To conduct your market research as part of your e-commerce project , you will first perform a global analysis. Then, it will be necessary to deepen the study in order to obtain the most complete view possible on your market. Market research is an essential step in your business plan and, more generally, in your business creation.
Global market analysis of your e-commerce project
The market study begins with a general analysis of the target market as part of your e-commerce project . Here, the objective is to collect information in a global way:
The overall turnover of the activity sector,
The breakdown of turnover by type of platform: e-commerce site, mobile application, etc.
Trends and figures forecast for the coming years,
Conversion rates, average baskets, payment and delivery terms,
The main players in the sector and their market share,
The players who are recording the best growth rates, as well as those who are losing ground,
The communication methods of the players on the market,
The overall expectations of customers in the target market,
Customer characteristics,
The regulation of the industry.
This information will allow you to obtain a global knowledge of the market for your project. To collect information on your market, globally, you can consult the study reports published by recognized organizations. Here are three key players:
The INSEE , National Institute of Statistics and Economic Studies, which publishes a number of public education.
Xerfi, which is a major player in the field of sector studies.
the FEVAD Federation of E-Commerce and Distance Sale To, which is a reference organization in the E-commerce sector.
If you have a sufficient budget, you can also have a tailor-made study carried out for your project. This allows you to obtain more precise information by targeting your market more. Several thousand euros are needed to carry out a serious study.
It is also important to take an interest in the technologies used by your potential customers to consume online: what type of terminal (computer, tablet, smartphone, etc.)? which browser? This information is important for building your e-commerce site.
As soon as you have a global view of your market, you will be able to go into detail on two important topics: customer expectations and competitors.
The study of the expectations and behavior of customers in your market
The expectations and customer behavior are an essential phase of your market research. To grow your business and generate revenue, you need to craft an offer that meets the expectations of the customers you are targeting. This logical prerequisite is essential. The more your offer is adapted to their needs, the higher your conversion potential will be. Your objective is to obtain information on:
The profile of your clients: socio-professional category, average age, average income, etc.
Their purchasing habits and frequency,
Their selection criteria to make a purchase.
The objective of this step : to begin to develop an offer of products or services that meets the needs expressed by customers. The risks if you neglect this step : develop a product or service offer based on your point of view, to the detriment of the real needs expressed by customers in your market. A buying decision is based on a need from a customer.
Become aware of the strengths of your competitors
When it comes to your competition's strengths , you need to quickly identify areas where you can't consider competing when you launch. Often, the resources to be mobilized will be too important, or even impossible to collect. Remember that by competing head-on with one or more companies, you will destroy value. Indeed, these situations often pull prices, and therefore margins, down.
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