5 Market Research Trends For Your Amazon Business in 2016 and Beyond
The coming two quarters of 2016 are all set to bring exciting changes in the market research industry, especially for sellers on Amazon. Customers are increasingly demanding personalized service, paving the way for revolutionary market research.
1. Big Data Overtakes Big Research
Big data is cheaper, quicker and covers a whole lot more ground than big research and with web based market research tracking tools, the industry just keeps getting better.
Big research only covers specific grounds, with small sample sizes, restricted outlooks and mishandling of complexity. Big data, on the other hand, encompasses everything. There is no sample – every customer that visits your listing is included in the research. Organization and interpretation are easier, and predictions aren’t based on observations or educated guesses but actual data.
2. Experience Loyalty Overtakes Brand Loyalty
According to Google’s AdWords’ Justin Perron, customers are loyal to whichever company gives them the most convenience, as opposed to the one with the strongest brand. If you want a devoted customer base, you need to market how you can make life simpler for your Amazon customers.
Moreover, research is no longer focused on how customers respond to a particular product or item, but how they respond to the entire journey of shopping with you. If you convince them you’re better than other sellers, they won’t go anywhere else.
3. Mobile Research Continues to Rise
Since mobile is now the go-to choice for Amazon customers, it’s the perfect resource for your research. Mobile is the best choice for real-time data collection since you are able to put customer choices and reactions within a specific context. Emotions and emojis can be linked to specific happenings.
Finally, it’s really fast. In the world of Amazon, speed is the greatest competitive edge. Fast service takes you to the top of Amazon’s BSRs and helps customers notice you.
4. Surveys Get a Makeover
Online surveys are being integrated into mainstream social media. However, the participation rate is still relatively low since surveys do not fulfill customer needs.
In the near future, I believe that surveys will become more personalized. People will enjoy taking them or be sure of a reward if they complete one. For example, Amazon offers its customers gift cards for completing their surveys. As a seller, you can offer free items or make the surveys interesting enough for your customers.
5. The Customer is Still King
Nowhere is this truer than on Amazon. Your entire market research must be based on what your customers want. Steve Jobs once famously said that customers don’t always know what they want. As an Amazon seller, this isn’t true for you.
You must build your company based on customer data and historical activity overtime. By compiling data on customer activity, you can easily interpret their habits, predict their demands and build your listing based on the information gathered.