The eCommerce industry has seen massive growth in the past few years. More and more people are investing in eCommerce with each passing day. However, 2020 has encountered demand for eCommerce like never before.
With the Covid-19 pandemic taking over the world, eCommerce faced fierce competition from overseas newcomers. The best part about the new eCommerce businesses in 2020 was their effective business strategies and market research techniques.
“With a reasonable feature brand marketing budget and AI-driven market research tactics, they gave tough competition to previous eCommerce brands in every aspect.”
They had a better understanding of the market and its consumers. Moreover, they were better aware of the products in demand, besides having enough stock of their products. Therefore, to help brands cope with the growing competition in the eCommerce world, this article will discuss why investing in AI-driven market research is essential for brands.
Why Is Market Research for eCommerce Essential?
Market research is essential for eCommerce. Without market research, eCommerce businesses cannot thrive in the growing competition in the eCommerce industry. For better business decisions and strategizing, it’s crucial that eCommerce brands invest in market research. Moreover, it is also vital to understand your consumers and know them better to meet their needs in a better way.
Besides, proper market research helps to gain actionable consumer insights to learn about consumer behavior trends and the eCommerce market. The data collected through market research can be used for sentimental analysis and strategizing by running it through text analytics tools.
Moreover, market research helps you reach the right audience and also takes care of audience segmentation. Market research is also essential if you plan to launch a new product or think of selling on Walmart or other popular marketplaces. Nonetheless, performing proper research is the key to optimize your sales on marketplaces.
However, keeping in mind the current market, it is advisable to invest in AI-driven market research for quick and better results.
Why AI-driven Market Research?
In the digitally transforming world, investing in AI-driven market research for eCommerce is a better solution for brands. Many AI-driven text analytics tools and eCommerce platforms such as Revuze are gaining popularity among brands. Ai-driven market research has many advantages over traditional market research.
Traditional market research methods, such as surveys, polls, and focus groups, are time-consuming, tedious, and extremely expensive. Moreover, they are not very reliable when it comes to extracting relevant and precise information. On the other hand,
“AI-driven market research lets you extract extensive data at an exceptionally high speed. The best part about AI-driven market research is its cost-efficiency and accuracy.”
While traditional research methods have the possibility of human errors leading to insufficient data, there is no such problem with market research conducted through AI tools.
Above all, it is the only method to extract enormous data from eCommerce marketplaces such as product page data, reviews, Q&A, etc. AI market research also helps in real-time text analysis by targeting user-generated content on various social media and eCommerce platforms. User-generated content is more genuine and reliable as compared to data collected through surveys and other means.
Furthermore, AI helps cross-reference, perform sentimental analysis, segmentation, and many other areas where traditional market research falls short. In short, AI-driven market research is the future of eCommerce, and it has transformed the way eCommerce operates.
In the fast-paced world, it’s advisable that brands should invest in AI-driven market research. With traditional forms of market research such as surveys and questionnaires, eCommerce cannot match up with the tremendous growth that has taken place in the eCommerce industry. Legal market research is high time taking and a tedious process.
At times, it takes months for brands to extract enormous amounts of data, let alone sentimental analysis and other procedures. On top of that, traditional market research is too costly. To overcome all these shortcomings, many brands are shifting towards AI-driven market research to gain less time and invest less.
AI-driven market research effectively gets faster solutions while taking care of the cost at the same time. Moreover, there are scenarios such as collecting user-generated content from numerous marketplaces where you have no other option than AI tools. Keeping all this in mind, we have presented you with some of the crucial reasons why brands should invest in advanced market research and AI.