Competitor intelligence refers to the company’s efforts to obtain and analyze data about the industry, business environment, competitors. It is a gradual and thorough process that helps businesses strategize to fill competitive gaps and climb the ladder in their niche or category.
An eCommerce marketplace requires sellers to always be aware of their next move. There is little room for differentiation on websites like Lazada or Shopee. Since online sellers do not need to go out and interact with other sellers (and most sellers will not share their internal information), the data collect through competitor intelligence for eCommerce businesses is mostly done by examining their competitors’ current positions, prices, and differentiators in Lazada or Shopee. This helps them understand their competitors and what’s going on in the market around them.
3 Typical Market Competitor Intelligence Solutions
Therefore, Product competitor monitoring refers to keeping an eye on your competitors’ specific products Latest Mailing Database and being notifi whenever changes made. For example, if you are an online seller with Gucci handbags as your best seller, it makes sense to check out other best selling Gucci handbags in your market and how they format their product listings and manage their prices.
By checking their product listing changes, you can have a good idea of how much effort/resources they invested in their listing.
Therefore, What is Competitor Intelligence?
Therefore, Seeing how your competitors write their product listings gives you a better way of writing your product listings too. The most common reason for tracking competitors is to stay abreast of competitors’ ASIA Email List price changes. Most sellers will integrate competitors’ price update notifications into their workflow to set their prices. For example, if a competitor drops their price $1 below yours – should you change your price to match theirs or keep your own?