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    Enter Retail - Setup Ecommerce Business

    Services Offered by YRC for Ecommerce

    Starting a retail business is never easy, especially in a competitive e-commerce world. If you’re wondering how to start an online store, YRC/Your Retail Coach is the startup consultant you need. With a multitude of services, this versatile solutions provider works to ensure your business thrives online. According to a Statista report, international retail e-commerce sales are expected to reach USD 4.8 trillion by 2021. To capitalize on this tremendous potential for profits, strategy development is essential. YRC specialists understand that online shopping is all about intuitive sites that take the guesswork out of retail for customers.

    That is why YRC’s strategy for e-commerce businesses focuses on every product detail, which enables informed decisions. Advanced technologies such as AI are rapidly growing. From smart stores to product suggestions, machine learning is also taking over e-commerce. As such, business decision-making has become data-driven, and there is a demand for strategies that are based on measurable metrics.

    This is where YRC strategists can help you in investigating and gathering data in real time and tracking how potential customers interact with the brand. This facilitates efficiency and competence. YRC ecommerce consultants work on meeting and addressing the demands and needs of customers quickly and efficiently. As the e-commerce landscape evolves, new technologies will make it more seamless. As a thriving e-commerce business, you need to use strategy development to find the trends and technologies that best suit your needs. YRC can help you there. Transforming business strategy execution plan on the basis of sound support from YRC specialists helps your e-commerce business to grow.


    Stages of E-Commerce Business where YRC can Help

    1. Business Plan Evaluation

    (Analyse Ecommerce Business Plan and Project Feasibility Study)

    If you’re thinking “I have a business plan. How do I proceed?”, an e-commerce consultant such as YRC is the way out. From shopping to the transaction, the entire retail experience has become client-centered, thanks to the e-commerce revolution. Innovative e-commerce business models have redefined retail. YRC specialists understand that you need to know your business models and define your cash flow, in order to grow and innovate. One of the key questions e-commerce startups need to answer is “How much capital will I need?”. Common business models include B2C, B2B, D2C and many others. But ultimately, an e-commerce company sells to the end user. E-commerce business models have to be customized to suit business plans, because the decision-making process for purchases depends on this. Sales cycles, customer retention, average order value, recurring orders – these are all crucial elements influenced by the business model your company deploys.

    The business model should also offer a competitive edge in pricing for goods and services. E-commerce brands must benefit from self-propelled growth. Key challenges to this are quality control and technology maintenance. E-commerce industry disruptors offer deep discounts and products at wholesale prices to offset the competitive advantage established brick-and-mortar retailers focus on.

    To meet the needs of price-sensitive, budget-conscious consumers, rely on YRC ecommerce consultants to select the perfect business model for your e-commerce firm or site. They base this on detailed analysis of your customer segments, their expectations while purchasing the type of product one plans to sell and their customer profiles. YRC helps you to build around your existing strengths and being realistic about objectives and growth goals set. Based on product and customer preferences, choosing the right business model is complicated. YRC ecommerce professionals make it easy. You may understand why your product is the best, but do the consumers? Your business model, from your back-end process to marketing and website shopping experience should offer unique value. Planning matters. But innovation requires strategy, too. Pick the perfect business model, by opting for e-commerce startup consultants at YRC.

    2. Webstore & AI Strategy

    (Develop Wireframe strategy with Ecommerce Artificial Intelligence capabilities)

    E-commerce businesses are centered on a web store. For an online business, a website is a digital store front, an interactive marketing brochure, and a 24/7 marketing tool. Ecommerce website development has numerous crucial processes like designing and automating checkout, delivery, payments, ecommerce personalization and other operational processes. An e-commerce site that is well-designed offers search engine visibility. That is why YRC ecommerce specialists and Artificial Intelligence (AI) teams help businesses to develop website wireframe strategies. With the right integration, features and functionalities, the web store offers seamless experience and convenience for customers. From the perspective of an end user, it works out conveniently to purchase services and goods over the internet. The process is rapid and the end user saves time, money and effort. But e-commerce retail thrives only if your site is navigable and intuitive. With the help of YRC consultants, any new business can create and run a successful e-commerce website.

