How to product research for Shopify
Introduction
If you’re a new entrepreneur, or just starting out in e-commerce, the first step towards launching your first product is product research. Product research is all about asking yourself some key questions: Who is my target customer? What do they want from me? How can I provide that to them at a profit?
Determine your niche
While you might think your niche is obvious, it’s important to define it more specifically. Your niche is a small market segment—a smaller version of a market segment. It’s also what defines your target audience and the type of product they need. While researching niches, keep in mind that some niches are more profitable than others:
- A small group of people with specific needs that have untapped potential (i.e., “people who want to learn how to cook gourmet food but don’t know where to start”)
- An underserved market or unfulfilled need (i.e., “people who want healthy snacks no matter where they go”)
- A group whose needs aren’t yet being met by other products or services on the market today (i.e., “people who like coffee but also prefer tea occasionally”)
How to determine if there’s actually a market for your product idea
It’s important to understand that this is a business, and there are risks involved. You need to determine if there’s actually a market for your product idea before committing too much time or money into developing it.
The first step in determining if there’s a market for your product is looking at the size of that market. This can be done by researching existing products on the market, as well as similar websites and apps, to get an idea of how many people are already interested in buying similar products.
Another way to determine if there’s a potential for success with your product idea is by examining how much competition there will be once you enter into that industry. If there are already many businesses selling similar items/services (or if you’re launching something completely new), then it might be more difficult for you to compete with them throughout this process—and even harder once your business is up and running!
Finally, look at whether or not demand has been increasing over time: If so, then this indicates strong growth potential within the industry which could mean good things down the line!
Look at the competition
There is a lot of information available online about every product, and you should use it to your advantage. Start by looking at the online presence of your competitors. Look at their social media pages, websites, blogs and other places they might have posted information about their business or products. You should also check out their pricing strategy if you are selling a similar product. You can use this information to compare yourself to them in order to see what separates your company from them. Is there anything that they are doing better than you? Is there something that they could be doing better than you?
If possible, talk with someone who has purchased one of their products before so that they can tell you what they liked or didn’t like about it.
It’s okay to have competition
It’s okay to have competition. In fact, having competition can be a good thing as it helps you better understand your customers and the market.
Competition can help you:
- Understand what your customers want and need.
- See where the market is heading.
- Understand how products are performing in different categories.
Take into account your competition’s online presence
Before you start creating a product, you should research your competition’s online presence. Start by checking out their social media accounts and websites to see what they are doing. This will give you an idea of how they market themselves to customers on social media and where their strengths lie when it comes to digital marketing.
Once you have gathered this information about your competitors, ask yourself these questions:
- How does their social media presence compare with mine?
- Do they have an eCommerce website? If so, what does it look like?
- Do they have a blog or newsletter? What are their topics like?
The best tools to use in your product research
The best tools for product research are:
- Google Trends
This tool enables you to track trends in search popularity. It shows how a specific term or keyword has trended over time and provides related information from other countries. It also shows if there is an increase in searches for a particular term, which means that people are more interested in it than before. This information can be useful when thinking about your target market and what kind of products they might be looking for on the internet at any given time.
- Google Keyword Planner
The Keyword Planner helps you figure out which keywords people are searching for online so you can create content that’s relevant to them and drive qualified traffic to your site using those terms as anchor text links (links used within another website). You should use this tool together with other tools like Moz’s Keyword Tool because their data may not always match up perfectly due to differences between their algorithms; however, they both provide valuable insights into how certain keywords relate together based on search volume data from users across different regions around the world!
The craziest thing you can do when researching a product idea
The craziest thing you can do when researching a product idea is to think about how you would use it.
Think about who would use it and what they’re looking for in that type of product.
You can usually get away with not thinking about the competition, but if you want to figure out whether or not there’s a market for your Shopify product idea, then you need to know what else is out there.
Product research is all about putting yourself in your potential customer’s shoes and figuring out what they want, what they need, and how you can provide it to them at a profit.
The first step to creating a successful Shopify store is doing your research. In this article, we’ll discuss what product research is, why it’s necessary, and how you can use it to build a profitable Shopify store.
What is product research?
Product research involves finding out everything about your target audience: the demographics of their age group, where they live and work, what types of products they buy regularly (and why), etc. You should also spend time thinking about how you can cater to these people by offering them something no one else does—or at least something better than what everyone else has already created. This will help you find ways to stand out from the crowd while also providing value for your customers’ money!
Conclusion
Product research is all about putting yourself in your potential customer’s shoes and figuring out what they want, what they need, and how you can provide it to them at a profit. It doesn’t matter if you have a Shopify store or not—the principles are the same. The best way to do this is by doing some research on your own first; understanding what makes someone buy something from another person rather than from a big box retailer like Walmart.
