The world of online selling is more competitive than ever, as many e-commerce sellers have discovered lucrative and international methods of successfully selling products online. Perhaps the most powerful way to distinguish yourself as an online seller is to possess strategic knowledge about your product- from international shipping rates to fulfillment methods to market demand. Competitor analysis eCommerce is a strategic and instrumental tool to eCommerce sellers looking to stand out from the crowd.
Competitive product research
To truly differentiate yourself from the competition, competitive product research methods should be an instrumental tool in successfully selling online. Product research can provide powerful insights into:
- Market demand on Amazon, Walmart, and eBay marketplaces
- Profit opportunity
- Market price
- Purchasing cost
- Marketplace opportunities (domestic and international)
- Competition insights
- Sales estimator
To make critical business decisions, you need to arm yourself with the best possible information about your products. With crucial data insights like product demand level, estimated expenses, and profit, sellers can gain access to an improved understanding of how specific products are performing in your current market, opening the opportunity for expansion, price adjustments, entrance to additional marketplaces, and other key strategies for improving your online presence. In order to set yourself apart from the rest, you will need detailed, exact, and trustworthy data with which to base your strategic business processes off of.
Say hello to bulk analysis
When sellers are in the research phase, checking product history, product market demand, and associated fees can consume literally hours of time and resources, not to mention it makes for some seriously tedious work. Using a bulk analysis tool can help you get the eBay competitor research completed more quickly and more accurately.
Top bulk analyses tools will allow for an incredible 4,000 products a month to be processed– that means you can move through thousands of products and determine which will be profitable options for your business, all within a matter of minutes. By processing vast amounts of product information expeditiously, you will have a advantageous stance ahead of your competitors.
Data insights you actually need to get ahead
As an Amazon seller, you have options on how to market yourself in order to stand out from the competition. There are the basics, like providing clear descriptions and great communication, and there are some more complicated avenues like ensuring your sourcing and manufacturing plan is working seamlessly with your fulfillment method. Algopix offers Amazon competitor analysis tools that help you to determine which products and what fulfillment methods may work best, all with keeping in mind shipping, tax estimations, and potential customs charges.
Whether you are a new seller or have years of experience in one marketplace, there is always room for expansion. It could be that you’re missing out on opportunities in other markets or internationally. Using a tool like Algopix means that you gain access to critical data points in 15 different marketplaces across Amazon, eBay, and Walmart. If your competitors are focused in one specific marketplace, there may be more room for you in another, and may even give you the competitive edge you have been aiming for.
Feedback is everything
Like it or not, what drives many consumer’s decisions today are reviews and feedback. If several competitors are selling the same product, then consumers are going to do their homework and read the reviews to best judge which seller can provide them with a reliable and high-quality product.
Every detail can affect reviews from product description and images (as it helps with managing a customer’s expectations of a product), shipping cost, communication between seller and buyer, shipping time, and the refund or exchange process. To distinctly differentiate yourself from your competition, put in the time and effort to nurture relationships with customers and to grow strong and trustworthy reviews.
To get started differentiating yourself from the competition, sign up for a free 7-day trial with Algopix, visit our site.
The Algopix Team