    E-commerce sites with optimal investments and unique features by integrating Artificial Intelligence in ecommerce are the focus of YRC’s wireframe strategy for online startups. Having an e-commerce site is a useful tool to control product pricing, end-to-end user experience and the business image. The internet is constantly evolving. A responsive, agile, and future-proof website with backup, load balancing, updates for operational systems and more is critical to maintain the profit margins of your online business. Users make the decision to leave or stay, during first 10 seconds of a website visit. To capture your customer’s attention from first glance to final click, you need a user-friendly customer centric site.

    YRC defines the ecommerce customer journey map which makes it easy for the customer to walk into your e-store, navigate with ease to find and make purchases and get product recommendations based on previous behavior with AI capabilities. Fluid shopping experiences and web store convenience add to the accessibility of e-commerce offerings for your customer. Your website’s features and functionalities also communicate and differentiate your brand identity from competitors. Reach a broader audience and meet a set of challenges for managing customer demands like easy login, customized catalog views, extensive payment options, pricing structures and order templates for easy reordering.

    This is a mobile-first economy and responsive, smartphone-friendly mobile ecommerce sites are in demand. For a wireframe strategy you can rely on, YRC is the perfect option. Go further with on-the-go convenience through mobile-friendly websites. For a country specific e-commerce experience, site localization is a must. Customers should be served well through an effective, agile, and feature-packed site. YRC can help you there, with comprehensive wireframe & AI strategies for the best web store.

    Ecommerce website development process starts after wire frame & ecommerce ux strategy along with webstore contents are in-place. YRC consultants shall help to underline the scope and draft Service Level Agreements for developers, to ensure transparency in scope-of-work before webstore development starts.

    3. Operations Manual

    (Define Standard Operating Procedures for Ecommerce)

    SOPs can help in managing and monitoring operational routines and repetitive activities. They describe both administrative and technical operational elements for an e-commerce business. SOPs are framed effectively, with YRC consultants on the job. Your Retail Coach provides end-to-end SOP development, from the everyday operations to reporting structures and job duties. SOPs ensure consistency and are a foundation for improvement.

    Every e-commerce business must have systems, procedures and processes in place. Being system dependent rather than person dependent reliably produces better results. The more the focus is on improving ecommerce business process flow, the more effective the results will be. Standard operating procedures encompassing checklists and documentation from YRC streamline processes and improve systems across all functions i.e. ecommerce order management process flow, ecommerce inventory management process, help desk management system, ecommerce warehouse process, ecommerce delivery process, ecommerce backend process, etc. Fewer errors, more value for effort, and quicker mistake rectification set SOP-driven operations apart from other e-commerce systems.

    An essence of SOP in an e-commerce business is to build a system of operation and transparency within the organization. SOPs from YRC help in increasing levels of efficiency in each department and cutting down on the scope for repetition and confusion. For starting your own e-commerce business, you need to have departmental SOPs and bridge the link to the organizational SOP. An e-commerce business is a system driven one and for enhancing productivity, SOPs are essential. SOPs are the lifeline for successful e-commerce operations.

    Every business process is executed in the same way, regardless of the person doing the work. In the absence of SOPs, you end up leaving operations to chance, not order. Collaboration within teams is also facilitated by SOPs, whereby each team member assigns tasks, uploads files and sets timelines for work carried out.

    Everyone remains in the loop and brilliant processes ensure you race ahead of competitors managing broken processes.

    When delegation is not monitored, there will be errors. With an Ecommerce Standard Operating Procedure in place, you can easily assess performance at a glance. Search, sort and filter out different fields, see work that is coming up, and plan ahead with ease. YRC’s got you covered, when it comes to creating effective SOPs. YRC ecommerce process experts create SOP templates that meet your every requirement.

    4. Digital Marketing Plan

    (Define ecommerce digital marketing strategy & budgeting)

    In a world driven by digital native consumers, your ecommerce marketing strategy must be online. Internet-marketing comprises many diverse strategies and techniques. Marketing strategies are designed to meet e-commerce goals and increase conversion rate. Different goals are suited to different channels. ROI on marketing spend means you need an ecommerce SEO centric strategy. Quick sales in the coming quarter implies better results from PPC or pay per click advertising.

    If your goal is to increase customer retention or brand awareness, YRC ecommerce marketing consultants can consider the benefits across different marketing channels and suggest which one meets your objectives best. According to BRAD research in 2015, covering six thousand brands, a majority of marketing budgets are anywhere from 2 to 15 percent of the revenue. Larger companies spend anywhere from 7 to 66 percent of annual turnover on marketing, according to Smart Insights.

