Here are three tips e-commerce sellers should keep in mind during the research process.
Always remember to conduct Market Size research before entering the market. Find the data about the number of potential customers, or number of transactions each year.
There are a variety of ways to acquire this data. Through general web searching, a wealth of information can be found at little or no cost. Otherwise, you can use Allfactor product database to start more effectively and accurately.
Competitive Analysis is another essential part of e-commerce business. You need to define who is your competitor. Look up their price distribution, monthly revenue to maximize profit margins. Competitors are not just a problem; they are a great source of information and ideas.
Find the right platform for your product. If you already have some ideas, and want to make them happen. Don't get lost on the wrong platform. Every platform has its pros and cons. Shopify is best for sellers who can drive traffic on their own. Etsy is suitable for sellers who want to start from side-work. Amazon is just for bigger players in 2021.