The e-commerce market is highly competitive and thus e-tailers operating in this environment may follow four ways to optimise an e-commerce performance. You must be well-aware of what is happening in your market in order to stay ahead of your competition and increase your customer base and volume of sales.
1.Identification of competitors
The first step towards success is to have realistic view of the market, in other words knowing who your main rivals are, as well as the ones emerging. The list of competitors will depend on the market one is trading in.
2. Detection of competing produtcs
Once you have identified the rivals’ sites, you can take further steps into the analysis, that is knowing which one of your products are truly competitive. By discarding those products that are more expensive than your competition’s, you will offer your customers a much more competitive image, in Google Shopping for example. Monitoring these products will lead to possessing updated data on prices and stock, you can make the necessary changes in regards to pricing.
3. Data scraping
Data Scraping is the process of capturing data about all competitors’ prices and stocks. This should be done on a daily basis in order to obtain realistic price evolutions. Thus, users are given an accurate calculation on their level of competition against their rivals.
4. Monitoring and updating on price and stock
The results from the data scraping re expressed in percentages and values of prices to understand to what extent customers are more expensive or cheaper than their competition. The Price Intelligence Software generates a positive outcome on an e-tailer’s daily performance by knowing the competition’s price fluctuation and establishing automatic connections for the customer. Combined, this offers a realistic positionment of the e-tailer in its market which allows to reprice and therefore acquire lower or higher profit margins.
Don’t hesitate to visit us at www.akshatech.com and find out how our Price Intelligence Software can help you to succeed in e-commerce.