Nobody refutes the influences of online channels on deciding consumer trends in this digital age. The pandemic period has catalyzed it as everyone was forced to stay at home. Reports say that the number of google searches for ‘Buy online’ has almost doubled during this time. But it creates both challenges and opportunities for Ecommerce stores at the same time. But we know, for every problem, there will be a solution waiting to get found. Here we study, how eCommerce market research brings help to resolve this.
Challenges in Ecommerce Business
Before moving to the resolutions, we analyse the major challenges that eCommerce stores face today.
- Availability of Several Stores – Since the popularity of eCommerce platforms witnessed a hike, the business competition became enormous. As a result, companies must struggle to brand themselves among many.
- Providing the Best Customer Experience – It is essential to provide the best customer experience at any cost. A slight failure in delaying the service will make them move on to other options.
- Need to Develop Mobile Apps – In addition to creating eCommerce websites, eCommerce stores must develop attractive and creative mobile apps to catch the audience.
- Price and Shipping – Advantages in pricing and shipping attract consumers the most to eCommerce stores. In that sense, there must develop the best offers like free shipping to distinguish themselves from others.
- Product Return and Refund – The major challenge in buying something online is about its return and refund. Those who find the best strategies to it can gain more trust among consumers.
- Finding the Best Technology – To make these all happen, companies must develop the most suitable eCommerce platforms with the right technology. Also, they must get technicians to handle it.
Now we move forward to the next level. How can we find resolutions for this? How does eCommerce market research find help here?
Qualitative VS Quantitative Research
Market research extracts data related to market policies, consumers, regulations, etc. from various sources. Generally, we can categorize them as qualitative and quantitative. Quantitative market research support helps get numerical data or data that can get converted into statistics. It is the method to get measurable data and formulate patterns in market research support. On the other hand, qualitative market research focuses on obtaining data through open-ended or conversational data collection methods. It focuses on the ‘why’ aspect of a problem and tries to find the answer rather than just facts. For example, if quantitative market research tells you that 75% of your regular customers are adult males, but qualitative market research tries to find why your product fails to attract female consumers. Let us be a little more specific.
Developing Market Insights
Like the example we have just said, qualitative market research gives a precise idea about what you are going through in the market. Since companies, especially eCommerce stores, can never rely upon mere guesses, it helps you have an in-depth awareness of consumer needs and their behaviour patterns.
Helps to be More Competitive
Qualitative data research includes analyzing the business moves of your market opponent too. It helps you analyze the strategies that make them better, the failures in your approaches, and the possible ways to resolve them. It helps you get an upper hand in the market.
Thrive with Advertising
Digital advertising is more effective, easy, and brings fast results compared to traditional techniques. For that, precise data about consumers find interest in your product need to be obtained. Qualitative data analysis helps you with this and provides better options like retargeting, which makes your potential customers into regular ones.
Validate Pricing Details
If you implement a rebate offer at the right time, you must ensure that it will bring more sales. Otherwise, it will only create a loss of revenue. Qualitative data analysis will help you avoid this by picking the right peer groups and identifying their pricing concerns. Also, it helps to have a better interaction with consumers and gain their trust.
Push to the Limits
In addition to finding solutions to resolve e-commerce challenges, companies must push their limits to expand business boundaries. Qualitative data research helps you obtain further possibilities of your service lead for designing and developing new products. They can find the software and techniques to implement them.
Offshore India Data Entry can show you how easily you can achieve all these cost-effectively. Since handling qualitative market research requirements with topmost quality in-house may consume more effort and energy than you think, we can assist you to solve meeting it. Drop a mail to [email protected] and see how it gets done.
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