What is Market Research in Retail? Explained

Market Research is the systematic process in the retail industry of collecting, analyzing, and interpreting information about a market, including details about potential customers, competitors, and overall industry trends. Retailers conduct market research to gain insights into consumer behavior, preferences, and purchasing patterns, as well as to assess the competitive landscape. This information is vital for making informed business decisions, developing effective marketing strategies, launching new products, and staying ahead in a dynamic and competitive market. Market research methods include surveys, focus groups, data analysis, and other techniques to gather qualitative and quantitative data that informs strategic planning and decision-making.