While it is important to prioritise profitability in an e-commerce business, you must consider
how to get the revenue you need. A lot of your firm’s success depends on
groundwork and the first step is to work on products that your target customers
would be interested in.
First of all, it is very important to have a product or a
service that your client wants because otherwise you would not have any profit
at all. This involves research. A foolish strategy would be to invest in
something just because it is popular without a background check. It is vital
that you are aware of customers’
behaviour and desire.
According to the marketing thought leader Peter Drucker,
“the aim of marketing is to know and understand the customer so well [that] the
product or service fits him and sells itself”. It would be difficult for any
start-up to know with certainty that an item will be successful until a market
research is conducted. As such, you should interact with your target
audience via social media or through a Facebook
group. Another efficient method is qualitative study. This is more helpful than
a quantitative one because it will help you understand how customers think and
their thought and feeling drive sales.
Conduct
a market research before launching a product
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