Merchants should frequently survey how their business is doing to assess whether they are thriving or going down the drain. Additionally, analyzing the market is also important to plan your activities and make decisions on the type of products to be included in your store. There is a lot of competition on social media and Shopify store merchants need to be leading the pack.
Whenever a business is conducted, there is a need for the owner to know how their business is progressing. This is important because, without these surveys, you will be at risk of wasting time, money, and other resources. In this post, we will be looking at the ways of analyzing markets and stores to discover opportunities via social media.
Importance of Analyzing Markets and Stores
Making wise business decisions is not a walk in the park but with the right information on markets, it makes it a bit bearable for entrepreneurs. Understanding market trends helps you to know what customers prefer by looking at the most popular products and services. Assessing your store aids in understanding its weaknesses and strengths, and knowing how to maximize on both for profits.
The importance of market and store analysis are:
- It is a great way of knowing the trends and incorporating them into your store
- It promotes understanding of customers and their preferences through the most popular searches on the internet
- Gives you an edge over your rivals since you will know what they are about, also showing you what your competitors are doing to gain a lot of followers on their pages
- It is a way of testing new products and services before launching them to prevent introducing products that no one has an interest in.
- Provides information on economic shifts and the areas to invest or avoid
- It is a way of acquiring the demographics of similar products and assessing how they are doing in various locations.
- Helps you select productsfor your store according to the trend.
Basic Processes of Analyzing Markets and Stores
There are several ways of conducting market and store analysis such as using google trends and other tools, assessing own store performance, and surveying other similar stores. These methods play a huge role in ensuring that the market trends are considered for boosting business since it enables Shopify merchants to make decisions concerning their products and services.
Google is a search engine that is used globally to find information on various issues. Customers also use google to know more about products and how to use them. Google trends show you the magnitude, geographic location of searches, and which products are the most popular ones. By having this information, Shopify merchants will know the best decision to make for their stores to thrive among their competitors.
Social media platforms like Instagram, Youtube, Twitter, Facebook, and so on are also a way of keeping up with trending products. Visit any of these sites and search for the product you are interested in selling and see how popular they are. Hashtags may help show the popularity of certain items. Moreover, look at the most popular influencers to see which products they are endorsing since social media users tend to gravitate towards products that have been promoted by their favorite influencer.
There are websites, magazines, blogs, vlogs that are dedicated specifically to product reviews. Such platforms help a great deal since they test the products themselves and give honest opinions about the products. They also gather information from other users to give their experiences on using a particular item. The product with the most and best reviews is likely to generate more interest from customers. It would be worth investing in as it is anticipated to have a high return.
Analyze Own Store Performance
The performance of your store will give you insight into whether your business decisions are wise or ill-advised. Invest time and money to understand some aspects like your ROI (return on investment), the traffic on your Shopify store, the rate of customer retention, inspecting your inventories, and the average customer transactions. These aspects will help determine whether there is any progress made in your business.
Surveying Similar Ecommerce Stores
Whichever service or product you are selling, it is probably not a first of its kind. There might be other websites and stores that offer the same services. Use this as a guide to understand the state of the market and how the other stores are performing. Analyze their strengths and incorporate the same in your business while scrutinizing your competitors’ weaknesses to avoid them for your store. Also, you can use their weakness to your advantage by formulating ways of filling the gap attracting more traffic to your Shopify store.
Data Spy Tools on Shopify
Spying helps in understanding what your competitors are doing to drive traffic to their websites. You can then use the same tactics or modify them to become better to put you above your rivals. Shopify store merchants use several spy tools to spy on their competitors. Some of the tools are like Hitter, BigSpy, Facebook Ads Library, BuiltWith, and many more. The best spy tool app to use is the Hitter App.
Hitter is a platform that facilitates dropshipping services and aids in product finding for Shopify merchants. It has comprehensive data analysis functions that can be applied in analyzing market trends and analyzing competitors’ stores. It is designed to be used by Shopify store owners since it has high compatibility with the Shopify app. The Hitter app aids in market trend searches to enable Shopify merchants to decide on the products to include in their sales.
Hitter systems vet different suppliers and their product quality by assessing their operations and integrity. After that, they endorse the best suppliers you can work with and facilitate the smooth transfer of products. Some of the popular supplier sources on Hitter are 1688 and Aliexpress. Register a Hitter account now and connect to your Shopify store for the best services available.
In the wake of COVID-19, online business has grown tremendously due to the restrictions set to curb the pandemic. For Shopify store merchants, this is a chance to lay your foundation in the market. The best way to make a mark is by generating buzz on your page. Analyzing the markets and stores could make this possible since you will be knowledgeable enough of what is preferred by your customers to fulfill their desires.
Install the Hitter app now to make your Shopify store management experience even better.