Product research is the process of analyzing and evaluating a product idea or existing product to understand its demand, target audience, competition, and profitability in the market. It helps businesses identify what products to sell, how to improve them, and how to position them effectively to attract customers.
This process involves gathering data from various sources such as online marketplaces, customer reviews, competitor websites, and industry trends. Product research includes identifying trending products, analyzing customer needs, studying competitors’ strengths and weaknesses, and determining pricing strategies. It is widely used in e-commerce, retail, and product development to ensure that the right product reaches the right audience.