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Guide
10.01.2023
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Competitor Analysis in E-Commerce for Brands: 3 Tips for a Marketer

Monitor trends and analyze the competitors’ product range

Monitor analogs and make analysis at the product level

You are not limited to assortment and price data

You are not limited to assortment and price data

When was the last time you compared your brand to competitors using competitive market intelligence? And most importantly, do you know how to do it effectively?

If your last “analysis” was a quick look at prices, descriptions, and similar product reviews, you likely missed out on a wealth of information that could help your brand grow.

We’ve already written about online merchandising and the benefits of using our e-commerce product range, content, and review analytics platform. In this article, we will talk about the opportunities that the competitor analysis in Pricer24 opens up for brands.

Brands must stay current on market conditions if they want to see their products at market prices and effectively manage their own product range on the shelves of partners. Automating data collection frees up marketing time, so you can focus on implementing solutions.

By receiving summary information about competitors, you can do the following:

  • examine your brand’s price positioning in relation to competitors;
  • see average prices by categories and product segments;
  • make decisions about price positioning and product range policy, taking into account prices and representation in categories.

In addition, assortment analysis helps to notice some trends in a timely manner. Let’s look at an example.

Brand: pet food manufacturer.

Situation: a week ago, there were 900 items on partner websites in the Dog Food category, including our brand. The marketer starts the new week by monitoring the situation, opens a report in Pricer24, and notices that there are 800 items.

Analyzing segments and analogs, he understands that one of the competitors, who specialized in hypoallergenic and vegetarian feeds, has left the market. Demand has not decreased, so there will soon be a shortage in this segment, and demand will “flow” between similar products.

Growth point: our brand sales should grow in proportion to the share of the competitor and the number of market leaders who also compete for the “free” share.

The marketer revises the sales forecast and assigns the task of ensuring that hypoallergenic and vegetarian feeds are present and available on the shelves of the partners.

The opposite situation can also occur: when a brand with lower-cost goods and similar characteristics enters the market, quickly stealing market share from yesterday’s leaders. If the marketer detects this problem in time, he can prevent the loss of a brand’s market share by lowering prices, increasing marketing efforts, or introducing innovations.

It is also important to analyze segments in a specific target market. A typical example is mechanical keyboards for gamers. You select a set of parameters by which you can segment the market. It can be price, specifications, and target audience (for example, mechanical keyboards for gamers).

Analyzing the segment you can see what steps you can take to prevent a drop in sales by analyzing a segment.

Monitor analogs and make analysis at the product level

Identifying similar competitors’ products helps pinpoint prices, discounts, and availability across different sales channels. Thanks to this tool, you get a full understanding of the market situation and can timely respond to the competitors’ marketing actions.

In Pricer24, you can display a similar product report as a widget on your dashboard and track important items and similar products in dynamics. For example, price changes or promotions on competing items of your best-selling or new products. Due to this, you can respond quickly, improve performance, and stay ahead of competitors.

Brand: manufacturer of household appliances for the kitchen.

Situation: competitors “fail” prices in the pre-New Year period.

The actions of the marketer in this case are to monitor the prices of direct analogs, comparing them with their own. If the brand is not the market leader, it is worth changing the price positioning for the high season.

A prompt response to similar product price changes allows you to avoid losing sales during the high season.

Analyzing the partner’s shelf share

Shelf share shows the representation of items in a particular online store. The indicator is calculated for a specific SKU, category, or group of items, or, in general, for the entire range of the brand. Growing the shelf share increases the possibility of buying a product.

In Pricer24 you can see how many products of different brands are presented in partner stores. Due to this, you can make decisions about product expansion and representation in specific sales channels.

Example of displaying a market share report in Pricer24

You can also automate the analysis of positions in the top search results on partner websites, both in the category and “by popularity” segment. Being at the top of the search results is the best way to increase audience coverage and brand awareness, which leads to increased sales.

Brand: manufacturer of toys for kids.

Situation: The brand has a planned number of SKUs in the “Toddler Toys” segment, which it broadcasts on the market — 200 positions. The partner’s website has only 20 SKUs of our brand, and the competitor’s products in the same segment have 150 positions.

Growth point: “additional listing” of goods on the partner’s website, ensuring availability.

Goal: increase sales by preventing a competitor from taking more market share with a wider assortment.

An increase in the share of the shelf increases the possibility of purchasing the product.

You are not limited to assortment and price data

Let’s model a user case: our imaginary user, Tatiana, needs to analyze how their top products are positioned compared to competitors, audit the market and form a new pricing policy.

Tatyana knows which competitors’ positions are analogous to the top products of her smart TV brand, so she easily creates links in Pricer24, “tying” all the competitors’ functionally similar models to them.

An example of displaying data in the Pricer24 catalog

Next, Tatyana enters the Market Analysis report.


An example of an Analysis of analogs in Pricer24

She sees that the competitor’s analogs have a high presence on the market, many reviews, and a high average rating. She also notices that competing vendors are currently running promotions with specific partners. Tatyana evaluates where similar products are sold, and at what prices (minimum, median), and forms a marketing strategy for the top products of her brand.

Summary

Pricer24 allows you to see the complete picture as if you were looking at the situation from above. You can track all products and market changes, including products of competitors that you do not have; see their promotions, special offers, availability of reviews, installment purchase conditions, and dozens of other indicators.

 

Make decisions based on data, not intuition 🙂

 

Want to learn more about the benefits of automating competitor analysis that you can get with Pricer24? Leave a request in the form on the website.

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  • Market analytics
  • Price parsing
  • Product visibility
Take a consultation
  • Market analytics
  • Price parsing
  • Product visibility
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