Use Product Sourcing Marketplace Research to Gain an Edge on the Competition
The eCommerce industry is booming, and there’s never been a better time to set up your own online store. However, with so much competition, it can be a challenge to stand out in today’s competitive market, but product sourcing marketplace research can help.
With the right services and software on your side, it’s much easier to learn more about the market you’re operating in and get ahead of your rivals.
In this guide, we’ll cover all you need to know to find and use the best product sourcing marketplace research.
How We Ranked the Best Product Sourcing Marketplace Research Software
There are many options out there when you’re looking for product sourcing marketplace research. In order to rank the very best firms and specialists, we first focused on finding the top-rated options and reading through expert and customer feedback for each one.
Our expert team then looked at more details for each product or service, finding out about pros and cons, as well as key features. We then used all of the collated information to assemble our ranking list.
What Is Product Sourcing Marketplace Research?
In a world where consumers have more choices than ever before, knowing as much about the market as possible is key if you want to be a successful seller, and that’s where market research comes in.
In general, market or marketplace research is the process of studying and finding out valuable information about the market you’re operating in and the type of customers you’re trying to target with your products.
The ultimate aim of product sourcing marketplace research is to help businesses make smarter decisions when it comes to sourcing future products, choosing which items to sell, and finding the best ways to build up a brand and communicate with customers correctly.
Marketplace research can give you lots of actionable data and useful information about the market and industry you’re working in, and eCommerce sellers can use market research firms and tools to find out about markets across all major platforms, from Amazon and Walmart to eBay and Etsy.
How Does Product Sourcing Marketplace Research Work
Product sourcing marketplace research is very similar to other forms of market research, involving many of the same processes. So, if you’re already familiar with market research, you shouldn’t have any problem getting to grips with product sourcing marketplace research.
However, for those who are completely new to this process, it generally involves using software or hiring specialists to help you research, study, and analyze the market and industry trends. They will also help gather data and information you can use to drive business growth and development.
You will also learn how to contact potential suppliers, manage inventory, and request samples in order to check who’s a reliable supplier and if they sell quality products for a reasonable price.
The process itself may involve automated data collection, the use of AI technology, keyword analysis, trend analysis, customer surveys, data visualization, and more.
Types of Product Sourcing Marketplace Research
There are different ways in which product sourcing marketplace research can be used, and various areas that this research can focus on. The table below shows some of these main focus points, with brief explanations of what they involve.
|Keywords||Keyword research is a big part of product sourcing marketplace research and involves finding out what kinds of keywords work best when selling certain products. You can do keyword research on websites like Google Trends.|
|Customers||As the name suggests, customer or audience research focuses purely on the people you want to buy your products, looking at the things they search for and how they act. For example, if you’re looking to sell products to mothers, you will be looking for product ideas based on this audience’s search history.|
|Products||Product research is another type of marketplace research that focuses specifically on products, looking at price changes, trends, and consumer demand.|
|Niches||There’s also niche research, which can be a useful form of product sourcing marketplace research when you want to expand your product range and start selling niche products.|
How Product Sourcing Marketplace Research Can Help You
Without product sourcing marketplace research, it can be immensely difficult for any eCommerce company to succeed, because in this industry, knowledge is power, and the more you know, the better-prepared you’ll be to succeed.
Potential suppliers conduct market research to gain insight and information about products, customers, and trends that they can use to take their online business in the right direction.
Not only that, but it can also help overcome a range of different problems and challenges. Below, we’ll cover some of the challenges that you might face and explain how market research tools can assist you.
Lack of Information
One of the main purposes of product sourcing marketplace research is to get information. Research can give you the data and details you need to know about what your customers want and which products work well in your chosen area.
Low Customer Engagement
If you find that customers aren’t engaging with your brand, there could be a problem with the way you present yourself or the products you choose to sell. Product sourcing marketplace research can identify these problems and help you solve them.
Poor Sales Figures
Low sales numbers can be a death sentence for an eCommerce company, but successful product sourcing marketplace research can help you turn things around and make changes to start boosting your sales figures.
High Levels of Competition
Platforms like Amazon, Etsy, and eBay are highly competitive, and you have to use tools and technology to get an edge over your rivals. Product sourcing marketplace research will help you keep up with the competition.
