Once you selected the product for your ecommerce website, it is necessary to put your product in microscopic view for the chances of success. Use the evaluation criteria for better understanding of strength and weakness of your product which will avoid the pitfall and increase the chance of success.
The essential criteria for the market success are,
1. Evaluating market demand ?
Market demand is evaluated by keyword research tool in Bing ads/google adwords. Filter out the keywords with high competition. you can also see the keywords with high search volume and less competitive. Validating an product or idea is important which will helps you to get a sense of potential market or lack of market, for your product idea before spending a lot of time and money on it.
2. Is it trending, fad, stable or growing market?
Understanding where your product can play a huge role in success or failure. Trend is the lucrative market. Trend lead long term growing market which can be difficult to predict. Fad is that grows in popularity for short period of time and dies out as quickly. Stable market is neither declining nor growing but maintains itself for long period of time. Growing market shows the sign of consistent growth and permanent market shift.
3. Identifying the target Customers :
It is great to be aware of type of your customer you would likely be selling to and their online purchasing. You will need to tailor your online store to accommodate the target customers.
4. Is your product scalable?
If you are still in the launching phase, it is obvious to think about the future and growth of the business. But, the scalability is important to build the business model right from the start.
5. Does a product resolve the problem?
It is always an advantage to sell the product that serve the passion, relieve the pain or solve the problem. If the product that satisfy the requirement of the customer which the customers are seeking out the solution to the problem is an additional benefit to sell the product.
The essential criteria for the market success are,
1. Evaluating market demand ?
Market demand is evaluated by keyword research tool in Bing ads/google adwords. Filter out the keywords with high competition. you can also see the keywords with high search volume and less competitive. Validating an product or idea is important which will helps you to get a sense of potential market or lack of market, for your product idea before spending a lot of time and money on it.
2. Is it trending, fad, stable or growing market?
Understanding where your product can play a huge role in success or failure. Trend is the lucrative market. Trend lead long term growing market which can be difficult to predict. Fad is that grows in popularity for short period of time and dies out as quickly. Stable market is neither declining nor growing but maintains itself for long period of time. Growing market shows the sign of consistent growth and permanent market shift.
3. Identifying the target Customers :
It is great to be aware of type of your customer you would likely be selling to and their online purchasing. You will need to tailor your online store to accommodate the target customers.
4. Is your product scalable?
If you are still in the launching phase, it is obvious to think about the future and growth of the business. But, the scalability is important to build the business model right from the start.
5. Does a product resolve the problem?
It is always an advantage to sell the product that serve the passion, relieve the pain or solve the problem. If the product that satisfy the requirement of the customer which the customers are seeking out the solution to the problem is an additional benefit to sell the product.
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