Market Research Trends Archives - Business Intelligence

Tag: Market Research Trends

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.

Request a free brochure to learn more about our services.

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.

IPTV Service

3 Reasons Why Market Research Services are Crucial for Businesses

Why are Market Research Services  Crucial for Businesses?

#1. Helps you understand your customers better

By leveraging market research services, companies can do the market feasibility study and map out the complete profile of their potential customers. This can help businesses determine the market size and factors triggering the buying decisions. Additionally, market research data helps companies to create effective tailored marketing and pricing campaigns.

#2. Improves approach to market trend analysis

Today companies cannot afford to take shortcuts when it comes to leveraging market research services as the competition is fierce and in-depth study of market research data is important. Any change in market trends can affect the revenue and therefore, trend analysis can help businesses understand the ongoing trends driving the buying decisions of customers.

#3. Helps in competitor analysis and their approach to market

Market research services can help you understand your competitors and generate smarter insights and take real-time decisions. It offers a detailed analysis of how they approach the customers and what is their strategy to sell the products or services. Furthermore, it helps you in finding out the new market entry and effective international market research.

It's never too late to consult an expert. Know more about Infiniti’s data-driven solutions for business.

#4. Lower Business Risks

By leveraging Infiniti’s market research services, businesses can ensure to mitigate risks in the international market as well as domestic market. After the unexpected rise in business complexities post the financial crisis has increased the importance of adopting a comprehensive risk management strategy and market research services can offer that. With financial markets, supply chains, and trade functions getting linked to each other, risks can arise unexpectedly. This is where leveraging market research services can help to identify the risks that can easily be mitigated.

Growing a business amidst aggravating market competition is a difficult task. It requires developing an understanding of your customers, their spending habits, competitors’ products, and much more. Request for more information on how our services can help your business

I am text block. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Close
Infiti Logo

Hello there!

Contact us to know more about our cost-effective custom market research offerings to support efficient market penetration, new product launch, and devise strategies to monitor and outperform your competitors.

Cookie Policy

The Site uses cookies to record users' preferences in relation to the functionality of accessibility. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice