The importance of market traits – of looking at what goes on outside your eCommerce business – shouldn’t be underestimated.

It’s easy to get so engrossed for your eCommerce business at your company level that you forget to take a step forward and have a look at the bigger picture.

But, taking a peek out and look at th market trends and then transforming your eCommerce business accordingly, to move at the same pace is what can keep your eCommerce business alive.

If you did not think about it until now, then do read this article and understand its significance.

The Importance of Market Analysis

Let us start with a the success story of Amazon

Amazon rather focused on its Customers needs and their desires and not on building a brand for themselves against their competitors. The success story of Amazon is primarily based on its unique ideas and its goal to make its Customers happy and satisfied. Jeff Bezos, the Identifier-in-chief always welcomes new ideas and concepts and then adopt technology to implement them in an effective manner.

Jeff Bezos thinks that new ideas is what provokes growth. During 2007, when Amazon launched its electronic device 'Kindle E-Reader' it became a game changer. Later on Amazon's Echo and Alexa speaker devices with more than 30,000 skills that brought verbal solutions to customer's problems and needs made them unbeatable in the eCommerce industry.

Amazon always focuses on giving the best customer experience with free shipping, next day delivery, same day delivery, price deals on frequently brought products, personalized experience to regular shoppers and not at all to be ignored, their customer support.

The significance of improving the shopping experience, in such a way, it differentiates you from your competitors is what is required in this competitive eCommerce world.

For this, you  need to look at:

• Your Competitors
• Customer needs

Identifying Consumer needs:

The importance of marketplace developments goes past your competitors. It’s crucial to realize what’s going on with your customers, too. Understanding customer demands is not just confined to what products they buy from your eCommerce platform.

It consists of more such as,

• How do Customers get attracted to a Manufacturer?
• What is vital to Customers when it comes to shopping for from brands?
• How do they like to interact?
• What is the most important for Customers when it comes to buying the products from you?
• How do they prefer to buy?

For example, the Caratlane, Tanishq Partner introduced free home trial that their Customers can avail before buying a jewelry from them.

Also,  Customers can now get a product shipped and then return a product if they don't like. They can exchange a product with another without any hassle.

Also, knowing how your Customers want to interact with you is very important. If they like to communicate with you on WhatsApp, then you should offer them this means of communication, which the popular brand Zara is doing.

How to Identify Market Trends

You can study social media perceptions and what subjects interests the people with regards to your industry or product.

You can use gear like BuzzSumo that helps you in finding out the most trending and most shared topics in the industry.

Look on the traits in the market and identify how well you can shape your business to get along with the trend. Have a look at your competition or manufacturers that are doing well in similar industries.