Section five

Market research

5.1 Key findings from desk research:

For my research, I have looked on Etsy at shops which sell similar goods to those I am intending to sell. From this research it is worth noting the following.

 Offering a variety of different examples of the same item, using the same design but in different fabrics to suit several tastes.

 Offering a selection of different items sold through one shop, to increase sales by offering variety.

 Offering an affordable price bracket on all goods, so selling higher volumes but at lower prices.

 Keeping the shop well stocked, so visitors spend longer browsing and potentially buying and returning to the same shop.

 Offering a high level of customer service, promoting positives, such as quick delivery and being open to enquiries.

 Perhaps offering discount vouchers to encourage customers to return.

 Generating good reviews, which can be read by potential customers.

 Plenty of good photographs, well-lit against a plain background, taken from a few angles and in close-up. Depending how the item will be used, it is worth considering if it can be shown or filmed in that setting.

5.2 Key findings from field research – customer questionnaires:

I have no customers at present but have asked friends and family what they would look for in if buying my products.

 With the rice bags, they have made suggestions for different colour choices and sizes, my initial design is constructed using 9’’ squares, could this be scaled up or down?

 Suggested uses, what could this be used for? This would be useful for marketing, in terms of promotional photographs, incorporating a selection of items in photographs to suggest a variety of uses.

 Lead time for delivery, how quickly will they get the item.

 Return policy, will they be entitled to their money back.

 Would they be able to specify changes and how would this effect delivery times?

5.3 Key findings from field research – test trading:

As mentioned above, I regularly sell second hand items. I have had much greater success with this than attempts at selling previously on Etsy. The key findings are.

 Entering a market where there are already many successful producers with proven track records is very difficult.

 Pricing to make a profit is hard, given there are similar products sold at a lower price.

 It is important to come up with a unique selling point, something which gives your product the edge, it is crucial to understand who the customer is.

 What works well when selling second hand on established sites, is security for both parties if something goes wrong or is lost in transit.

 It is easier to sell, if you are prepared to offer discounts for bundles or have factored in a discount when listing.

 Good photographs and good ratings help to sell, as do regular new listings.

 It is always more interesting to look in a well-stocked shop than one with only a couple of items for sale.