Apr 2021, 26

E-Commerce Market Research

Yunus Tıraş
| Blog
E-Commerce Market Research

What is E-commerce Market Research?

It is very important for every business that wants to be successful in e-commerce to do e-commerce market research using the right tools and statistics. E-commerce market research is a process that allows us to develop strategies according to the findings obtained by tracking your potential customers in the light of data such as preferences, consumption habits, and price approach. In order to understand this whole process, it is important to make various definitions from the beginning. According to this;

What is the Target Market? What is Target Market Definition?

If you do not have a wide range of products to include every product on your e-commerce site, you should do studies targeting potential customers who may be more willing to purchase your products. Target Market; It is all of the customers who are more interested in the products and services you offer for sale on your e-commerce site, you can predict in the light of statistical data that they will be more willing to buy, and that you and your company would like to work with.

What is E-Commerce Target Market Selection?

E-commerce target market selection is the determination of the target audience you aim to sell your products and services to. This step is so critical that after choosing the e-commerce target market, you can analyze your competitors operating in the targeted market and analyze the volume of the market and profitability. Target market selection includes segmentation, targeting, brand positioning, and also allows you to develop marketing strategies suitable for the audience you determine in the product, price and promotion steps in the marketing mix.

What are the Target Market Selection Strategies in E-Commerce?

We will talk about 4 different strategies in e-commerce target market selection in general. These;

1-Whole Market (Undifferentiated Marketing) Strategy

In this strategy, marketing strategies focusing on the whole market are developed instead of differences within the mass. We can also call it a strategy where the vendor aims to collect customers who do not look for difference by launching products within certain lines.

2-Multi-Market (Differentiated Marketing) Strategy

Want a stronger position and larger sales volumes in e-commerce? Then we would not be exaggerating if we said that this strategy was developed exactly for this. Instead of addressing a specific market, it is possible to develop different market targets for different product groups and marketing strategies suitable for these markets.

3-Single Market (Intensive Marketing) Strategy

Single market strategy is a strategy in which only a segment of the segmented market is considered as the target e-commerce market by focusing on certain statistics.

4-Niche Market (Narrow Segment Marketing) Strategy

It is a strategy developed to find gaps by dividing the market down to the smallest unit and launching products suitable for these gaps. While there is no risk in this area, which is generally seen as low volume by large e-commerce sites, the risks may increase suddenly. For this reason, creating the right product variety with data collection and analysis is vital for e-commerce companies working with this strategy.

How to Do Target Market Research for E-Commerce Websites?

Primary Research

The data obtained by using tools that will ensure the general recognition of the audience in the target market are analyzed. Tools such as survey, target audience analysis, social network analysis are used. Since customer focus is taken as a basis, data from past sales are also included in the analysis.

Secondary Research

It is a process where external resources are also used extensively while researching the target e-commerce market. It is possible to use the data of customers, competitors, prices, products and the sector included in the results of research conducted by other companies, and in some cases to be used in reports published by public institutions.

Have you reviewed the Comwize e-commerce erp software? E-commerce companies that use Comwize can easily access many statistics they may need in determining target audiences and developing marketing strategies. You are one step closer to success with the past period data and up-to-date reports provided by Comwize.