Amazon Competitor Analysis: What to Learn From Your Top Competitors?
by Ethat T. ContributorWhen it comes to the soaring high e-commerce market, Amazon is the name that is prominent since its beginning. Around thousands of shoppers and sellers engage in the Amazon market making it the most fiercely competitive e-commerce marketplace. If you are an Amazon seller who has been engaged in the business for quite a long time, by far you would have known how difficult it is to survive in this competitive marketplace.
According to a survey conducted by Feedvisor, there has
been an 8% increase in the competition than the last year. With the assistance
of cutting edge strategies and the right set of tools like SellerMotor
Amazon Seller Tools, you can steer through
the competition as a retailer seller on Amazon.
“Since January 1, 2019, 4.4 million new sellers have
entered the Amazon seller market around the globe.”
The number is not quite shocking as everyone is already
acquainted with the prominence of the Amazon seller marketplace and its perks
for the sellers. But, the above statistic is clear enough to assert that the
competition is getting intense each day. Just understanding the market and
deploying the strategies is not enough to tread towards productivity. As a
seller, you need to go beyond, you need to assess your competitor's growth as
well. Sellers need to analyze their competitors on Amazon in order to outshine
their performance and make a unique identity among the customers. The product
you sell on Amazon is sold by thousands of other merchants as well, so why
should the customer only buy yours? That’s the question you should be juggling
with.
What You Get From Tracking Your Competitors On Amazon?
The answer is quite simple; you get a clear picture of
what you are lagging, where you should improve and how to stay ahead of the
competition. There are plenty of benefits you can avail of from analyzing
Amazon competition. You can make more authentic and stringent decisions
regarding your product listings and portfolio. It will help you create a robust
and competitive pricing strategy, enhance advertising campaign and track the
performance even more efficiently.
How To Track Your Competitors Performance?
Amazon seller market has some quality metrics on behalf
of which you can conduct your Amazon competitors’ analysis. When you are
researching your Amazon competition, below are a few key metrics that you must be
focusing on:-
Reviews
While you are researching for product suggestions, review
is a great place to start with as
it will give you better insights regarding
customer behavior and inclination towards a certain product. Keenly scrutinize
customers’ reviews on your competitors’ product listing. This way you can
ascertain the strengths and weaknesses of your competitor along with the list
of possible products that customers are currently looking for. Analyze what
customers like and dislike about your competitors’ products in order to frame
productive strategies.
Pricing Strategy
Pricing has a great influence on the purchase decision of
customers. Your pricing strategy can convince or even compel them to shift to
another seller. So, it is important to gauge the pricing strategy of your
competitor in order to frame yours. You can also use Amazon seller tools to
strain out data-driven insights regarding the pricing strategy of your
competitors. Amazon seller marketplace states that sellers are frequently changing
their prices. Sellers must understand the competitors’ strategies in order to
avoid the price wars along with standing out from their peers.
Keywords
Customers can easily find the sellers’ goods only when
the seller has used the right set of keywords for their product listing.
Keywords are important factors that decide the visibility, relevance, and
conversions of the sellers’ products. The quality of the product listings is
determined by the use of keywords and the description of the product. It is
something that can be always improved to get an edge over the competition. Take
a look at your competitor’s keyword strategy and ascertain what impact it is
making on its sales. Keyword researching can be made easier with the help of tools like
SellerMotor ASIN Lookup that will help you
uncover the keyword strategy of your competitors.
PPC Strategy
Amazon sellers can harness the current PPC landscape not
just to decrease their CPC (cost per click) but also to leverage the keyword
potential to drive more traffic. PPC ad campaigns have proven to be
beneficial for the Amazon sellers in more
than one way. Hence, it is important to conduct an in-depth evaluation of the
ad campaigns deployed by your competitors. You can base your analysis on your competitors’
keyword choice. By getting valuable insights on your competitors’ ad campaigns
you will be able to build a better and productive on for your products. Another
advice for analyzing the advertising strategy is to keep your focus on
short-tail keywords rather than directing your attention towards long-tail
keywords that have marginally lower CPC.
Social Media
Social platforms have become a prominent part of the
Amazon seller's market. As the seller only have limited interaction with their
customers, plenty of sellers take their products on social media for exposed
promotion. It helps in driving external traffic to the Amazon stores. Owing to
the prominence of social media in the Amazon marketplace, it has become
necessary to monitor the social media activities of your competitors as well.
Understand how they are promoting their products on social media platforms and
whether they are using influencers to market their product or not. Ascertaining
their strategies and practices, you can create a staunch and effective social
media strategy for your Amazon business.
Conclusion
“Around 50% of Amazon sales are derived from third-party
sellers.”
Amazon is a competitive market where every seller is
looking to stand out from the crowd. It becomes quite daunting to make a unique
presence when a single product is sold by thousands of different sellers. There
are plenty of ways in which Amazon sellers can enhance their position in the
market place, analyzing the performance of their competitors is one of the
effective ones.
It has become essential to analyze Amazon competition in
order to perform better and emerge as a distinctive seller. The above mentioned
were some of the competitor's metrics that you need to track to get a clear picture
of the market scenario.
Sponsor Ads
Created on Jan 15th 2020 00:03. Viewed 644 times.