Product & Market Research
You have chosen a product, and evaluated each and every aspect to sell it according to the potential market demand, but have you thought about the competitors?
There are hundreds of sellers out there, having the same category or the same product with some amazing marketing ideas. It is the time, where you need to look at the competitive landscape where each and every business has its own marketing strategy to leave you behind in the race. If you are into online selling, then here are some ways you can evaluate your e-commerce competitors:
Identify the Competitors who are selling the same product:
The first step is to determine who is selling a similar product, and the easiest way of this is to use the keywords on your Google browser. You will see a full list of sellers that are selling similar product on Amazon or Flip-kart.
Analyze their online presence:
Though it is very difficult to get the actual result of each of your potential competitor with the traffic and sell they get, you can use some online tools such as Similar-web or else to get some additional information regarding traffic overviews, popular keywords, and reviews of their buyers. This will help you improve your marketing as well as the listing on online portals. You can search their official websites to check how long they have been in the business, and how much effort you need to put to achieve the target.
Pricing is the Key:No matter which product you are selling online, you need to beat your competitors by offering a financial advantage to your target customers. While setting pricing of a product, you need to work on several aspects such as competitor’s price, best deals, and understanding of different platforms and taxes. Your final pricing will definitely help you stand ahead from your competitors.
Use the Competition:
Make sure you use the competitions in your favour by setting apart your customer support, stock and compensation procedures so that you can attract more and more customers even from the competitor’s target.
The more your product is going to perform online, the more you are going to face the competition. Hence, make sure you come up with great marketing strategies with each product.
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