an early and sustainable competitive advantage before concept development and new product build-out. Infiniti’s market research services helped the client understand the market curve and stay ahead of its competitors, which helped save $13 million, annually.

Market Research : Helping an Agrochemical Industry Firm to Understand Customer Behavior and Establish Ongoing Trends

#4: How market research services benefits players in the pharmaceutical industry?: The slow-down in growth in the pharma industry over the last few years, as current medicines reach saturation levels, has highlighted the need for the industry to both invest in new drug development and better understand and counteract falling drug sales in emerging markets. Hence, a pharmaceutical manufacturer wanted to identify the market potential for new drugs and pinpoint what is impacting their sales. By partnering with Infiniti Research, the client was able to improve their brand visibility in the competitive market as well as increase their reach to a broader customer base, which subsequently improved the customer experience and enhanced company’s profit margin with market research services.

Pharmaceutical Industry Market Research Engagement – An Infiniti Research Success Story

#5: Why market research is instrumental in the healthcare industry?: As the healthcare industry becomes more specialized, streamlined, and consolidated, companies are increasingly looking for ways to improve service and add tailored-products. Are you also the one looking to win the trust of your target audience? If yes, then definitely have a look at our latest blog on why healthcare companies need market research services in understanding and interpreting an increasingly complex world and thereby developing a successful business plan.

Why Market Research is Instrumental in the Healthcare Industry

Wondering how to strengthen your companies’ presence in the market?

Well, look no further, with our market research strategies, unlock your business’ true potential and embrace new models and ideas

#6: Can market research services help boost market position?: A strong market research process helps you learn about your audience, understand their needs, and position your new products and services to serve them better. With these insights, you can improve your marketing strategies and rise above competitors who don’t fully understand their market or target audience. Since implementing our market research services, our client has seen an increase in sales and the solutions have helped the company to boost their market position.

Market Research Benefits for Beverage Manufacturers: Can it Help Boost Market Position?

#7: Importance of market research before starting a business: Have you ever wondered why big organizations invest huge amounts in market research for their businesses? Well, the reason behind them spending so much is to grasp every bit of information that floats in the market. By leveraging market research services, businesses can succeed and stay ahead of the competitors. Explore the reasons behind the growing importance of global market research services and sustain profitability amidst the rising market competition.

3 Reasons Why Market Research is Important for New Businesses

#8: How to do a market research?: As an entrepreneur, one of the first things you will need to tackle is deriving a business plan, the key inputs of which are usually identified by conducting thorough market research. In this latest blog of Infiniti, we’ve taken a deep dive to explain; what is market research, why and when to conduct it, and the different types of market research services along with how and when to use each.

Key Steps Involved in The Market Research Process That You Must Consider

#9: Choosing the right type of market research: When it comes to choosing a market research methodology, for many the starting point is the seemingly simple question, “qualitative or quantitative?” Well, read through our latest blog to understand the types of market research services and for choosing the best for your business.

Different Types of Market Research to Guide You Through Important Business Decisions

#10: Market research report on secondary packaging market: Infiniti’s global market research services helped the client augment brand visibility and gauge factors affecting the brand perception. Read this success story to know how the client to streamline their business processes and identify the factors hindering growth.

Market Research on the Secondary Packaging Market

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