How You Can (Do) ECOMMERCE MARKET RESEARCH In 24 Hours Or Less For Free
The investigation of the market for digital businesses is relatively easy and fast, comparing it with traditional research techniques.
In fact, all the search engines like Google, Bing, Yahoo, but also the ones of LinkedIn, Twitter and Facebook can be of great help to identify players and competitors. Moreover, tools like Alexa ranking can find similar websites to the one of your competitor, helping you identifying other players to check their offers and strategy. Also blogs, newsletters, corporate websites of private and official organizations, SlideShare (a platform owned by LinkedIn where everyone can publish and exchange presentations as if they were images or videos) are also recommended sources of valuable information.
There are also survey tools through email. Monkey Survey is the best known and is used for a multitude of investigations. The design and elaboration of the surveys, their dissemination (to the Monkey Survey database or to your own database) and the tabulation of the results are almost immediate. Conducting survey research using traditional media can take weeks.
With these tools and others, we will be able to find out valuable information. In the digital market, companies are more transparent than in the traditional market and therefore share high-value details for free. The information and the investigation of real subjects undergo constant changes, for which it is highly advisable to update and review the past data constantly.
We must bear in mind that e-commerce projects are considered startups because they are new companies or intra-companies within existing companies. Startups, per definition, do not have defined business models, only hypotheses that have to be contrasted with the behaviour of the market in which they are launched. Fortunately, in e-commerce, there are many free tools to check the degree of compliance with these hypotheses.
The speed of execution and how quickly information is received from the successful management or not of the business makes it possible to rectify decisions and strategies before entering the red zone of viability.
Research includes other areas besides customers, products or market trends. It can focus on obtaining legislative information, identifying candidates or selecting suppliers in distant markets.