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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.

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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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Why Market Research is Instrumental in the Healthcare Industry

What is market research? 

Market research is concerned with analyzing and interpreting data in order to gather information and knowledge that is conducive for predicting future events, actions, or consumer behavior. Forward-thinking companies have realized the importance of market research in understanding and interpreting an increasingly complex world and thereby developing a successful business plan.

Importance of market research in healthcare

Data accuracy and credibility

Using market research, healthcare companies can prove their credibility in providing accurate data and reports and further understand the effectiveness of their products and services. There are two main reasons that prove the importance of market research in healthcare. The first reason is as mentioned earlier, to serve as an analysis of the data available in the marketplace. Secondly, it is beneficial to collect feedback, opinions, and testimonies from the patients to make the accurate reports, that would help healthcare providers understand the effectiveness of their products and services.

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Understand patient needs

Apart from acting as a tool to provide accurate data for healthcare marketing campaigns, the importance of market research in healthcare also lies in the fact that it is a crucial element in creating the right products and services that will suit the patient’s needs. It doesn’t make sense for healthcare providers to mass produce a certain type of medicine for a disease that only a small number of people suffer. Rather they can channel their reGet More Infosources to develop medicines that could cure the diseases which are rampant in the society at present. Another key importance of market research in healthcare is that it acts as an ultimate tool to measure what particular products and services are most profitable in the market.

Determine the marketing mix

In today’s highly competitive market, healthcare companies must have the right marketing mix in order to be successful. Marketing mix includes the marketing methods, products or services’ price, and distribution channels. These are relevant details that attract potential customer to buy a company’s products or avail their services. Another importance of market research in the healthcare industry is that it takes into account the precise analysis in order to get the marketing mix right. Without this healthcare industry find it difficult to promote health products and services by creating the best proposal to suit the needs of the target customers.

Why Infiniti?

Today it has become imperative for companies to unfold the real power and importance of market research to boost profitability and make the most of existing market opportunities. With over 15 years of rich expertise in various industries, our qualitative and quantitative market research solutions have helped businesses to boost their profitability by augmenting sales and targeting the right audience. Get in touch with us for unparalleled market research solutions.

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