If your business isn’t growing or expanding at the rate you hoped for, product sourcing marketplace research might be what you need to learn more and make necessary changes or explore new strategies.
|Problem||How Product Sourcing Marketplace Research Helps|
|No Market Information||Provides detailed data about the market|
|Weak Engagement||Teaches you about your target audience|
|Lack of Sales||Gives you actionable data to drive more sales|
|Tough Competition||Helps you keep up with your rivals|
|No Growth||Fuels growth through data-backed decisions|
Product Sourcing Marketplace Research Meaning
The term primarily refers to any kind of market research that is carried out specifically in relation to product sourcing and selection. It’s aimed at helping businesses choose and manage their product range in the best ways.
Main Features of Product Sourcing Marketplace Research
So, by this point, you may be wondering about what exactly product sourcing marketplace research tools and technology can do. The truth is that the functions and features of each app or service may vary.
Some specialists, for example, might be willing to help you with analytics and the use of AI technology to automate data collection and evaluate large amounts of data to help you identify trends and changes in online marketplaces.
Other product sourcing marketplace research might be more focused on things like engagement, product quality, keyword identification, or price changes, giving you different pieces of information that you can use to change and enhance the way your business works.
The table below shows some of the key features you can expect to find in product sourcing marketplace research tools.
|Product Research||A huge part of product sourcing marketplace research involves researching individual products and finding out how well they sell to help you choose the right items.|
|Data Collection||A lot of product sourcing marketplace research tools also specialize in data collection, collating large amounts of info about products, customers, trends, etc.|
|Keyword Analysis||Keyword analysis is another major component of many product sourcing marketplace research apps. It involves finding the best keywords to boost sales.|
|Competition Analysis||Some product sourcing marketplace research firms will also carry out competitor analysis, finding out about what your rivals are doing and what you can learn from them.|
|Audience Analysis||It’s also possible to use marketplace research tools to learn much more about your target customers, finding out what they want, what terms they’re searching for, and so on.|
|Trend Analysis||Some product sourcing marketplace research also focus on researching trends and changes in the market that you can leverage to build up your brand.|
Benefits of Using Product Sourcing Marketplace Research
|Gaining actionable data||You have to pay for research tools|
|Picking the best products||Decision-making is still up to you|
|Uncover new opportunities|
|Gain more customers|
|Boost sales figures|
Succeeding in the eCommerce industry isn’t always easy, but having the right tools can make it simpler and give you a better chance of success. Here are just some of the ways in which marketplace research firms can help you.
The main purpose of any kind of research is to gain information. All of the various research processes are designed to give you data and info that you can use.
When it comes to eCommerce, data is so important. It allows you to make smarter decisions around which products to choose, which keywords to use, what trends to follow, and how to grow your business in the right ways.
Choosing the Right Items
One of the main benefits of product sourcing marketplace research is how it can help you identify and source the very best products for your online store on any major marketplace, from Amazon to Etsy.
It’s not always easy to know which products will sell well, but if you carry out adequate research before you begin, you can choose the right items to add to your store and impress your customers, which should lead to various other benefits like higher sales and more revenue.
Finding Opportunities to Exploit
The world of eCommerce is all about opportunities. It’s about finding the right product to sell, the right time to launch a sales event, the right way to target your customers and encourage them to make a purchase from your store.
However, finding those opportunities and key moments on your own isn’t easy. That’s why you need real data to drive your decisions, and product sourcing marketplace research can give you the data you need to spot opportunities and grab them.
Ultimately, the success of any eCommerce business or online store will depend on how many customers you have and how many people are willing to buy products from you instead of choosing one of your competitors.
Product sourcing marketplace research apps and services can be really useful when it comes to gaining new customers. They can show you what keywords to use and which products to pick to draw more people to your brand.
Making More Sales
Of course, the primary aim of any eCommerce business is to make sales. Sales are what provide your company with revenue and profit, and if you don’t make sufficient sales, your business simply will not succeed.
Marketplace research can be really important when it comes to driving sales. It gives you the information you need to make the best decisions for the future of your business, building up your brand, attracting more attention from customers, and ultimately increasing profits.
