Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. Much of the business that occurs today, does so online via ecommerce. As such if you’re a business owner, or considering starting a business, it’s important to keep your eyes on the trends taking place. The following contributed post is thus entitled, Ecommerce Trends Dominating the Consumer Market.
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When you come up with a business concept, you want something that is timeless. Products, services, and other business concepts that revolve around the fad or trend of the moment tend to go bust pretty quickly – consumers change their minds and move on to the next thing. Sure, this could be beneficial if you’re looking for a quick money spinner. But if you’re looking for your business to make it in the long run, you’re going to have to come up with a more long lasting and classic concept to move forward with. Trends that you shouldn’t ignore, however, include trends with consumer spending. You should notice how, when, and why your consumers are spending money and capitalise on this! Here’s how!
Watch the Market
The first step that you need to take is to gather consumers’ data whenever you can – just make sure to get their permission first. Look at how they are reaching your website – are they going direct, are they arriving through PPC links, are they being redirected through social media feeds? Notice when they are buying products – do people tend to wait until payday or are they spending earlier in the month? How they are paying for them? Are they using card or merchant services like Paypal? You can learn so much through simply watching.
Make the Most of Market Research
Whether you conduct market research of your own accord, or make the use of market research that others have carried out, you need to be making use of information taken directly from consumers who have been interviewed, surveyed, or questioned in another fashion. Take a look at some of the information gathered by Trade Vitality below to get off to a perfect start!
Infographic Design By Trade Vitality
