Your Go-To Guide for E-commerce Competitive Intelligence - Part 2
Top 4 ways to succeed in your e-commerce business
Businesses don't build and succeed in a day. It takes sheer determination, persistency, and the right mix of tools to become relevant. Such tasks are often very challenging and time-consuming in nature but in order to grow, it is important to grab all the possible opportunities and stay ahead of the curve.
mScanIt helps businesses uncover powerful insights for brands, sellers, retailers, and the marketplace. Take in charge of your business by automating vendor management, price listing stock availability, and much more. In order to succeed, every business should be able to track the following parameters:
Execution Compliance & Brand Safety
To mark your presence in the e-com marketplace, monitoring and banking upon competitors’ weaknesses and strengths give added advantage of becoming the go-to brand. mScanIt gives an in-depth Ecommerce competitive intelligence and helps your business track all the above parameters, not just for your business but gives insights into your competition’s business. The dashboard translates data into actionable insights and reports to help you strategize your next move.
Let us have a look at the ways in which mScanIt can become an effective tool to help your e-commerce business succeed.
1. Monitor Competitor Pricing in Real-time
It all makes sense why successful entrepreneurs talk about having an eagle’s eye of the business ecosystem.
The tool helps your business in keeping an ‘eye’ on how your competitors are pricing their products which will help you make informed decisions about your line of products. This intelligent tool helps in tracking, comparing, and analyzing the prices in real-time across numerous competitors. Business strategy can be formulated basis competitor’s pricing strategy so as to when should you lower or increase the prices. For instance, a certain product that is in high demand and no other competitors cater to the audience, your business can increase the product price to capitalize on the opportunity.
2. Product Availability
Have you been observing that the retailer is re-stocking your competitor’s product more often than he stocks your product? Or is your direct competitor frequently re-stocking a product on specific days of the week?
The tool will help you analyze the products which have gone out of stock on the retailer’s website, the days it’s been unavailable, and what’s the ongoing conversation between the retailer and your shoppers about the unavailable products. It will also help you analyze the reasons behind why your direct competitor is more preferred by the shoppers.
3. Customer Reviews
Customer is king and they’re the ones driving fuel to your business. Product reviews offer tons of actionable insights. The tool help you monitor not just your product but what reviews are being given to your competitor’s products. Based on the feedback you can improve your product line and even target customers who’re unhappy with your competitor’s products. One can also gauge insight into the new entrants who’re faring well in terms of customer reviews which can then be worked upon in your business to improve the satisfaction score.
4. Offers, Promotions, and Ads
Witnessing a dip in your loyal customer base? This could be because your competition is taking over your loyal customer base by offering them better rates or wooing them with different schemes and offers. The tool will keep track of any offers and promotions undertaken by your competitor to help you make informed decisions and also help you track your promotional campaign results in terms of output generated.
To stay relevant and lead the race of success, it is important to know all about your competitors. Whether it’s about growth strategy or analyzing the products, automated tools similar to Ecommerce Competitive Intelligence help in bringing valuable insights which benefit in better positioning of your brand and add credibility among your customers.
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