Who Should Use Product Sourcing Marketplace Research
Product sourcing marketplace research clearly has a lot of benefits to offer, but which kinds of businesses are best-placed to enjoy those benefits and get the most value out of these kinds of services? Below, we’ll look at some of the main types of businesses that should invest in marketplace research:
If you’re just starting out with a brand new business in the eCommerce space, you need to take the right steps to get your business off to a good start. Product sourcing marketplace research can help with that, giving you actionable info to avoid early mistakes and pitfalls.
Running a small eCommerce business may be a challenge due to a limited budget and lack of resources, and it’s vital that you don’t waste your efforts on things that won’t help to grow your brand. Product sourcing marketplace research can help you make the right choices.
Businesses on Competitive Platforms
If you’re setting up an online store on one of the major eCommerce platforms like Amazon, eBay, or Etsy, you’re going to have to deal with huge amounts of competition. Knowledge and data could give you an edge over your rivals, and marketplace research will give you that data.
Even if you already have a successful and well-established online store on a major marketplace or platform, you have to keep up-to-date with changes in the market to avoid falling behind or losing ground to your rivals. So, even big brands can benefit from product sourcing marketplace research services.
What Does Product Sourcing Marketplace Research Cost?
Next, let’s talk about cost. The pricing for tools and services can vary quite a lot, as the examples below show:
- You can pay anywhere from $50 to $100 a month for basic, entry-level research tools.
- Higher-level research services may cost in excess of $100 per month.
- Top-level research tools and services can cost in excess of $250 per month.
- One-off research projects for your brand may cost several hundred or even several thousand dollars, depending on the level of work required.
As you can see, the price will depend on various factors, such as the size of your business and the amount of research needed.
Trends in Product Sourcing Marketplace Research
If you want to enjoy continued success in the world of eCommerce, it’s a good idea to keep yourself informed about the many trends and changes that occur each year in this industry. Here are some changes that may impact your decision about whether or not to invest in product sourcing marketplace research services:
- Online Sales Increasing – Studies suggest that the global eCommerce industry will continue to grow in the years ahead, with annual eCommerce and retail sales figures approaching $7.9 trillion in 2026. With so many customers shopping online, it’s a great time to get into eCommerce, but competition levels will also be very high.
- The Gen Z Market – As times change, new generations of buyers become more influential, and Gen Z shoppers are set to become a serious buying force in the years ahead. It’s important, therefore, for eCommerce businesses to find ways to target these younger buyers and turn them into loyal customers.
- Mobile Commerce on the Rise – Not only are more people shopping online than ever before, but many are making use of mobile devices, like smartphones. The mobile commerce market is growing all the time, and eCommerce businesses need to be ready to adapt their offerings to suit users on these kinds of devices.
Sustainable Products – Consumer surveys show that modern buyers are increasingly focusing on purchasing products that are made in sustainable ways. This is really important for eCommerce brands when it comes to product sourcing, as you may want to focus on more eco-friendly items in order to impress your audience.
What Is the Best Product Sourcing Marketplace Research?
There are plenty of tools and specialists out there, but which one is the best overall? Well, the ‘best’ option for one business might be different to the best option for another business, and that’s why we encourage you to try multiple tools to find out what works best for you.
How to Choose the Right Product Sourcing Marketplace Research Tools
As this guide has shown, the right tools and services can make a world of difference to the average eCommerce company, fueling growth, boosting customer engagement, and raising sales numbers.
But how do you know which tools to choose? Well, our list can help with that, providing you with some expert recommendations of the top-rated product sourcing marketplace research firms and specialists to contact today.
First of all, we recommend looking at your current business plan and thinking about which areas you need help with. Do you want to find out more about your audience, for example? Or are you looking to gather lots of actionable data as quickly as possible about products and trends?
Once you know what your objectives are, it should become much easier for you what tools to use. And, once again, we encourage you to try at least a couple of different options and compare results to see what works best for you.
Understanding the product sourcing process is an important part of running a successful business, and it’s something that no eCommerce entrepreneur should overlook, as it can help with everything from choosing products to add to your store to finding ways to connect with your customers.
Fortunately, there are lots of specialists and services out there to help with this, ready to provide you with reams of valuable data, and we hope that this guide has helped you learn more about how to choose the best marketplace research firms.