Key Factors To Conquer Amazon Competitor Analysis
With the arrival of Covid-19 pandemic, more people are shifting towards shopping and selling online. Due to this, the demand for e-commerce business has increased tremendously! We all know that there is massive competition in the Amazon market. With the proper methods and techniques, you can easily track your specific metrics and conquer your Amazon competition.
A lot of Amazon sellers have failed to achieve their desired goals due to increased competition in the online marketplace. Consequently, it has been more important for sellers to analyze Amazon’s competition in order to stand out from the other competitors.
Competitor analysis is one the most effective and important ways to get success and grow. By performing it, sellers would be able to keep track of their sales and performance in comparison to competition.
Competitor Metrics To track
There are some key factors that should be considered in order to stand out from competitors.
There are thousands of sellers selling on Amazon, but only a few of them can make it to the top. Using the most valued and important keywords on Amazon is the key to that success! Research the high-ranked and quality keywords and fit them in your profile, which will let your products stay ahead. Once Amazon notices your efforts, it’s going to display you first to the customers.
Putting keywords is essential in your product listing, and it can improve your selling strategy. If the Amazon sellers aren’t optimizing keywords, then they are allowing other competitors to lead and grow.
With productive keywords, sellers would be able to rank their products and get more traffic and extra clicks than the other competitors in the online market.
It is necessary to use valued keywords to increase your search engine rankings on google as it can also help you to increase your sales.
According to Jon Morrow the CEO of Smart Blogger,
There are two major things about keyword research;
- Driving traffic in your space by understanding the keywords.
- Use keyword research tools to achieve higher rank.
Your product reviews and feedback are the best ways to find out what the customers say about your product.
Add unique descriptions and images of your products to get customer satisfaction and reviews. It is important and necessary to know who are your customers? And how they want their products to be?
Here is what our favorite Amazon consultant Liz Adamson had to say about feedback
“In the world of the online marketplace, it has become important for customers to understand from whom they are purchasing from, and whether they can trust them or not so a good feedback rating will help the customers in purchasing from a reliable retailer.”
Good reviews will allow you to lead the online marketplace and stay ahead of your competitors. Reviews show the number of your sales, and selling more products would ultimately increase the number of the reviews om your products.
The simple and easiest way to get the reviews on your page is to ask your customers and make sure to communicate with them professionally.
Competitors and your pricing strategy
The Amazon pricing strategy is what helps and keeps people purchasing. It’s important to know about the pricing strategy of your competitors. You should know who they are, where they stand on the first page of an Amazon search, and what are the pricing strategies they are following?
It is also necessary to monitor the players coming into the market and know about their pricing strategy and how they will schedule it.
Keep your pricing strategy simple and straightforward. You can also offer discounts on your product line to boost up your initial sales and perform well. The key to a successful Amazon pricing strategy is keeping track of your costs, Setting up new strategies, rules and watch what your competitors are up to.
Use the Amazon repricing tool for your pricing strategy, it alerts you to change your price, or it can also reprice for you automatically.
Promotion or branding of your Product Page
Promotion and branding are important aspects to create an effective image of your product line in customer minds. Keep your product’s title short and attractive as it tells people what your product is all about.
To promote and capture your buyer’s attention, make efforts to use quality-images for your product line. Keep your images simple and avoid using bright colors because a good promotion strategy can help you defeat your competitors in the market.
Promote your product pages on various social media platforms because it will help customers reach you easily. Offer coupon codes or promos on your products or indirectly promote your listings by sharing videos or informative articles related to your products.
Market positioning with competitors in mind
Basically, “market positioning” is what your customers think of you as compared to the other competitors in the marketplace.
It is important to build your brand and meet your customer expectations in order to create your place in the market. You should know how your competitors position themselves in the market and what are the necessary strategies they follow?
Analyze your competitor’s social media pages to know how they are getting new customers, keep an eye on the content they publish on their social media platforms, and what are the important things they are doing to gain customer satisfaction.
for example; Powell’s books is known for selling unique editions of books, and they sell books more expensive, so the other competitors, like Books A-Million, Alibris analyze the strategies that powell’s books is following.
Above are the factors that will help you to analyze competitive analysis. Keeping track of your competitor’s performance will give you new ideas, and it will help you boost your sales in the Amazon market.
When you choose manual repricing, you give an advantage to your competitors to lead. So without wasting your time, use Amazon repricing tool to keep your prices competitive all the time.
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