What is the main purpose of conducting market research in retail?

The main purpose of conducting market research in retail is to identify consumer needs and assess market trends. This process is crucial for understanding what customers want and expect, enabling retailers to tailor their offerings accordingly. Knowing consumer preferences allows businesses to make informed decisions about product development, marketing strategies, and inventory management.

Market research provides insights into current trends and shifts in consumer behavior, helping retailers anticipate changes in the marketplace and adapt their strategies proactively. By analyzing this data, businesses can improve customer satisfaction, enhance product selection, and stay competitive within their industry.