Ecommerce: Dominating Your Competition
Ecommerce: Dominating Your Competition
Ecommerce: Dominating Your CompetitionEcommerce is an affordable, and very simple way of starting up a business. In comparison to brick and mortar stores, the set up costs are a fraction, and barriers to entry are pretty non-existent. However, ecommerce is very competitive, have you ever wondered why? Since there are so many start ups, everyone is trying to beat competitor pricing, and therefore prices get driven down.
We all know online shoppers look for the lowest price as soon as they start hunting. If you have no mechanism in place to monitor competitor prices, then you don't really stand a chance. Think about it, you need to be aware of what competitors are charging so that you can set your prices to a competitive level. Sure you can do this manually if you only sell 10 products, but for the majority of ecommerce businesses their product range will at least be in the hundreds, making it near impossible to monitor their competitors prices manually.
Using a competitor price monitoring service can facilitate this, allowing you to get on with your business whilst also being safe in the knowledge that any price changes your competitors make will be brought straight to your attention. Often you will find that such services are available for a few hours wages of whoever you had checking your competitor prices up until now, so it can be a very worthwhile investment. The beauty of it is that at present, its pretty much still an emerging industry, and not all that many ecommerce businesses are even aware what is possible with online competitive intelligence. A simple search for competitor price monitoring should return some useful results, so check it out and see if its any use to you.
Competitor price monitoring, while extremely useful, should be used in conjunction with other methods of intelligence, such as simply subscribing to competitors newsletters to see what they are up to. Head on over to their website and join their mailing list, this sounds so simple that most people seem to overlook it. News sections of websites and newsletters can provide important information about what competitors are up to, events they are attending, new products they are developing, new staff etc.
All in all, a competitive intelligence plan should cover every possible aspect of your competitor's business.
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