Trend analysis
Trend analysis
The world of digital is in constant motion. There are new trends emerging time after time that can have an impact on business. Choosing the right ones is not an easy task. Many factors need to be considered, such as the industry in which the company operates, its target, as well as the resources at its disposal.
To make the process easier, it is advisable to enlist the help of a professional analyst who can help identify valuable trends and present implementation options.
Trend analysis process:
Preliminary trend analysis on the business. At this stage, it is important to determine what objective is to be achieved through the trend analysis. Is it to anticipate demand for products or services, identify new business opportunities or perhaps identify future risks?
Meeting including a needs analysis and presentation of the main industry trends. Mutual identification of e-commerce elements to be analysed in detail.
Analysis of e-commerce in terms of current trends. At this stage, data is collected, then the analyst compares the shop’s data with the trends selected by the client. The next stage is to deepen the study and draw conclusions.
Collection of documentation and presentation of results. In the final stage of the analysis, documentation is created. The final element is a meeting at which the results are presented and further steps for introducing the trends into the online shop are discussed.
What is the scope of trend analysis?
Identification of key e-commerce trends
Analysis of the client's website in terms of selected trends
Recommendations for action
Who does the team performing the analysis consist of?
Project Manager
Responsible for contacting the client and conducting meetings. They take care of the analysis schedule and enforce the timing of tasks. They identify potential risks at the beginning of the project, which allows them to react quickly and take preventive measures.
E-commerce Analyst
The analyst conducts the study and collects documentation. They are also responsible for presenting the results of the analysis at the follow-up meeting.
Why is it worth performing a trend analysis?
- Trend analysis allows e-commerce companies to understand what products and services are popular, how customer behaviour is changing and what the latest technologies and solutions are.
- It helps to identify risks that could have a negative impact on the business. For example, if trend analysis shows that competition from overseas is increasing, an e-commerce company may consider new marketing or sales strategies.
- It can help e-commerce companies predict what trends will prevail in the future. This allows them to make business decisions that will be compliant with these trends.
- Can be used to identify new business opportunities. For example, if a trend analysis shows that mobile shopping is growing in popularity, an e-commerce company may consider investing in expanding mobile solutions.
FAQ
What is a trend?
Trends are recurring patterns in data that can be used to predict future events.
How long does a trend analysis take?
The duration of the analysis depends on the size of the shop and the number of survey items selected. However, we assume that the analysis will take approximately 2-4 weeks.
What methodology is used for trend typing?
Various methodologies can be used to type trends, such as:
- Time series analysis – involves examining data over time to identify repeating patterns.
- Regression analysis – is the building of a mathematical model that describes the relationship between variables.
- Network analysis – is the study of relationships between different elements of a system.
- Influential factor analysis – is the identification of factors that may influence the development of a trend.