Research is the most important thing to start any new project either it is something from study life or practical life regarding building you career somewhere or starting a new business. Every business has a set of target users in the market and it’s impossible to understand their demand regarding their desired product, without any research.

Market research is a process of gathering data to know that how viable your product would be, before even its launch in the market. It also gives you the information about the trends in industry regarding any specific product, then, accordingly you can plan your product for a new business.

Following are some major benefits of market research:

1. Efficiency of the product:

If you are starting a new business regarding any product which is already available in the market by different companies, market research will help you to know that what customer wants more in the product to increase its efficiency.

2. Overview of competitors:

Whenever you are launching any product from your company, market research will help you get an overview regarding product efficiency of your competitors in the industry and it will also motivate you to be one step ahead of them to get more customers.

Types of Market Research

1. Primary Research:

Following are the methods included in primary market research:

• Personal observation regarding the behaviors of customer regarding any product
• Thoughts and views of a focused group to get an overview of the market
• Interactions with relevant people individually to know about their perception
• Conducting a survey via messages or circulating simple Q&A forms

2. Secondary Research:

Following are the methods included in secondary market research:

• Public Sources like library (data in the form of publications or research articles)
• Print, electronic and social media platforms

Basic steps to conduct market research

Following are the 6 general steps to conduct market research:

1. Set your targeted audience
2. Understand their behavior
3. Get the insights of market research
4. Get the results of survey
5. Derive a conclusion
6. Take decision accordingly

For many people and organizations, conducting market research can serve as an eye-opener and fact-checker. Even if you believe you have a thorough understanding of your target market, a thorough investigation is likely to reveal new channels and opportunities for you. When starting or creating something, it is always wisest to perform market research because there is so much possibility for improvement.

The businesshas various meanings based on its context. Most commonly it includes the exchange of products, or the production of merchandise and trade to customers through a certain platform that is profitable to both the parties i.e., the seller and the buyer. Here you are your boss and face the profit and loss of the company on your own.

• Its impact on society:

Today’s young generation is very keen on starting their ownbusiness. This can be on a small scale or a large scale. People starting their businesses are called entrepreneurs. You need an entrepreneurial mind to keep your business growing as it has very high risks.

In this, you have a high chance of exponential growth. You need to handle your daily revenue profitably.

• Customer satisfaction:

The acceptance of your idea by the clients is the most crucial step. So firstly, having an innovative idea is a plus point. Secondly, considering your idea’s merits and demerits is important.

Putting yourself in place of the customer will raise several questions and answers to your way of thinking, so accordingly, prepare your business model. Thus, understanding other people’s needs is a must.

Problem–solving personality is a plus point. Making complicated things simple should be your cup of tea. Innovation starts with customers’ needs and emotions.

• The marketing phase:

1. Acquiringthe market by selling your products at a low rate is idiocy as it will eventually lead to a shutdown. So having a profit source is important.
2. Negative margins and negative cash flow are a curse for abusiness. So always take an advance payment to keep a positive cash flow.
3. Checking teammates’ skills timely is necessary.
4. There should be a strong recurring revenue model.
5. Goal to maintain a regular chain of customers.
6. Your product opening should not be late in the market.
7. Converting feedback into feedforward.
8. An improvement in your product is a must.
9. Building a community is like building blocks. This will create your company into an ecosystem.

Explaining your idea on a single piece of paper confirms it is a useful product.A good team is like a light in the darkness. Developing a strong mindset towards obstacles will lead to huge success. Keeping your product updated is necessary. Having a strong revenue model is necessary.

With the Covid pandemic knocking at our gates of life in 2021, a new world was forming on our phones. While most lost everything they had due to the closure of the economy, the rich and privileged remained the same. E-commerce was one of the sectors of business that flourished during the lockdown. This article takes you through the journey of small businesses and their current status in India.

Small businesses are businesses not exceeding INR 10 lakh investment. Digitalization is a

major contributor to the rise of small businesses in India. The goal of India becoming a trillion-dollar economy is accelerated by the presence of these businesses.

Before digitalization:

After the implementation LPG policy in the 1990s, Multinationational corporations posed a threat to MSMEs in India. Funding was a major problem for small businesses. Loans were very difficult for individuals to get, due to the tedious formalities and lack of information. Big companies were acquiring a large share of finance. The cut-throat competition was another hurdle for small businesses.

After digitalization:

Digitalization means providing services in electronic mode. It also aims to empower the country digitally in the domain of technology. Prime Minister NarendraModi launched the campaign on 1st July 2015. Small businesses that turned online benefited from the shift to technology. Some of the effects are mentioned below:

• Assessment

Business owners could use tools available on the internet to check the engagement of their posts, insights of customers, personalized feedback, etc. This helped in the overall evaluation of different products and services.

• Crossing borders

Some online shops extended their market to different countries. This accelerated their consumer base and increased their total revenue.

• Digital Marketing

Companies use social media platforms to promote their products. Digital marketing has turned out to be very cost-effective. It has increased consumer engagement on another level.

Apart from these benefits, digitalization has turned out to be a lottery ticket for small businesses. It has opened new opportunities for them and contributed towards their success.

During the pandemic, some businesses totally shifted online and benefited from it, some were not able to lack of funds. On a final note, small businesses account for 27% of India’s GDP; it has helped India’s economy exponentially and has paved a way for its growth. In spite of all the challenges faced by them, it is evident they have remained resilient and hardworking. With inflation looming over everyone, small businesses are still going strong.