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E-commerce Primary Research - Trends and Benefits

As customer trends and demands are changing fast, businesses should maintain the pace as well to be relevant in the market. The e-commerce primary research predicts the e-commerce market to grow at a CAGR greater than 15%  by 2028.
The growth can be attributed to lower expenses on infrastructure and communication and established firms and large business organizations  turning to digital commerce.

Also read: The Expert Point: Empowering Decision-Making through Financial Market Research

Market Trends to Consider

  • Small and medium-sized firms are rapidly developing, particularly in India, China, South Africa, and also in Russia. Initiatives such as Make in India and Start-up India have expanded the number of start-ups that do business through the online marketplace, driving industry growth.
  • Hence, many businesses have started to invest in AI and augmented reality to give the best personalized shopping experience to their customers.
  • The subscription model makes it easy for clients to meet their regular expenditures, which attracts loyal customers and increases retention rates and profitability.
  • E-commerce’s future is phygital. The ease of internet buying, short in-store visits, and no shipping fees have all contributed to the growth of the click-and-collect trend. Its worth is expected to exceed $154 billion by 2025. Though, you have to note that, 56% of customers want to view, touch, and feel things before purchasing them.
  • According to one survey, mobile devices account for 80% of social media traffic. In addition, 79% of smartphone users have purchased anything using their mobile devices.
  • The subscription business has grown at a 71% CAGR over the last several years and is expected to exceed $2 trillion by 2028.
  • Headless commerce is the next phase of online shopping. It can supply material to any front-end framework via APIs. The headless CMS market is expected to reach $5.5 billion by 2023 at a CAGR of 22.1%.
  • While 62% of millennials and Gen Z desire to utilise visual search, just roughly 8% of companies provide this feature. Therefore, it’s a great area to tap into this technical segment.

The Significance of Getting Useful Data

It is basic to locate statistics and benchmarks for a certain e-commerce industry. The difficult part is determining what data to collect and how to utilize that data to make more informed choices for your e-commerce shop. We can execute and support your e-commerce primary research by connecting you with relevant industry experts as per your requirements. This not only saves the client hundreds of hours from scouting and screening relevant industry experts, gathering data, and becoming buried in a spreadsheet of useless stats but also helps them redirect their efforts to more strategic aspects.

Market Research by our industry experts enables a business to assess the feasibility of a product or service. They obtain information about the requirements and preferences of potential consumers. It is a critical component of an effective advertising approach for keeping the company’s offers current and competitive.

Conducting market research should provide you with response to the following questions about your target market:

  • Is there a demand for your offering?
  • Market size: How many individuals are likely to be interested in your product?
  • Economic indicators: What is your target consumers’ income bracket and employment rate?
  • Location: Do you know where your potential consumers reside and how you may contact them?
  • How many such solutions are currently accessible to customers in the market?
  • What are potential buyers willing to pay for these other possibilities?

Therefore, ambitious businesses can gather valuable insights about their customers, competitors, and also market trends with the help of The Expert Point.

Identifying Customer Preferences

To thrive in the highly competitive e-commerce landscape, businesses must have a deep understanding of their target audience. Primary research allows them to gain valuable insights into customer preferences. Thus, our industry experts for e-commerce primary research can provide deep insights on the behavioral patterns and also their purchasing habits with time.

By conducting surveys, interviews, and focus groups, businesses can directly engage with their customers and gather qualitative data.

So, this critical information assists in developing effective marketing strategies, optimizing product offerings, and enhancing the overall customer experience.

Evaluating Competitors along with The Industry Trends

Information regarding potential clients’ purchasing power is critical for businesses to efficiently price and sell items. GDP per capita and income level are important measures of consumer purchasing power in a particular market.

In addition to understanding customer preferences, the best e-commerce survey companies enable businesses to monitor and evaluate their competitors effectively. Businesses can detect industry trends by doing competition analysis.

Identifying the most prospective markets and prospects to investigate is thus likely the most important phase in the market research process.

Hence, they can benchmark their performance and also spot potential gaps in the market. This information empowers them to make data-driven decisions and develop innovative strategies to stay ahead of the competition.

Product Development with Accurate E-commerce Primary Research

Successful e-commerce businesses continually strive to improve their products and services. A primary research plays a crucial role in this process by providing businesses with valuable insights to enhance product development and innovation.

Domain experts can directly engage with customers through surveys or user testing. Thus, businesses can identify pain points, gather feedback and uncover opportunities for improvement.

This data-driven approach allows for the creation of products that align with customer needs and preferences. Moreover, it leads to increased customer satisfaction and also the loyalty!

Mitigating Risks – Supporting Strategies for Effective Decision-Making

Making informed decisions is vital for business success. E-commerce primary research provides valuable data that supports strategic decision-making and mitigates risks. By conducting market research, businesses can assess the demand for new products or services.

As a result, they can achieve market saturation while determining any roadblocks. This reduces the risks associated with exploring new markets or introducing new goods.

Additionally, primary research enables businesses to monitor customer satisfaction and address any issues promptly. So, they can maintain a positive brand reputation with less-effort.

Optimizing Marketing & Advertising Efforts

E-commerce survey companies also prove instrumental in optimizing marketing and advertising efforts. By conducting surveys or analyzing customer feedback, businesses can determine the most effective channels.

They also flawlessly message and campaign to reach their target audience. With accurate insights of our industry experts, businesses can allocate their marketing budget efficiently and focus on strategies. Therefore, they yield the highest return on investment (ROI) through their effective e-commerce survey.

A consumer survey allows businesses to acquire information on the potential customer behaviour in the target market and their purchasing choice in relation to the items and services supplied.

This approach ensures that marketing efforts are tailored to the needs and preferences of the target audience. Thus, it results in improvement of conversion rates and overall business growth.

Achieving Long-Term Business Growth

The benefits of primary research for e-commerce extend beyond short-term gains. By continually engaging in primary research, businesses can build a competitive advantage and achieve sustainable long-term growth.

Businesses need to comprehend valuable customer preferences, anticipate industry trends and refine marketing strategies. These all should be based on accurate data, to create a solid foundation for success.

Leverage Strategic Insights from The Best Subject-Matter Experts

E-commerce primary research offers numerous benefits to businesses across industries. Our primary research empowers businesses to make informed decisions and achieve long-term growth.

The Expert Point experts help you to leverage the power of primary research in the e-commerce landscape. We will connect you with the subject-matter experts as per your specific business proposition and requirements. So, stay ahead of your business competitors and meet the ever-changing needs of your customers for greater growth!