Market Research For A Beauty Product

  • Market research for a Beauty product

Market Research For A Beauty Product

Our client requested market research regarding a beauty product they wanted to sell. The company was an e-commerce site that was mostly focusing on health and beauty. Specifically, their goal was to add two new products to their site, but we needed to research them first. We have made an estimation of 1.5 days per product, so the total time for the project would be 3 days.

The client had some questions and dilemmas that needed answers, so we researched and helped them out.

To sum up, the questions we needed to find answers to were:

  1. What does the product do?
  2. How does the product work?
  3. Is this scientifically and medically proven?
  4. Who is the target audience for that specific product?
  5. Who would you sell this to?
  6. How would you sell it?
  7. Biggest competitors on the market?
  8. Product cost?
  9. Downfalls? Bad reviews?
  10. How to improve the current products available?

As most of the companies that manufacture these products offer online shopping rather than offline, including their increasing presence on popular e-commerce sites as well, it is advisable to use the online selling method for these devices. Some of the ways of selling these products are through the most popular international e-commerce sites such as Alibaba, Amazon and E-bay where these types of products are already selling fast. Another way is to sell on industry-specific sites such as those for medical and beauty products. As a third option is selling through your own e-commerce site.

Finally, the Beauty Cosmetics and Skincare Imports by Country article from 2020 by World’s Top Exports shows that the fastest-growing markets for beauty and skincare products since 2015 were: China (up 331.3%), Singapore (up 126.3%), Thailand (up 76.5%) and Hong Kong (up 74.7%).

 

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SEE SAMPLE

Client name

Individual Entrepreneur

Location

Australia

Year

2020