How do you research e-commerce for a new product?

1 Define your product and value proposition

Before you start researching, you need to have a clear idea of what your product is and what problem it solves for your customers. Your value proposition is the unique benefit that sets you apart from your competitors and attracts your ideal customers. To define your product and value proposition, you can use tools like the Lean Canvas, the Value Proposition Canvas, or the Product-Market Fit Canvas. These tools help you map out your product features, customer segments, pain points, solutions, channels, and metrics.

3 Research your target market and customer segments

The third step is to understand who are your potential customers and what are their needs, preferences, and behaviors. You can use tools like Google Trends, Google Keyword Planner, or AnswerThePublic to discover what topics, questions, and keywords are popular and relevant to your niche. You can also use tools like Facebook Audience Network, Instagram Insights, or Twitter Analytics to find out who are your followers, what are their demographics, interests, and engagement levels. To get deeper insights, you can also conduct surveys, interviews, or focus groups with your existing or potential customers.

5 Evaluate your pricing and positioning strategy

The fifth step is to determine how much you will charge for your product and how you will position it in the e-commerce market. You can use tools like Google Shopping, PriceSpy, or CamelCamelCamel to compare the prices of similar products offered by your competitors. You can also use tools like Value-Based Pricing Calculator, Pricing Strategy Matrix, or Perceived Value Map to decide on the optimal price that reflects your value proposition and customer willingness to pay. You can also use tools like SWOT Analysis, Porter's Five Forces, or Blue Ocean Strategy to assess your competitive advantage and differentiation.

6 Plan your launch and marketing strategy

The final step is to plan how you will launch and market your product in the e-commerce space. You can use tools like Shopify, WooCommerce, or Squarespace to create your online store and integrate it with payment, shipping, and inventory systems. You can also use tools like Mailchimp, HubSpot, or ConvertKit to build your email list and nurture your leads. You can also use tools like Hootsuite, Buffer, or Sprout Social to manage your social media accounts and create engaging content. You can also use tools like Google Analytics, Facebook Pixel, or Hotjar to track and optimize your performance and conversions.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?