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Step–by–Step Secrets to
Starting an e-Commerce Store



MARKET RESEARCH - STEP-BY-STEP SECRETS TO STARTING AN E-COMMERCE STORE

1/2/2023

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6. Market Research
This research should help you to understand who your market is and how it behaves as well as what your potential customers expect from you, your products and/or services.
 
Market Research can take the form of field work and research from your desk (internet and books).
Research other businesses and their customers that are providing similar services. Research locally first.
  • Determine how big is this potential market.
  • What are the trends in this market. Are people changing the way they look for and buy products and services in this market.
  • Is the market seasonal i.e. dependent on the weather/seasons.
 
In the field ask potential customers what they think of your business idea and product. Test whether they will buy your product.
Ask questions like:
‘Are you happy or unhappy with the product?’
‘Would you buy my product at ‘x’ price?’
‘Would you buy from this location e.g. online website?’
‘Do you already buy from similar businesses?’
 
Testing your product:
What products did you try to sell and at what price.
What did you learn after test trading.
Are there things you have decided to change because of what you learnt or because of the feedback you received.
 
Cashflow and cost analysis
 
Back-up plan. Have a Plan B. This might just include on your reducing your costs or having a smaller inventory to save on costs.
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    Rose Long &
    Long Studio Design are sharing their experience of the steps to creating an eCommerce Store.

    We receive commission on purchases made through some links on this page.

    This information provides an overview for educational purposes only and is not legal advice. It is not intended to create, and receipt of it does not constitute, a lawyer-client relationship.
    The author/s disclaims all responsibility for any and all losses, damages, or causes of action that may arise or be connected with the use of these materials. Please consult a licensed lawyer in your area for legal assistance.
    These articles do not provide accounting, tax, business or legal advice.  You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the provided content.
    ©RoseLong2023
    LongStudioDesign.com

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