There are several reasons why successful sellers and brands monitor their competitors. We’ll touch on the most popular reasons for brands and sellers to use automation when tracking competitors below.
Monitoring your competitors’ prices is very important. This allows you to adjust product prices appropriately and stay competitive. Price is one of the most important factors when shopping online and if you are in a competitive niche with many sellers selling the same product – price is the biggest single determinant of conversion rate.
See the image below about competitive product sales in the Singapore market. As you can see, the most competitive price wins with sales and reviews. It would be very difficult for anyone to compete with this product list unless they adjusted their prices to match or beat these competitors.
To react to vouchers and promotions by competitors
Surprise vouchers from your competitors will have an impact on your business.
Every time they issue a phone number list new voucher, it is likely to directly affect the cost of the product to consumers. With that being fairly self-explanatory, having first-hand knowledge of when competitors have created new voucher activities such as promotions and new vouchers will help prepare brands and sellers for counter-strategies.
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To understand their investment into product listing optimization
As you gradually assess your competitors’ activities, you become more aware and aware of their product listing strategy. You can track their changes to see what they tested and replicate product listing changes you find valuable.
Not only will you be able to avoid your competitors’ mistakes, but you will also be able to adapt and improve some of your competitors’ optimization strategies that can increase your return on your marketing investment.
To understand growth and strategies used to increase followers
By looking at your competitors’ data, you can leverage their own strategies and use them to increase your following and allow your brand to grow.
One way to improve your strategy is to take the tactics your competitors are working on and combine them with your own action work.
For example, Lazada has its own feed where sellers can post content like you normally would on social media. While ASIA Email List you are monitoring your competitors, you can check out one of their most engaged posts. Another example is tracking your competitor’s follower growth rate. You can do a quick check and see what activities they have done to grow their followers. Tracking competitor followers gives sellers and brands the ability to compare their progress with competitors and react with actual data instead of hearsay and speculation.