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30 November 2021

New Product Research

Feyza Uzun
| Blog
New Product Research


For companies dealing with e-commerce, increasing the product variety is a process that positively affects the preferences of the target audience and allows to increase the sales hit. For this reason, e-commerce companies should give importance to new product research and sales as long as they do not have to stick to the products they produce. In this article, we will try to detail what you need to do when determining the products in demand in order to increase your product range.

Why Is New Product Research Important?

A product you choose may be a great product for you. However, in reality, the situation may be different and your target audience may not share the same tastes and ideas as you. When including a new product in your product range, you need to analyze your target audience well and determine the wishes, needs, habits and even financial structure of your target audience and position your products accordingly.
At this point, after completing the data analysis necessary for new product research, you can now make a decision about the products and start working to create a boom in your sales figures. Purchasing and putting up for sale processes without extensive research can cause serious damage, let alone not be able to achieve the expected effect.

What Are New Product Research Methods?

Researching Products That Solve Consumer's Problems

The primary factor in realizing the purchasing activity for the consumer is, of course, the effectiveness of the purchased product in solving the problem. To explain this issue with an example; A purchased wardrobe organizer is expected to be capable of removing the existing clutter to a large extent, if not completely. If the product offered for sale promises a very limited service to the user, it will either be less preferred by the consumer or not purchased at all. In cases where such products are offered for sale with confidence in their qualities, sales can be easily maximized with supportive promotional activities.

Researching Personal Development and Hobby Products

Personal development and hobby products are generally in the product group sought and purchased by individuals above a certain income level. Of course, the closure and restrictions experienced during the epidemic process we are in have also encouraged people to turn to such products. Finding products that will satisfy people who turn to personal development and hobby areas as a way out of the negativities both brought by life and experienced due to the epidemic will be thanks to correctly analyzing the trends of the day and researching new products.

Catching Trends Early

Today, thanks to technology, it is possible to make target market movements more predictable. If the historical data you have, the events taking place in the flow of life and the potential to be trending on social media platforms are well analyzed and included in the new product research process, it is possible to catch the trends early. For this reason, it will be a valuable plus for e-commerce companies to have employees who follow the trends.

Competitor Analysis

E-commerce is an ecosystem in itself and new companies are joining this ecosystem every day. As such, the dose of competition is increasing day by day. It should not be forgotten that new ideas show themselves more where competition increases. While you reflect your ideas on your own e-commerce platform, your competitors continue to implement their different ideas.

In this context, you should analyze your competitors periodically and carefully follow the innovations they make and the updates they make in their product range. Competitor analysis during the new product research phase can be a great step to save you a lot of trouble.

When the new product research process is completed, it is one of the sine qua non for a professional e-commerce company to simultaneously offer your products both on your own website and in the marketplaces. For this reason, instead of dealing with the marketplaces where your store is located one by one, you may want to consider integration services for your e-commerce website. Markizzi offers important tools and services in the integration of existing or newly opened e-commerce websites and software with marketplaces.