    Deciding on the marketing budget is as much about understanding the e-commerce industry, as it is about gauging your customers. Most important, relevant benchmarks are one’s own. Shifting between channels should be tested and carefully monitored. YRC experts help you to strategize, plan, analyze, test, and refine.

    5. Go Live

    (Pre-Launch Preparation & Validation)

    Getting a pre-launch checklist ready is not easy. But the team at YRC makes it simple. From preparing pre-launch targets to effectively meeting this, YRC Project Management capabilities helps your e-commerce business to go live. To have a ready referral of the checklist for going live, trust YRC to get achieve all your launch goals in record time.

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    1. Business Model & Cash Flows validation

    Business model and cash flows validation are some of the strongest and surest indicators of an e-commerce business’s failure or success. With new and innovative ecommerce revenue models being tested, e-commerce companies especially e-commerce funded startups are in constant pressure to raise and manage funds, besides monitoring the cash flow position, it becomes critical to hire a reputed e-commerce financial expert. If you’re thinking “I want to expand my business”, it’s time to start looking for a startup consultancy that can realize your vision and mission. Your search ends with YRC. Identifying drains on cash flow of existing businesses is one area of excellence. YRC ecommerce specialists detect negative cash flow areas like warehousing, logistics, manpower cost, technology, working capital, brand building, product development, etc and suggest corrective actions.

    Predictive Cash Flow Analysis is the key to the success of an e-commerce site. Budgeting revenue projections, cost and cash flow estimates is not just relying on past trends. Recalibrating the estimate cash burn on a regular basis, YRC experts focus on key elements of cost that need to be tracked, monitored and controlled. Staying financially healthy is about improving operating efficiencies and focusing on being cash positive. Leveraging the latest analytics and technologies, YRC specialists identify the direction your cash flow management and business model should take and give the answer to “is my ecommerce business profitable?”

    2. Ecommerce UX Design & AI Recommendations

    Is your e-store able to engage visitors, offer personalization and turn them into customers? how effective your site’s & mobile features and functionalities are? If you’re looking for an answer to these questions then, YRC’s team of ecommerce website design and development shall recommend refinement on your web store based on Customer Experience Analysis and Artificial Intelligence integration capabilities. If you want to boost sales volumes and attain marketing targets, modifying your e-commerce website to suit customer needs is critical.

    3. Ecommerce Business Processes

    (Review & upgrade)

    Startup entrepreneurs should consider the impact of effective ecommerce order fulfilment and operations on business success. Reviewing and upgrading management system, and eliminating tedious workflows can be made easy with process experts. YRC ecommerce consultants understand that a well-organized system can prevent costly mistakes. Mistakes in ecommerce operations begin with ineffective inventory management or after sales issues.

    Eliminate undue stress, lost profits, low revenue and customer dissatisfaction. Work with YRC to develop the perfect standard operating procedures that will stand your business in good stead. Without a systematic and well framed end-to-end SOP, it is difficult to attain quality standards, train employees when procedures are unwritten, or even process orders. Rather than struggling to identify accountability or the cause of errors, focus on upgrading your ecommerce systems to maximize profits, multiply ROI, and boost growth.

    YRC focuses on the workflow and objectives while modifying existing processes. This creates value across the organization, because the workflow becomes easier to execute.

    4. Ecommerce Analytics

    With the growth of social media apps, messaging systems and online presence, no e-commerce store can afford to ignore business analytics. Ecommerce may be a game-changer in modern times, but applying data analytics in e-commerce is critical to make high-impact business decisions. At YRC, large datasets are analyzed using technologies to provide meaningful insights for your running e-commerce business and help in decision making. Business analytics is all about examining, uncovering and analyzing hidden patterns of data. Uncover crucial market intelligence such as market trends and customer preferences, through specialists at YRC.

    Leverage more effective marketing campaigns and discover opportunities for generating more revenue. Improve customer service delivery. Increase the efficiency of operations. YRC implements high-performance data mining and predictive analytics to understand how your e-commerce business can make the best decisions. Narrowing down data to information relevant to help your e-commerce business achieve growth is the key unlocked here.

