Are you contesting with the right kind of people?
Here, the problem is a lot of people don't understand how to recognize their real competitors as they're focused on getting all the corporations in a similar business. However, that won’t be enough. You have to find who your consumers want and who is providing them with what is needed.
Therefore, how to know who your actual competitors are? Which companies are going after the same customers and providing similar products like yours? How to make sure that your business competes with the right people?
That's how this blog will help. In this blog, we'll go through how to know your real competitors with eCommerce data scraping and what other companies should be measured while deciding to compete with your business to focus on what matters the most.
Competitive Pricing Analysis – The Meaning
Competitive Pricing Analysis is the pricing strategy that helps you recognize how much the competitors are taking for similar services or products. It helps identify your competitors' weaknesses and strengths and their price strategy. This helps you make well-informed decisions about pricing strategy and ensure that it works well for your business.
You can utilize Competitive Pricing Analysis to:
- Compare pricing with others and ensure that your pricing is competitive.
- Find what the competitors charge for their services and products and how to price them.
- Regulate if your pricing tactic is working well or needs some adjustments.
Competitive pricing analysis is a significant part of market research for all small businesses. It's a path to recognize your current competitors, as there are two types of competitors: one that comes within your niche and the other who is the nearby competitor.
Your nearby competitors are people who provide similar products or services at a similar price point using parallel marketing strategies. Their products might not be precisely similar to yours, but they're near enough to make that hard for you to distinguish yourself on pricing alone.
How to Recognize Your Direct Competitors?
Recognizing your competitors can be challenging. To simplify that, we've listed the best ways to recognize your direct e-commerce competitors.
1. Recognize Your Real Competitors
In the digitization age, it’s easy to follow your competition. One Google search can show you who your competitors are in the industry you are working in.
The task is exhaustive, but this will help you list down market players needed to judge yourself; your results are similar to your customers. For example, if you wish to get brands that sell sneakers like Adidas, Puma, and Nike in the top results. So, it depends on you to narrow down the search standard. These search results might change if you're an affordable or premium sneaker store.
You may also search using keywords and SEO tools, including Ahrefs, SEMRush, and Moz. This data will give you an idea of whom you need to track.
2. Categorizing Competition
As you have "searched" competition by utilizing Google, search competitors are diverse from business competitors. The previous uses the required keywords which you utilize. In the meantime, business competitors are taking your customers. It will be the best option if you track both areas efficiently.
Those that rank higher also can take customers. People usually don’t click on the second page in Google search. Instead, your business competitors are impacting your revenue and sales. So, tracking both becomes essential for your benefit.
Based on price and search results, you can get the maximum number of sections needed. Then you separate them depending on who is the main competitor and who is the secondary competitor. A list like that will help you develop strategies to drive sales and build a customer base.
3. Read Competitors’ Content
Competitors’ content will help you see how they represent themselves. You can see how they bring the business, from social media to blog posts. Subscribe to the newsletter, and read their e-books, whitepaper content, or brochures to know more about that.
Occasionally, the materials update details about their promotional offers or a new product launch. This data will work as a handbook for you.
4. Tracking Competitors’ Prices
Studying competitors’ prices is among the leading parts of research. This helps optimize prices, and with price intelligence tools, it’s easy to monitor price fluctuations among many competitors. This will help you note a rate where fluctuation takes place and why dynamic pricing occurs. Also, this analysis enables you to make strategies.
Amazon Deal Days are not something every eCommerce website can follow; however, they could take some insights to get similar campaigns. Another reason why Amazon is a rough competitor is the items it provides and the quick re-pricing of products it does.
5. Comparing Your Websites
Every landing page has its importance. Whenever you study how your competitors carry market operations, consider things other than product pricing and quality. It is all about competitors' presence online. For example, retail titans, Walmart and Target, have an online presence; however, the websites are structured differently.
While comparing websites, you need to see what the customer prefers. This will assist you in aligning business strategies consequently and also assist you in building a better presence online.
The main aim is to make your customers happy and not select your competitors over you.
6. Listing Value Propositions
Customers may look at the product they wish to buy; however, while two brands could provide a similar product, what do you think makes a customer select a particular brand? To understand this better, going through the value that a brand takes to a table makes for a good starting point.
Your research reveals that your quality or shipping cost is better than your competitors, and it brings customers to your website. Though, they can overlook these points for more affordable products.
Try and check areas where competitors can score better than you. Make a comparison accordingly to see how you can facelift your tactics.
7. Reading Customers’ Reviews
Customer reviews are among the most crucial purchasing motivators. A poorly rated product will get a tough time being off the shelf, whereas a five-star authentication will help you win half the battle.
When going through customer reviews about competitor's sites, you must observe what has helped the product ratings. For instance, is its delivery, quality, price, or after-sales service?
Conclusion
While it might be appealing to concentrate on your business, you should know what's happening in your business. And that's how you can stay ahead in the competition and save yourself from being blindsided by the competitors. For this reason, you must research how competitors work in the market to assist you in making superior business decisions and getting a competitive advantage.
E-Commerce competitive pricing analysis can help you here. It will help you observe how you can compare your business with competitors. When you have the required materials, you can fill these gaps you might otherwise overlook. However, dealing with this data is not easy, so professional web scraping companies like Actowiz Solutions can complete your job. At the same time, you can concentrate on other vital areas. Our eCommerce Competitor Analysis tools allow you to do business operations and create strategies more efficiently.
Contact Actowiz Solutions today if you wish to rule the market and beat your competitors using eCommerce Competitor Analysis! You can also reach us for all your mobile app scraping and web scraping service requirements.
