Designed to help e-commerce store managers validate their product ideas and make informed decisions on their product development process. It covers market-based criteria, product-based criteria, and market demand trajectory to help determine the potential market size and competition level.
Shopify Product Research Framework
Goals
Determine the potential market size of the product idea.
Analyze the competitive landscape of the selected product and niche.
Evaluate the product category outlook to determine its potential for success.
Understand the target customers and their needs.
Develop a clear understanding of the product’s markup, selling price, and other critical product-based criteria.
Best pratices
Use Google Trends and other market research tools to understand the market demand trajectory.
Analyze customer reviews and competitor websites to determine market size and competition level.
Consider the size, weight, durability, and other product-based criteria when making product development decisions.
Take into account any restrictions or regulations that may impact the product.
Continuously evaluate the market and adjust the product development strategy as needed.