Post by moon125 on Nov 9, 2024 23:45:01 GMT -5
Having decided to open an online store and having chosen the main product that will be sold in it, it is worth first asking whether there will be demand for it? Are people interested in it and how often do they buy it? It is better to do this before the launch and before you spend a tidy sum on the purchase. Moreover, it is not that difficult to conduct such an analysis.
There are several ways to study the market and demand for a product; it is recommended to use them together in combination.
In what situation is it necessary to study the demand for a product?
2-analysis-questionnaire.jpg
Opening a new business.
No matter how promising your business plan shopify website design is on paper, nothing will work if you do not study the demand for the product "on the shore". Even at the very inception of the idea of a business, you can already research and calculate how popular this or that product will be.
Expansion of the existing range.
You already have a financial turnover, but you shouldn't throw this money away. By studying the demand for the product in advance, you avoid unnecessary expenses on the purchase of goods that will ultimately lie illiquid in the warehouse.
Decrease or increase in demand.
It doesn't matter whether your sales are falling or growing. In both cases, you need to understand whether this is temporary or developing into a permanent trend. You need to figure out: should you sell off the remaining goods as soon as possible or, on the contrary, buy more of them for the season?
You are expanding your business.
Is your product in demand? How quickly will investments in opening additional stores pay off? Before expanding your business, answer these questions, because opening a new branch or outlet is always associated with considerable costs.
Launch of a new product.
You may personally think that a new product is promising, but buyers may have a different opinion. People are wary of new products in the range. This point also needs to be carefully investigated.
How to find out the level of demand for a product among buyers?
3-analysis-question.jpeg
Before conducting an analysis of the demand for a product on the market, ask yourself the following questions:
Is the product you are interested in seasonal or in demand year-round?
How many of these products are sold per year or over some other period?
What is the sales level of this or a similar product among your competitors?
Do your customers have a need for a new product?
Answering these questions will help you understand how much research you need to do.
To analyze the market, the following resources are most often used:
Google Trends
Polls
Yandex Wordstat
Test landing page
Supplier Analysis
Marketplace Research
Competitor Analysis
There are several ways to study the market and demand for a product; it is recommended to use them together in combination.
In what situation is it necessary to study the demand for a product?
2-analysis-questionnaire.jpg
Opening a new business.
No matter how promising your business plan shopify website design is on paper, nothing will work if you do not study the demand for the product "on the shore". Even at the very inception of the idea of a business, you can already research and calculate how popular this or that product will be.
Expansion of the existing range.
You already have a financial turnover, but you shouldn't throw this money away. By studying the demand for the product in advance, you avoid unnecessary expenses on the purchase of goods that will ultimately lie illiquid in the warehouse.
Decrease or increase in demand.
It doesn't matter whether your sales are falling or growing. In both cases, you need to understand whether this is temporary or developing into a permanent trend. You need to figure out: should you sell off the remaining goods as soon as possible or, on the contrary, buy more of them for the season?
You are expanding your business.
Is your product in demand? How quickly will investments in opening additional stores pay off? Before expanding your business, answer these questions, because opening a new branch or outlet is always associated with considerable costs.
Launch of a new product.
You may personally think that a new product is promising, but buyers may have a different opinion. People are wary of new products in the range. This point also needs to be carefully investigated.
How to find out the level of demand for a product among buyers?
3-analysis-question.jpeg
Before conducting an analysis of the demand for a product on the market, ask yourself the following questions:
Is the product you are interested in seasonal or in demand year-round?
How many of these products are sold per year or over some other period?
What is the sales level of this or a similar product among your competitors?
Do your customers have a need for a new product?
Answering these questions will help you understand how much research you need to do.
To analyze the market, the following resources are most often used:
Google Trends
Polls
Yandex Wordstat
Test landing page
Supplier Analysis
Marketplace Research
Competitor Analysis