Analysis is a scary word for some - but it doesn't have to be. That's why My Ameego have devised some top tips so that you can start to tackle relevant market trends without fear, laid out in as simple a way as possible in order to get a clear advantage over your competitors.

A wealth of online industry reports

There is a wealth of industry reports related to your type of retail business already online ready to be analysed and interpreted at your disposal. You can use this information to study the product cycles of your competitors, sport potential customer groups and understand your own business position a bit better.

a newspaper with a picture of a man on it

Identifying which reports are the most directly relatable to your retail shop will help you to understand particular product patterns within the market, and the 'bigger picture' of your market as a whole so you can begin to predict and pick apart that data by yourself. You can view and download free reports from websites such as Salience.

Handy digital tools

You don't have to dive into these reports blindly, however. Countless software has been specifically created in order to simplify these reports into layman's terms so that it is easier to read and absorb.

There are countless market research and analysis tools that are designed to break down this information into more visual, digestible chunks. Some of these tools are free and some of them aren't, it is up to you to decide which tools are the best match for your business goals. Google Trends is an example of a well-respected free option.

Healthy algorithms

You are the conductor of your own information gathering.

Newsletters, social media channels, reports and other sources of information that you to choose to consume are instrumental in sharpening your ability to spot market trends and predict new ones.

a group of colorful objects

Filling your business feed with valuable resources as opposed to mindless algorithms can ensure that you are always being kept up-to-date with the latest trends. This will allow you breathing space to strategize way before you might miss out on something and by then it's already too late; that feeling is the worst!

Talk to your customers!

person in white shoes standing on gray concrete road

This step sounds obvious, but there's nothing quite like a customer survey to extract valuable information straight from the source. By utilising a smartly crafted customer questionnaire you can understand your own customers better and see things from their perspective, which offers you a key insight into the behaviours and habits of all of your different customers and your future customers, too.

Time for an order? If your shelves need some filling, check out some of the Ameego goodies below before you leave.