    Whether it is enhanced shopping pattern analysis, effective customer service, predicting future operational strategies, or improving conversion rates, analyzing KPIs (Key Performance Indicators) with help of various ecommerce analytics tools serves to uncover important patterns and themes that shed light on how your e-commerce business can thrive. Evidence-based data and sound, in-depth analytics ensure YRC is a game-changer for your business. Business analytics is critical for attaining a competitive edge, and gaining success. Data-driven decision making remains at the heart of an effective and successful e-commerce business.

    5. Ecommerce Automation

    While the e-commerce model allows businesses of any size to tap into a growing market, competition is growing everyday and achieving competitive edge is becoming difficult. The key to generating customer loyalty and beating the competition is providing a seamless buying experience by optimizing micro-management systems and processes. Business process management is a tool to optimize ecommerce business processes, and with YRC’s assistance e-commerce automation becomes easy.

    E-commerce market leader have process automation across critical workflows which differentiates them from others, such as ecommerce marketing automation, chatbots for customer support, etc. YRC’s automation solutions integrated with the e-commerce platform helps to streamline ecommerce systems and processes.

    BPM plays a very vital role to enhance customer experience, which remains the keystone of a successful e-commerce business.

    Conclusion

    Whether you’re launching ecommerce business or looking for 360 ecommerce consulting to grow your business, YRC can help it to thrive!

    Get Advice for Setup Ecommerce Business

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    We work only for Visionaries.

    PROCESS AUTOMATION

    The idea of having Ecommerce Consultants on-board from the beginning itself points towards reducing the involvement of the promoters in daily operations. Ecommerce Businesses willing to be a brand reaping profits & sustaining the competition must ensure that most of their processes should be automated. The more the manual intervention, the more would be the errors.

    In Ecommerce business, you get only 1 chance to impress the customer & if you mess up there, you lose the customer for long.

    Process automation in respect to all the activities pertaining to customers from order receiving to order fulfilment is a must for a seamless experience for the customers.

    Task Management is another grey area where most deadlines fail as 90% of the tasks are assigned manually & are forgotten, unheard, misunderstood or mistaken.

    YRC Team of Ecommerce Management Consultants helps to make maximum of the processes system-driven to ensure minimalistic manual intervention.

    VIDEOGRAPHY & PHOTOGRAPHY

    No matter how good your product is, the customer would know only if it looks good.

    Photography includes the following steps:

    • Cataloguing your products
    • Cataloguing your images
    • Backup your images (A few cloud storage solutions include Dropbox, Google Drive, Bitcasa, Apple’s Cloud Storage etc.)
    • Choose the right camera & lens (You may also outsource the photography to a third party agency)

    DIGITAL MARKETING

    Digital Marketing includes SEO & SMM. SEO i.e. Search Engine Optimization includes activities like back-linking, meta tags, blog-writing etc. to ensure your website ranks on the 1st page on Google Search.

    Next comes SMM i.e. “Social Media Marketing” which as the name suggests including promoting your products on all the social media sites, email marketing, influencer marketing & several other BTL activities.

    These activities are going to be recurring & would decide the traffic on the website, the conversions, whether the right target market is tapped, the likes, the views, the orders, the reviews & much more. YRCs Ecommerce Consultants create a budget for digital marketing right from pre-launch to launch & for each month thereafter.

    Building digital marketing strategies in coordination with the agency, selecting them to signing them off would be the role of YRC.

    This ensures seamless coordination, detailed interactions & desired execution as it is always advisable to work with a single agency than multiple of them.

    IT INTEGRATION

    Selection of the right software for smooth functioning of back-end operations right from production to webstore display would be suggested and integrated by YRC Team.

    YRC’s Team defines SOPs of Product Movement, maps it with the locations & people. They then create a blueprint of all the features required in the software & help in shortlisting & selection.

    IT Integration involves connecting your offline inventories with real-time online webstore so when a sale occurs, inventories get deducted real time across offline as well as online platforms.

    This helps in accurate inventory management, maintaining the MOQs, re-order levels & achieving the optimum inventory levels.

    Some popular software include unicommerce, viniculum for your front-end website management & Genisys for your entire back-end Purchase, Production, Accounting, Invoicing etc. management.

    WAREHOUSE & LOGISTICS PLANNING

    • How many cities or countries you wish to sell in?
    • Where should your Warehouse be located?
    • Should you have one warehouse in each country or city?
    • Should you be having your own delivery team in your base city?
    • Would the 3rd party vendors be reliable? What happens when they lose or misplace your product during delivery?
    • How should I manage the logistics if my goods are coming from different countries?
    • How should the goods be stored and barcoded?
    • How much space do I require for warehouse?
    • I am sure several such questions must be haunting you while you think of starting your own fashion ecommerce brand.

