How Can eCom Brands Drive Sales Through Competitive Analytics?
Knowing a consumer's journey on ecommerce platforms like Amazon, Big Basket, Flipkart, etc., is essential for brands, as it deciphers buyer personas of various product listings under enlisted categories. Simultaneously, it also helps brands connect with their consumers or potential target audiences' needs and problems while enabling brands to avoid instances that can harm the brand's reputation.
According to Statista, the factors influencing customers' shopping behavior in the U.S. include competitive pricing, free shipping, product options, reviews, etc. Brands only know their product listings on ecom platforms, but marketplaces hardly give intel about the consumer requirements.
Also, brands can only view their progress on the ecom marketplace and require a team of experts to carefully monitor the competition to find areas of improvement, growth opportunities, etc. In addition to this, brands have a chance to discover new trends, competitor practices, and more.
Therefore, having such information can undoubtedly impact the sales volume of ecom brands. So, such data is the need of the hour, and eCom Competitive Analytics can offer actionable insights with an in-depth report of each factor influencing sales/revenue/conversion.
Let's find out how this happens? But before we go ahead with this, let's discuss what is eCom Competitive Analytics?
Definition of eCom Competitive Analytics
eCom Competitive Analytics evaluates a brand/products ranking versus the competition across the online marketplace using filters. It is also known as mScanIt and is one of the most widely used solutions for measuring share-of-shelf, stock availability, reviews & ratings, keyword-wise performance, etc.
For example, knowing that consumers favor Brand A over Brand B, and using phrases like love, enjoyed it, quality, etc., as part of sentiment analysis would likely make the former intake certain practices of the latter. Simultaneously, the negative reviews would highlight features like sellers, broken products, etc., and give a chance to Brand A to resolve the issue.
Methods to Boost Sales Using eCom Competitive Analytics
Managing Stock Availability: Stockouts are a nightmare for brands. It diverts the potential buyer's attention toward competition and increases disinterest in the brand, especially during lightning deals or flash sales. Knowing the stock availability across pin codes, cities, or locations and viewing stock availability on a single dashboard can resolve this problem drastically. Moreover, brands can review the data to learn about out-of-stock issues arising with specific retailers and take measures like increasing production or substitution to resolve the problem.
Product Page Optimization: Creating SEO-friendly content while managing the character or word limit of the title, product description, page content, etc., is a challenging task. Simultaneously, it requires continuously evaluating the score of such aspects and comparing them with the competition to find areas for improvement, the scope of scale, and reasons for a high score. Optimizing the content on ecom marketplaces helps brands boost their discoverability, visibility, search ranking, etc., resulting in conversions.
Pricing Intelligence: Competitive pricing drive 70% of the ecom consumers' product purchasing decision. Reviewing competitor prices of similar products provides insights on pricing strategies, competing with the top brand, monitoring the scope of increasing price, etc. Moreover, mScanIt's pricing intelligence also defines the average price per SKU, along with platform & variant-based cost, which gives a more explicit knowledge of creating futuristic prices. Pricing analytics help create promotions, offers, discounts, and offers, which significantly help attract a new customer base.
Customer Sentiments: Reviews & ratings encourage 25% of online shoppers to buy from a particular retailer. Knowing the customer's sentiments through R&R and social media handles can help sight seller/product issues, features/qualities appreciated by the buyers/influencers, understand the brand's overall reputation, determine consumer needs, etc. Knowing the customer sentiments could help to boost sales by 18-20%.
Similarly, other essential metrics can manage issues across ecom stores, enhance the consumer journey, and boost the revenue/sale/conversion. mScanIt is a one-stop shop for ecom brands. It intakes the capacity to monitor ecom metrics, evaluate media & search metrics, and deliver actionable insights for achieving these goals.
In today's world of quick, social, communication and e-commerce, having a resourceful solution that can measure a brand's product performance and competitors has become the need of the hour.
eCom Competitive Analytics or mScanIt helps brands across continents to measure different scales for boosting discoverability, availability, performance, etc., which impact the sales-driven ecom marketplaces.
For more information about the advantages of mScanIt for your organization, connect with us by leaving a comment or contacting us.