Importance of Product Competitor Analysis on Amazon Marketplace?
Competitor analysis is all about learning your competitors' marketing strategies, products, and selling techniques. It helps you understand how your competitors market their products and how you can compete with them effectively. To sell your product on the Amazon marketplace, you must conduct a competitor product analysis first. It helps you identify potential threats from other sellers of similar products and opportunities to stand out from the competition. An in-depth competitor analysis will help you evaluate the strength of your competitor's marketing and pricing strategies and also discover where they might have gaps in their product range. The more market intelligence you have about your competitors, the better prepared you'll be to launch your product on Amazon Marketplace successfully. This is just not only for amazon but also on other major marketplaces like Walmart, Best Buy, Bonanza, etsy, eBay, houzz, jet, Newegg, chewy and other major marketplaces.
Why is competitor product analysis important for Amazon sellers?
When you understand your competitors' marketing strategy and know what's currently selling on Amazon, you can make strategic marketing decisions for your product launch. You'll be able to determine the best product category to target, the product title and description that will appeal to your target audience and the price that will be most competitive. You can also use information from your competitor analysis to create a marketing plan that will help you promote your product. For example, if you know that similar products are currently low-priced, you can choose to price your product lower than the competitors to increase sales. If your competitors mainly rely on organic search traffic, you can choose advertisements on amazon (pay-per-click) as a marketing method to make your product more visible to buyers.
How to conduct a product competitor analysis on Amazon?
Find out what's currently selling on Amazon
One of the best ways to discover what your competitors are selling is to use the Amazon Sales Ranks feature. It will help you discover the top-selling products in your product category. You can easily find the Sales Rank of top-selling products by searching for a product directly on Amazon. To view the Sales Rank of products on Amazon, search for the product and scroll to the right.
Find out which products and services are not available on Amazon marketplace
It could be an opportunity for you to provide a product or service that is not currently available on Amazon. If you find out that potential customers are looking for a specific product and it's unavailable on Amazon, you could target that market with your product.
Find out how your competitors advertise on Amazon marketplace
To find out how your competitors advertise their products, you can visit the product detail page of a top-selling product in your category. You'll see the product title, which is the central part of the product advertising. The product title is what shoppers will see on the Amazon search results page. To see the product description scroll down and click on product description. The product description includes essential facts about the product and the benefits customers get when they buy the product.
Learn about your competitors' strengths and weaknesses
After completing the above steps, you'll have information on what your competitors are selling, which products are not available, and how they are advertising their products. Now you can use this information to understand your competitors' strengths and weaknesses. You can use this information to make strategic marketing decisions for your product launch.
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