Amazon Competitor Analysis: What to Learn From Your Top Competitors?by Ethat T. Contributor
When 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:-
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 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.
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.
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 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.
“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.
Created on Jan 15th 2020 01:03. Viewed 161 times.