Market Research Tools for eCommerce Businesses in 2024

With global eCommerce sales expected to reach $6.3 trillion in 2024, and the US market alone surpassing $1.1 trillion, it’s no wonder more businesses are turning to market research tools to help craft their strategies for success.

In the eCommerce industry, market research is the key to understanding your customers and providing them with the best products, services, and experiences.

By gathering information about your target audience’s needs and preferences- you can make informed decisions that will drive sales growth and improve customer loyalty.

With this in mind, it’s important for eCommerce businesses to utilize the various market research tools available and take advantage of them in 2024.

In this blog post, we will explore four popular market research tools — Doofinder, Google Trends, Facebook Insights, and Think with Google — as well as their benefits for improving marketing strategies.

What is Market Research?

Market research is a crucial part of any business strategy. It helps companies discover valuable insights into their target audience that cannot be obtained through traditional surveys or focus groups alone.

It provides valuable data points such as demographic breakdowns, user behaviors, and interests.

Knowing what drives your customers allows you to tailor campaigns more effectively, which leads to higher conversion rates and better ROI (Return On Investment).

Some effective market research techniques are tracking changes in consumer trends over time or comparing competitor activity across multiple channels.

Businesses can gain a competitive edge by leveraging these insights into actionable strategies that provide tangible results.

Overview of Market Research Tools

Using market research tools is relatively straightforward. Most platforms come with built-in features that make it easy to access the insights you need.

For example, Doofinder allows users to quickly analyze consumer behavior through its intuitive dashboard- which shows key performance indicators such as page views per session or average order value over time.

Google Trends provides insight into evolving consumer interests.

It shows how often certain search terms have been used over a specific period of time, helping marketers keep up with the latest marketing trends and tailor content accordingly for maximum engagement.

Facebook Insights also offers powerful analytics about user activities on your company’s pages, allowing you to optimize campaigns for higher conversion rates.

While there’s also Think With Google which helps you stay ahead of competitors with trend reports about current hot topics in your niche.

Unlocking the Benefits of Market Research Tools through Relevant Data

Now that you understand the importance of market research, it’s time to unlock the benefits that come with utilizing the data gathered from these tools.

With improved targeting, increased customer insights, and a better understanding of competitors this information can provide invaluable support to your business decisions.

Improved Targeting

Market research tools allow you to obtain accurate and timely data that enables more precise targeting than ever before.

You can use this data to segment customers, target specific customers based on their interests, or create campaigns tailored toward them.

This will help ensure your efforts are focused in the right direction; and increase engagement from potential buyers who are likely already interested in what you offer.

Increased Customer Insights

By taking advantage of market research tools- you’ll also be able to gain deeper insights into your existing customers’ behaviors and preferences.

Using market research tools provides valuable insights into how your customers perceive your products or services, as well as areas where improvements could be made for future releases or marketing strategies.

Having this information readily available helps build lasting relationships with current customers, whilst uncovering new opportunities for growth among previously untapped segments of the population.

Increased Understanding of Competitors

Utilizing market research tools offers many benefits. It gains a greater understanding of your competition – both active and potential rivals.

This allows you to adjust your strategies accordingly, such as with your pricing strategy

By staying up-to-date on eCommerce trends through competitor analysis reports, you can identify any weaknesses your competitors may possess- giving you an edge over them.

For example, you can launch new products ahead of time or create sales promotions exclusive to certain demographics or locations.

Knowing what competitors are doing (or not doing) will help your business stay ahead of the pack in 2024. 

The data gathered during market research provides invaluable intelligence concerning customer behavior patterns, competitor activities, and industry trends.

All of these are useful components when making informed decisions about where to allocate resources and how to maximize profits moving forward.

Boosting eCommerce Performance with the Right Tools

In 2024, there are many tools that can help you gain valuable insights into customer behavior- so it is important to make an informed decision based on the specific needs of your store.

Here are our favorite four for 2024: Doofinder, Google Trends, Facebook Insights, and Think with Google.

Google Trends

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Google Trends is a fantastic tool that allows businesses to track changes in consumer behavior over time.

By inputting keywords related to certain topics or products into Google Trends’ search box, businesses can see how often those words are searched within specific regions worldwide over different periods of time.

This gives insight into the topics people care about most, and whether there has been any change in views towards those topics over time.

These insights help eCommerce stores identify upcoming eCommerce trends before they become mainstream, so they can take advantage of them immediately, giving them a competitive advantage.

Key benefits of Google Trends:

  • Learn the hottest trends
  • Identify regions with interest in your niche
  • Identify interest shifts over time in your brand or niche

Facebook Insights

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Facebook Insights is a great market research tool that businesses can use to measure their presence on Facebook more effectively.

It provides detailed statistics about page likes, post reach rates, engagement metrics (such as comments or shares per post), and average response times.

This allows brands to precisely measure how people interact with their content on various platforms such as their Instagram Stories and Messenger Ads.

