Whether it is a new business or a new product or a new market, it is market research that could reveal whether customers will accept the idea or not. Failing to read the market and the market trends could be a make or break factor for businesses. Even the grandest of the brands are not immune to the market realities. From something as simple as adding a new item into a restaurant’s menu to taking a business offshore, market research is required to understand and assess the viability of such business decisions.
What has drastically changed over the last two decades is the growing importance of the internet and online platforms like search engines and social media in understanding collective customer behaviour and preferences. And thus, of the two main types of market research, secondary research is emerging as the more effective and efficient one for both domestic and international market research. Even the top market research companies are aware of the rising trend in online business market research.
For a retail business market research is crucial. It will help you to understand the consumer’s choice and preferences. Be it online or offline Retail Market Research is essential before starting a business.