     

    At YRC, our warehousing and logistics experts can help you devise a strategy for all of the above mentioned queries and much more.

    We design the layout of the Warehouse considering the inward, goods processing, software entry, barcoding, outward, goods return, scrap storage, goods stacking & much more.

    Logistics route plan is devised considering the manufacturer to your warehouse and from there to last mile delivery locations.

    UI & UX DESIGNING

    This Step involves 03 distinct parts:

    Part 1: Choosing the right Platform:

    From several platforms available in the market right from Shopify to magento, woocommerce, prestoshop, wordpress etc. you must choose the one that fits best for your business

    Part 2: UX Designing:

    “UX” denotes User Experience, which if put in simple language is building the functional requirements of the website.

    UX Designing includes designing the features required in the website, customer journey map, website features, the browsing features, navigation features, ecommerce order management process flow, checkout cart features, catalogue management, ecommerce payment system, cross selling features & much more.

    “As per statistics, 68% of the customers abandon the carts before payment”

    An interesting UX ensures the customer sticks on to the website for a longer time.

    Part 3: UI Designing:

    UI stands for User Interface, which means designing the look and feel of the website. UI includes using the right colours, elements and the entire aesthetics of the website.

    A good User Interface ensures the user completes the task that he has come for. It navigates the user through the journey of the brand in the simplest but most effective way.

    The UX designer maps out the bare bones of the user journey; the UI designer then fills it in with visual and interactive elements.

    If User experience is the bare bone, user interface wraps it up with an attractive cape.

    At YRC, our team if experts can help you develop the entire User Journey to ensure it is engaging!

    SAMPLING & PRODUCTION

    This step follows the “Designing” Phase, whether you have an in-house design team, freelance designers or an outsourced design company. It is one of the most exciting phases, as here you see your designs turning into products & your ideas turning into reality.

    In most start-up cases, production is outsourced i.e. brands tie-up with the established manufacturers/ job-workers to get their products manufactured.

    Sampling involves multiple 04 Stages, Fit-Sample, Prototype Sample, Pre-Production Sample & the Production Sample.

    Prototype Sample is the first sample provided to the buyer. It can be in any fabric/ colour. This sample is just to understand whether the product design looks equally great in reality.

    Fit Sample, as the name suggests is prepared to check the fit of the garment i.e. the various sizes, length, width etc.

    Pre-production is made by the actual production line. Here the stitching quality and other aspects related to manufacturing are checked. This is the last stage where rejection can be accepted.

    Production Sample is made before the production which is the replica of what is going to be finally produced.

    Once you are through with all this, you are good to go ahead & get your goods manufactured.

    PRODUCT DESIGNING / SOURCING

    Product Designing or Sourcing is the heart of the Ecommerce Fashion Brand.

    Product Designing / Sourcing can be done in several ways, as follows:

    • In-house Design Team
    • Freelance Designers
    • Outsourced Design Team
    • Ready Product Sourcing (From Manufacturer or Wholesaler)

    At YRC, we evaluate your business strategy & business model to arrive at the decision, which of the above ways would be best-fit for your business. In certain cases, product sourcing may be a combination of the above.

    These are the people who are going to build your brand! Whether they are the designers or merchandiser, your brand look is going to be in their hands.

    If you are designing each garment from the scratch, the sourcing would play crucial role in developing design identity of your brand.

    Sourcing includes fabric, trims, lining & all the raw material required to build the garment.

    BRANDING

    Branding is the “Look of the Brand”, right from logo to tagline, the colours used, the brand story, the brand communications on social media, the packaging & all the other aspects which speak directly or indirectly to the customers. Branding constitutes the look & feel of the brand & hence must be thoughtfully planned to match with the product that we are selling.

    Branding must appeal to our target audience. Example : A golden colour logo depicting finesse, art, richness, premium, however beautiful it may be individually cannot go with a brand selling affordable kids wear products. So, your logo must be in-line with your brand positioning, whether you are an expensive brand or a luxury brand or a value for money brand, it must be depicted from your “Branding”.

    It is an integral part to attract the target audience.

