It’s amazing how these insights can translate into a meaningful business opportunity. After conducting the competitor analysis, Atlas Hiking Co.
Here’s an example: If I was going into a Billy’s Outdoor Store to research the outdoor apparel market, I would probably ask Billy the following: What is the competition missing? might find that the competition’s hiking shirts offer very few features at a low price point, but no one offers a luxury hiking shirt with additional features at a higher price point.
Then practice it over and over and over again until you feel really confident in explaining it to someone.
Once you write this and are happy with it, use it on your ecommerce store as your company description.
Here are some of the most efficient ways to research a particular market: Industry reports Google is your best friend.
Look for any recent industry reports on your market of choice.
In this article, we’ll dive into the key elements of an ecommerce business plan, which is very different than writing a traditional business plan.
Taking the time to write a business plan might seem like a lot of work but it can save you a lot of time and money in the long-run by better preparing you for potential challenges and opportunities that you’ll face as a first time entrepreneur.
Let’s say that through our research of the outdoor apparel industry, we discovered that there was a huge boom in youth hiking apparel.
Perhaps parents were increasingly concerned of their kids’ exposure to UV rays while hiking so began to spend more money on their kids.