Consumers are no longer solely concerned just with price point. Purchase decisions are now being made with more factors at play, things such as brand differentiation, reputation, and customer-centric return policies.
But it’s hard to read a customer’s mind, and it’s also a challenge for retailers to figure out where they fit when compared with their competition.
Especially for retailers just starting out, it may feel like a lot of decisions are made on guesswork or instinct. Market research can remove much of that uncertainty, by helping you understand your industry, your target customer, your competition, and your product. And when you understand all that, your chances of success are a lot greater.
There are many agencies that you can hire to conduct market research for you, but if you’re on a budget, there are ways you can do it yourself.