Does Competition Analysis help E-Commerce Stores to improve their top-line?

Competitor analysis is defined as the process where you identify your existing and potential competitors’ strengths and weaknesses, judging by certain parameters. As new online stores spring up, e-commerce competitor analysis is essential in giving you a better understanding of your position in the market, and subsequently how to improve.

Analysis of e-commerce data management websites enables you to better comprehend and acquaint yourself with your competitors. Outlined below are the importance of competitor analysis in e-commerce.

1. Gives You a Better Understand of the Market

Your e-commerce store will grow and improve via e-commerce competitor analysis. E-commerce market research about other stores in your niche assists you to assess their product quality, monitor their customer services and also tracking industry price trends. In the end, you’ll gather enough information to improve on your own end and gain a competitive edge over them.

2. E-commerce Competitor Analysis Helps You Keep Track of Their Operations

For your e-commerce store to be successful, you must comprehend how your competitors counter pricing or online discount strategies. E-commerce competitor analysis enables you to track your competitor’s operational information and business models. Moreover, it also enables you to predict their reactions on your online operations and counter them or have a contingency plan in place to outmaneuver them.

3. Create Organizational Growth Strategies

If you feel like your online store is going nowhere despite doing everything possible to drive it, the comparative market analysis can help you build up a strategy for your business. Competitor analysis provides you with an opportunity to do a case study of other successful businesses and implement them to yours. For instance, if you are targeting the market in India, a SWOT analysis of e-commerce in India would help you implement strategies that will grow your organization.

4. Diversify and Expand your E-commerce Store

E-commerce competitor analysis enables you to plan diversification and expansion of your online store. You can either modify existing products or add new products, however, this requires capital and you must have a solid plan before executing it. Analysis of e-commerce websites can also help you study expansion plans of your competitors and seek out ways you can expand your online store.

5. Comprehend Competitors’ Competitive Advantages and Disadvantages

Online retail is more than the fundamentals of price, location, and customer service. E-commerce competitor analysis will give you a better comprehension of the deeper aspects of e-commerce like your competitors’ strengths i.e., financial resources, operational efficiency and more. Additionally, your competitors’ disadvantages can be turned to your advantage.

6. Advertise Better

Competition analysis helps you improve your e-commerce top-line by playing the ‘cloak and dagger’ game, but mostly ‘cloak’. You track the keywords commonly used by your competitor and develop counter-measures i.e., better content marketing strategies to enhance your SEO position. Additionally, competitive PPC analysis helps you gain an understanding of paid campaigns done by your competitors and gauge the cost.

How to Implement E-commerce Competitor Analysis more efficiently

Gaining a competitive edge in the Indian market will require you to do a competitive analysis for your online business to succeed. All in all, you’ll have to do a SWOT analysis of e-commerce in India.

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