Insights like these are particularly powerful if you’re trying to promote your brand outside of the traditional News Feed environment.

Facebook Insights also offers comprehensive demographic information, such as age group breakdowns, which helps eCommerce stores tailor their product lines accordingly based on buyer preferences.

All of these features are extremely valuable going into 2024- where access to reliable and real-time data about customers is key to success!

Key benefits of Facebook Insights:

  • Visualize your Facebook funnel
  • Monitor engagement with your brand
  • Measure the reach of your brand

Doofinder

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Doofinder is a site search solution usually known for enabling businesses to optimize their internal search. However, it’s much more than that. 

By using Doofinder’s powerful analytics dashboard, businesses can gain insight into their target audience’s search habits so they can create more effective SEO campaigns.

Not only will they be able to keep track of new keywords but also emerging trends and product ideas.

Key benefits of Doofinder:

  • Anticipate new trends
  • Learn which products are being searched for but not found so that you can make strategic decisions for your business
  • Showcase the right products to the right customers 
  • Improve website rankings and increase traffic by learning which keywords the customers are using
  • Get a higher engagement from customers who have found what they were looking for quickly and easily through this platform

Think With Google

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Think With Google is a helpful platform designed for marketing professionals. It provides timely updates on industry trends.

It also delivers regular insights, which are generated from global consumer surveys and interviews across various industries and markets globally.

By using Think With Google, brands can stay ahead of the curve and anticipate future developments in their fields- giving them a real edge over their competitors.

Being able to predict what consumers want before your competitors is certainly a surefire way to increase sales and foster loyalty in your online shop!

Key benefits of Think With Google:

  • Stay up to date with the latest trends
  • Get inspiration for your marketing campaigns
  • Improve your website and digital experience

How to get the most success out of your tools

Define Objectives

Achieving success with market research tools in eCommerce requires sound planning.

To ensure that the data you collect is usable and relevant to your objectives, it’s important to have a clear idea of what data information you want to obtain from the get-go.

It is vital to define your objectives clearly so that you have a clear vision of what information you require and how best it can be utilized. 

Collect Relevant Data

Once you’ve defined your target audiences, it’s time to start gathering the relevant data for your analysis.

There are many different market research tools available for eCommerce businesses, so make sure you choose the tools that suit your intended results.

When selecting which methods are best suited for your business, make sure you also consider:

  • Cost-effectiveness
  • Scalability
  • Accuracy of results

Analyze Results

Once you have collected enough data through these various channels and methods, you’ll need to take the time to analyze the results carefully.

Look out for any patterns or correlations linking your customer’s preferences or behaviors which will inform your decisions regarding your pricing strategies or developments down the line.

Draw up a report outlining key findings alongside actionable recommendations.

Through this, you can show how they can be communicated internally or externally through various forms of marketing campaigns.

When evaluating data through these research tools, your business will have all the informed planning and decision-making coupled with reliable insights provided by the customers themselves!

Exploring Different Options for Market Research

So, as an eCommerce business owner looking to conduct market research in 2024, there are more options available than just tools.

Surveys

Customer satisfaction surveys can provide valuable insights into your customers’ preferences, opinions, and behavioral patterns.

You can choose to embed surveys on your website, email them to customers or post them on social media to reach a wider audience.

It’s important to design surveys carefully- keeping in mind the target audience, the objective of the research, and the questions that need to be asked.

To increase response rates and reduce survey fatigue- consider offering incentives, keeping surveys short, and making the questions clear and easy to answer.

Online Focus Groups

Online focus groups are a great way to gather detailed and insightful feedback from a larger group of people in real time.

This type of research allows you to understand your customers’ perspectives and opinions in a more interactive and engaging way.

When conducting online focus groups, it’s important to select participants who are representative of your target audience, set clear objectives and guidelines, and use a professional moderator to ensure the discussions are productive and on-topic.

Competitive Analysis

Competitive analysis involves researching your competitors to understand their strengths, weaknesses, and strategies.

By analyzing your competitors, you can identify opportunities for differentiation, innovation, and improvement in your own business.

When conducting competitive analysis, it’s important to select competitors that are relevant and comparable to your business, gather data from various sources such as websites, social media, and industry reports, and use a structured framework to analyze the findings.

Wrapping up

Basically, understanding your audience and using the right market research tools can provide significant benefits to eCommerce businesses in 2024 and beyond.

Market research helps businesses gain a better understanding of their customer base, competitors, and the overall industry.

By leveraging the data collected from various resources like Doofinder, Google Trends, Facebook Insights or Think With Google- companies can make informed decisions about their strategies and improve targeted advertising campaigns. 

So while technology continues to evolve at a rapid pace, it is essential for online retailers to stay ahead of emerging trends by utilizing powerful market research tools.

Investing time and resources into collecting relevant data will help eCommerce businesses remain competitive in an increasingly saturated marketplace.

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