ecommerce market

Starting your own ecommerce business can be challenging in an oversaturated market. With hundreds of options to choose from, it may be difficult to convince customers to invest in your specific product or service.

As you develop your brand, look for gaps in the ecommerce market that need to be filled. By identifying the absence of a product or service, your company can provide a unique solution that will stand apart from the competition.

Here’s our guide on how to find gaps in the ecommerce market.

What is a Gap?

A gap in the market refers to a lack, or absence, of a specific product within an industry. By identifying the gaps in the market, you gain a leg-up over the competition by offering customers a unique product.

As you search for opportunities, remember that gaps in the ecommerce market don’t always mean that there are no similar products available. Often, addressing a gap in the market looks more like making an improvement or creating a different spin on an existing product.

Look at Customer Reviews

Customer reviews are an extremely helpful resource when it comes to finding gaps in the ecommerce market. Start by viewing the one and two-star reviews of your competitors’ products. Negative reviews highlight customers’ unfulfilled expectations and will help you ascertain which elements of a product aren’t working or are missing.

As you do more research, poor reviews might reveal common trends in a product’s shortcomings. See if these reviews illuminate an obvious way to improve a product. Then you can use this information to develop a product that offers better results and edge out the competition.

Focus on Your Unique Expertise

Lean into your own wealth of knowledge and embrace your unique passions. Chances are, the more enthusiasm you have for a particular activity or hobby, the easier it will be to find missing elements in the retail market.

  • Start by brainstorming about your hobbies—what makes you most excited? What gives you the most energy?

  • Conduct market research into these hobbies. Are there tools, products, or services that are missing or lacking certain features?

  • Work on product development to address gaps in the market and offer a unique product to likeminded customers.

Listen to Feedback

If you already have a functioning ecommerce business but are hoping to target gaps in the market, pay attention to customer reviews and feedback on your products. Consumers who have been using your products or services probably have suggestions about how your products can improve, or be modified. Keep an open mind and try to embrace constructive criticism.

To gain more specific insights into certain products or services try sending out customer surveys. Offer customers an incentive to complete the survey to elicit increased participation. Use the results to form a picture of overall customer satisfaction and identify areas that need to be updated or improved.

Look at Global Markets

By looking at global markets, you can tailor your brand to offer a new product that isn’t otherwise available in your area.

Use Global Markets as Inspiration

Start by looking at similar industries in other countries. Do they have certain products that your location lacks? Do they offer unique customer service experiences or deals that make them more successful? What are their marketing campaigns like? See if any of this information helps you identify a gap in your local marketplace.

Outsource to Global Markets

Another strategy is to look for gaps in global markets that are already fulfilled in your area. Instead of using global trends as inspiration for local ecommerce markets, identify gaps in global markets and offer your product as a solution. Since ecommerce is such a flexible industry, it’s easy to target your marketing to another country. 

Simplify your Ecommerce Experience with Digitbridge

Make your ecommerce business run smoothly by adopting a cloud-based operational management program. Digitbridge is an all-in-one ecommerce platform designed to streamline all your operational needs. With Digitbridge you have the ability to sell, fulfill, and buy through one easy-to-use platform. Plus, you can access your cloud-based ERP from anywhere at any time.

Contact us today to get started, and experience how Digitbridge will transform your business operations.

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