Ecommerce nowadays has become a field of cut-throat competition. There are nearly 12-24 million e-commerce websites all over the world, and the number is increasing each day. Almost anything that you wish to sell, someone else is already selling that.
But even then, you’ll need to see where you stand in comparison to your competitor brands. This will give you important insights on how to improve your own brand. And performing a competitor analysis is the best way to do this.
It helps you to see sustainable revenues for your brand so that your company can perform better. Here are 5 check-points on how to perform competitor analysis successfully.
Identify Your Competitors
The first step, of course, is to identify your competitors in the market. There are mainly two kinds of competitors you’ll need to focus on- direct and indirect. Direct competitors are those brands that are offering the same product as yours.
For example, if you are selling bread, your direct competitor brands will also sell bread. Indirect competitors sell different products but are directed at the same customer base or sell the same products to different consumers.
For example, many people love to have a jam with bread, so jam brands will be your indirect competitors. All you have to do is conduct a web search for market research.
Take Regular Screenshots
After you’ve found relevant data, you need to store them someplace safe so that you can access them whenever you wish. For this, you should take website screenshots.
Software like Stillio is perfect for taking full-length website screenshots of sites all across the globe. Simply capture these screenshots and save them to your local drive. Stillio does an amazing job of automating the entire process so that you don’t have to keep storing pictures manually.
Just set a time interval (days, weeks, months, or even up to 5 minutes) and the software will do it for you without any hassles.
Do A Swot Analysis
Performing a SWOT analysis is a great way to visualize how you measure up against other businesses in your niche. Once you have lined up several direct competitors, see each business’ strengths, weaknesses, opportunities, and threats.
Your analysis should ideally cover things like brand positioning, customer service, sales and marketing strategies, content and shipping strategies, and prices. After this, see if your strengths and weaknesses line up with your competitors or not.
For example, is one brand’s weakness your strength? Then put this to good use. You will have a better understanding of the market this way.
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Look At The Competitor’s Current Pricing
Perceptual mapping is a method by which you can figure out how other brands are pricing their products and what offers they are giving.
Since price is almost always the most important factor that a customer takes into account, you should also place pricing as a high-priority field. Perceptual mapping will give you a baseline figure regarding how much an average customer is willing to pay for a certain product or service.
However, also consider the quality of the product because that has a direct impact on pricing. Many customers are willing to pay more for faster delivery, so quality and feature range aren’t the only factors here.
Check Their Online Presence
For any eCommerce platform, an online presence is crucial. Your competitor brands must be trying their best to stay ahead of the game and make their sites visible right at the top of the search results pages.
Assess these websites by visiting them and seeing how functional they are. In order to keep track of each website, capture screenshots using Stillio.
See how easy or difficult it is to shop from their websites and how smooth the overall experience is. Think of this from a customer’s point of view so that you have a better understanding of how to improve your own website.
Over To You…
Conducting a successful competitor analysis is very important for growing your business. But to do it in a short time with maximum efficiency, you should use smart tools like Stillio.
Track each content and analyze everything thoroughly. This way, you will figure out the advantages and disadvantages of your website and those of others.
Review social media platforms like Facebook, Twitter, or Instagram to see what people are saying about your products. Staying updated every day will boost your business and help you to generate more revenues.