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Sources of such information can include Wikipedia, the ITC\u2019s Export Potential Map, Google\u2019s Market Finder, Eurostat, Euromonitor, Coface for trade, Epingalert, Trade Concerns Database, Market Access Net, government websites, or the cumulative information systematized on the Diia website.<\/p>\n
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2. Use of Open Market Research<\/h3>\n
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The next stage involves using open sources of information, such as market reports and studies published by international organizations, government institutions, and analytical centers. This provides a general understanding of trends, needs, and consumer requirements in the selected market.<\/p>\n
At this stage, we can find information on furniture turnover in the target country’s domestic market, estimate the \u201caverage check\u201d of a furniture buyer, and review data on real estate market trends, including average property sizes. For example, the \u201caverage furniture buyer check\u201d in Germany is $663, while Ukraine\u2019s furniture market turnover per capita in 2024 is projected at $10.<\/p>\n
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Depending on the product specifics, it\u2019s essential to determine indicators that will help assess the market potential.<\/p>\n
For instance, to evaluate the potential of space-efficient furniture, a key indicator is the percentage of people living in apartments. In the UK and Belgium, only 22% of the population lives in apartments, while in Germany, this figure is 63%, and in Italy, it is 57%. Real estate costs the most in Germany, where, according to Deloitte’s August 2024 report \u201cProperty Index Overview of European Residential Markets,\u201d one square meter costs $5,123. In the UK, it\u2019s $4,195; Belgium, $3,496; and Italy, $2,309. In Ukraine, the average cost per square meter of residential real estate is $1,294, according to Lun.ua.<\/p>\n
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After calculating over ten selected evaluation criteria, we created a ranking system for each indicator. Summing up the points, we determined that Germany was the best country from the list for promoting the selected company\u2019s product.<\/p>\n
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3. Google Tools for Analyzing Product Popularity Online<\/h3>\n
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Modern tools such as Google Trends, Google Analytics, and Google Keyword Planner can be extremely useful in this research process. They allow:<\/p>\n
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- Analyzing search popularity for furniture products.<\/li>\n
- Studying consumer behavior in real-time.<\/li>\n
- Identifying keywords potential customers use to search for products.<\/li>\n<\/ul>\n
After choosing a country, it\u2019s essential to gauge the popularity of various products purchased online. According to research by Statista, the e-commerce penetration rate in Germany is 60%, so the popularity of keywords should closely match actual demand.<\/p>\n
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4. Research of Furniture Store Websites and Brands, and Conducting Surveys in the Country<\/h3>\n
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Using the identified keywords, it\u2019s helpful to compile a list of the most popular websites according to search engine rankings that sell similar products in the target country. Reviewing these websites will reveal preferences in design, popular product sizes, production times, and retail prices.<\/p>\n
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![\"\"](\"https:\/\/uafm.com.ua\/wp-content\/uploads\/2024\/11\/Znimok-ekrana-2024-11-05-o-16.20.11-1024x887.jpeg\")
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The final stage involves conducting surveys and interviews with potential consumers, distributors, and other stakeholders in the target market. This provides direct information about:<\/p>\n
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- Consumer needs and preferences.<\/li>\n
- Identifying potential market entry barriers.<\/li>\n<\/ul>\n
Based on all collected data and conclusions, we will proceed with the next module on developing an export strategy tailored to the selected market\u2019s specifics.<\/p>\n
This first training module has become a significant step towards establishing UAFM\u2019s new service\u2014export strategy development. In-depth market and consumer understanding will enable our members to plan effectively and succeed internationally. The upcoming program modules promise even more practical knowledge and strategies to ensure the successful export of Ukrainian furniture.<\/p>\n
Author: Oksana Donska<\/a>, UAFM Board Member<\/strong><\/p>\n\n\t\t