In the world of e-commerce, competitors are everywhere. There are more than 1,000 e-commerce companies on Amazon alone.
That is why it is essential to know what your competitors pricing intelligence are doing and how they are doing it.
This guide will cover six data points that successful e-commerce businesses need to track about their competitors. We will also share tips for how you can use these data points in your own business.
What Are Data Points?
Data points are the tiniest information that can be measured and accurately assessed.
For example, if you want to know the average height of an American man, you can measure their height and divide it by the number of people you measure.
Data points are used for trend analysis because they provide a snapshot of a particular variable’s current state or trend.
Trend analysis is helpful in understanding which variables are changing over time and how much they have changed. It also helps you predict future changes in these variables.
5 Benefits of Collecting Data Points About Your Competitors
Competitors are a constant threat to the success of any business. It is not just their quality, pricing, and product that can affect your business, but also their marketing and distribution channels.
E-commerce businesses must collect data points from all facets of their business to identify gaps and improve their performance. It will help you stay ahead of the competition and ensure you are getting ahead in the game,
Here are five benefits collecting data points can provide for e-commerce businesses:
1. Increased Efficiency
The first benefit of collecting data points is that it helps businesses to increase their efficiency. A business can only collect and analyze some of the necessary data points.
With the help of the internet, businesses can easily access information from all over the world and analyze it in real time. It will help increase efficiency and save time.
2. Better Business Decisions
Another benefit of collecting data points is that it helps businesses make better decisions.
When you gather more information about your competitors, you can see which ones are doing well or not in the market. You will be able to make better business decisions accordingly.
If someone has been using a particular product for a long time, it is because they have found an effective way of selling it and generating profits.
You can also learn from their mistakes and use them as an example for your business to avoid repeating them when selling something new!
3. Marketing Strategy
Collecting data points about your competitors is one of the best ways to leverage your resources and increase your market share.
In today’s global economy, companies around the world are competing head-to-head in a variety of industries. The competition is fierce, and it is becoming more difficult for any company to stand out.
However, tracking data of your rivalries can help you gain an advantage over them by learning what they are doing right and what they are doing wrong.
Moreover, you can also use this information to improve your marketing strategy, product development, and employee performance.
4. Improving Productivity
Data collection allows companies to improve their productivity by identifying areas where there is room for improvement and making changes accordingly.
This helps them get ahead of their competitors and gain an edge over them in product development, marketing, sales, and customer service.
5. Identifying trends
By collecting data points from different sources, you can identify trends in the industry and use them to develop new products or services that will help them grow along with their market share.
It helps improve customer loyalty towards your brand because they know what they buy from you is good quality and will not leave them dissatisfied later on.
6 Data Points To Collect About Your Competitors
Here are the six pieces of data you must collect from your competitors to stay ahead of them in the e-commerce industry.
1. Competitors’ Inventory Levels
Knowing how much inventory each of your competitors has will help you determine if they are overstocked or understocked, which can affect their ability to fulfill orders quickly. This data point is significant when dealing with online retailers who often have extensive inventories because they have warehouses worldwide.
2. Competitor Website Analytics
It is the most important thing for an online store owner. You can only open up Google Analytics and analyze your competitors’ data. You have to also look at their traffic sources, how they acquire traffic and what kind of content they produce that gets people to visit their site.
3. Social Media Data Point
A social media data point is an essential data point you can collect about your competitors. You can use social media data points to find out their top-performing keywords and how they rank for them.
You can find their top-performing keywords by looking at Google Analytics, which will show you all the keywords people have searched for on your competitor’s website.
By checking their search engine landing pages, you can also find out how many people have clicked on those top-performing keywords.
4. Competitors’ Pricing And Promotion
One of the most important aspects of ecommerce web scraping is knowing what your competitors are doing. You can only compete with something that is being done.
Competitor pricing and promotions are one way to get a leg up on your competition.
For example, if you are running an eCommerce store, you should know how much your competitors charge for their products and how they promote them.
It is also good to see how they advertise their products and what kind of offers they offer customers in exchange for reviews or other customer loyalty programs.
5. Competitors’ Sales Channels
Sales channels are an essential data point for an eCommerce business to collect about its competitors.
The more information you have about your competitors’ sales channels, the better equipped you will be to determine where to focus your efforts to gain a competitive advantage.
One way to collect this data is through in-depth analysis of competitor websites.
By analyzing traffic sources, revenue models, and marketing tactics, you can determine which channels work best for them and what changes would improve their performance.
Another way to collect information is through e-commerce web scraping services. These services scan the entire website of a specific company and extract all the data related to your target product.
For example, if you are a shoe retailer and want to know what products competitors sell, you can use an e-commerce web scraper service to find out.
Another advantage of using e-commerce scrapers is that they can help you determine which products are selling well and which are not.
6. Competitors Reputation
Competitor’s reputation data is one of the essential pieces of information you can collect about your competitors.
The best way to get a good view of how your competitors are doing and what they are working on is by looking at their social media accounts and other online sources.
You can also find out what their clients think about them by asking them directly or through their existing clients.
Once you have this information, it will help you understand where they are coming from and what they are doing right or wrong. It will also help you assess how much time and effort they need to invest to gain traction in the market.
Final Words
In conclusion, using data points to track the success of your e-commerce business is one of the most important things you can do to improve your overall business.
Data points will help you understand what’s working and what is not, allowing you to make improvements and take actions that will lead to improved results.
Data collection is a complex task, and you need an expert to collect vast amounts of data. X-Byte Enterprise Crawling is the leading scraping industry that offers the best e-commerce web scraping services. It helps you provide structured data to improve your e-commerce business.