    ORGANOGRAMS & SOP’s

    Organogram is the “HR Blueprint” of the business which is created at the onset, to map out the team required across each function at various stages of the business. At the launch, only key people need to be got on board to ensure the project gets started & at this stage, all of them need to multi-task. Similarly, certain financial as well as operational goals are set for addition of the further team. Example, for the operations team, we hire 1 operations manager during the pre-launch phase & we add 1 more only when the business kicks-off & we reach a volume of selling more than 1000 pcs/ month or a turnover of more than 0.1 million USD.

    SOPs are Standard Operating Procedures, a bible to run the entire organization right from Sales, Purchase, HR, Order receiving to Order fulfilment, Inventory Management, Accounts, Warehouse, Logistics, Supply Chain, Production & all the other relevant functions for the business. Business must be organized from its first day of operations; only then the tasks can be delegated.

    At YRC, we design the organization structure, the processes, and approximate time taken to execute each process, job profile of every member within the organization, their KRAs, KPIs & the Reporting Structure.

    CRITICAL PATHWAY

    Critical Pathway Analysis (CPA), is a project management technique which cannot be overlooked while launching an ecommerce fashion brand. Brand launch process is cumbersome with multiple inter-dependent & time-bound tasks involved, which need to be tracked to ensure the project remains on track.

    CPA outlines key tasks across the project, their turnaround time (TAT) & the dependencies of tasks upon each other. It identifies the sequence of tasks, their interdependent steps from inception to completion, their criticalities, and their dates of onset, target dates of completion along with the key responsible person for the respective activities. Critical Pathway helps in understanding the unimportant & not urgent tasks which may jeopardize the execution of the project because of an unexpected snag! It also maps out the potential bottlenecks which might be posed because of the dependencies of tasks upon each other & cases where the next task cannot be commenced before the completion of the previous one.

    CPA detects the minimum & the maximum time involvement of a particular individual or team to execute the task, thereby arriving at the overall deadlines associated with the project.

    At Your Retail Coach, we design the Critical Pathway & review it periodically to ensure the project is on track & the progress is measurable.

    BUSINESS STRATEGY & BUSINESS PLAN

    Business Strategy includes the vision, mission, goals, business model, business plan & strategy for all the functions within the organization.

    Business Strategy is a well-defined plan that outlines who, what, where, why, how & when for the company; for example, who would be the target market, how to attract the target audience, when to launch new products, where to operate from, how to handle competitors, what would be the USP, what would be long term goal of the organization & several other answers to the 5Ws of Strategy.

    Business Strategy aligns the organization towards a common goal. Business SWOT helps company to identify & overcome their weaknesses & focus to sharpen the strengths. Business strategy forecasts future risks and helps business in building skillsets to overcome the potential threats.

    YRC’s Business Plan focuses on creating a “Blueprint” of the business, thereby deriving the feasibility of the concept & gauge whether the opportunity is lucrative to invest time, energy & effort. Business Plan creates cash flow understanding i.e. building inflow & outflow cash projections from Week zero to week 60 i.e. 05 year projection. Business Plan calculates the capital investment, operating costs, one-time costs, recurring costs & all the other numbers relevant to obtain the breakeven sales, return on investment, return on capital, internal rate of return & several other ratios. Business Plan is also one of the important requirements if you are targeting the “Investor Route”. Fund raising becomes extremely transparent & channelized. With business plan panned out clearly, the business will know until what point must it be stretched & where to stop, which reduces the probability of unplanned investments.

    MARKET RESEARCH

    Starting the concept of Ecommerce Fashion brand with Market Research ensures we get detailed understanding of the industry & this research report also acts as a social confirmation for your concept. Market Research helps in understanding the target locations, their population, potential online buyers for your product, competitors for each category, and top selling products of the competitors, competitors’ price range, offers & their responses & much more. Market Research helps in thorough understanding of your brand position as compared to our competitors. It helps in identifying gaps in the market, in your category along with the scope of the said product in the desired market. This will help in validation of your concept & prevents you from making the same mistakes as your fellow brands, eventually saving your time, energy & efforts. This phase is also a make or a break phase, as the market research study may at-times come up with some eye-popping numbers & statistics which might compel you to re-think on your product or category that you are planning to sell or alter your entire concept itself!! Market Research Reports analyse the competitors’ webstore for their traffic, conversion & sales. This is extremely valuable information to derive our inventory budgets & projections, which takes us to our next phase.