IS480 Team wiki: 2015T6 6nificance Market Research
Project Info | Technologies | X-Factor | Market Research |
Contents
Market Survey
As our application is primarily aimed at young females aged 14 - 24 who use nail polish, we conducted a survey with 77 female respondents. We then focused our survey to 71 of the same female respondents who purchased nail polish before:
Our market survey shows 5 main findings:
- Color is highly important for a nail polish customer.
- Majority (77%) of respondents feel that finding desired color is the biggest problem faced when buying nail polish.
- There is an estimated 59% loss of potential revenue for the nail polish business as 59% of customers would not buy or go to other shops if their desired color is not found.
- The color cosmetics industry in Singapore could actually be worth SGD$478 million instead of SGD$196 million.
- Majority (62%) of respondents would use a mobile application that assists them in choosing and/or getting their desired color.
Female Respondents Demographics
Finding 1 - Color is highly important for a nail polish customer
Finding 2 - Majority (77%) of respondents feel that finding desired color is the biggest problem faced when buying nail polish
Finding 3 - There is an estimated 59% loss of potential revenue for the nail polish business as 59% of customers would not buy or go to other shops if their desired color is not found
Finding 4 - The color cosmetics industry in Singapore could actually be worth SGD$478 million instead of SGD$196 million
Finding 5 - Majority (62%) of respondents would use a mobile application that assists them in choosing and/or getting their desired color
Competitor Analysis
Android Phone Device Statistics by appbrain