In 2020, Cyber Monday eclipsed Black Friday for shopping sales, with sales of $10.84 billion versus $9.03 billion, emphasizing the ascent of eCommerce. As the market becomes increasingly digitalized, eCommerce competitive analysis is now vital for brands looking to maintain their position.
Technology, rankings, and customer expectations are always shifting. Ecommerce competitive analysis will enable you to monitor trends, so you can stay on top of best practices.
Here’s what you need to know.
Benefits of eCommerce Competitive Analysis
The most obvious benefit of eCommerce competitive analysis is seeing what’s working for other brands and why. For instance, you can research the functionality of a competitor’s website, so you can implement great user experience features into your own platform.
But more than just copying others, you can also learn from their mistakes as well. What opportunities are they missing? This is a chance to develop a unique selling proposition and better position your brand in the market.
Additionally, one of the key challenges of eCommerce is the non-linear buying journey. Consumers engage with brands across a variety of channels and devices. This gives your competitors numerous opportunities to pilfer prospects using digital marketing tools like search or product listing ads.
Ecommerce competitive analysis will reveal any weak points other brands are exploiting to lure prospects from your sales funnel.
How to Do eCommerce Competitive Analysis
The first step to eCommerce competitive analysis is to establish your goals. In the age of big data, there’s really no limit to the amount of research you can perform. Without a clear set of goals, you risk wading into a vast ocean of information blindly.
Who is your buyer persona? Are you trying to improve branding, conversion rates, or both? These are questions you need to consider.
Once you understand your brand’s goals, it’s time to identify your competition. You can start by researching keywords your buyer persona is using to search for products. Look at the top-ranking pages and see which brands are offering the same or similar products.
These are your competitors.
We Offer eCommerce Competitive Analysis
Marketsupport offers eCommerce competitive analysis in addition to solutions for promotions, shelf space, endorsement, pricing, and compliance. With our sophisticated data-driven methods and knowledgeable staff, we can clarify how your competition is positioned in the market. Let us help you get the insight you need to separate yourself from the pack.
Call 1-877-421-5081 or visit our new website to book a consultation today.« Back to Blog