Hi, We are a new US based online discounted retailer and are strategizing what market to go into. We sell all kinds of products, from home development, medicine to baby products, pretty much everything like nomorerack or amazon. What should be our market and market strategy?
I would recommend specializing in a set of products for a specific niche. Which of the many products that you carry do you know the best, have the widest range of, and/or have the best pricing for? Or, do you have any unique, one of a kind products that would face less competition? It is these types of questions that you should be asking yourselves.
Thank you for your reply. I was also thinking of the segmenting the market in term of demographic and geography, for examples states or counties where people shop online the most. Does that work? If so where can I find the needed data?
Yea I agree, your niche is still too broad. Try to be more specific on your target market and work from there.
Companies like Experian certainly track this type of consumer information, including deep demographics and psychographics. Very expensive, of course.
Yeah we don't have that much money. We are trying to go after Nomorerack and Overstock market. Just doing some google research...