As a continuation to our previous article, once you have identified and categorized your competitors, you can then begin the actual competitive analysis for your eCommerce development. In the online platform, an understanding of your competitor’s eCommerce development strategy and their market positioning would help you to get critical insights on their business, which can be used to improve your own eCommerce development plan and market ranking. In this article, let’s take a look at the critical aspects of doing a competitive analysis on your competitor’s website and online strategy, along with getting insights on their market positioning.
An effective online eCommerce presence includes both design as well as marketing aspects. If you are planning to set-up an eCommerce store, or are looking to revamp your existing eCommerce development plan, you can have a look at your competitor’s websites to get a better idea of how they are placed. This will help you have a better eCommerce development plan for working with, and ideas to stay ahead in the race. Below are a few points that you need to check to get a better understanding of the competition.
In order to understand your competitor’s Market positioning, you would need to check on a few aspects such as what makes their store and offerings unique, how well do they distinguish from their competitors and what aspects of their marketing strategy are more focused to get more market for their products. You can do the above by signing up for their newsletter or blog, follow them in social media, make a small purchase from them or try abandoning a shopping cart and see how well do they follow-up with you. This will give you a better understanding of the “Distinguishing” elements of their marketing strategy, which is what you should also be focusing on, to stay ahead in the race.
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