Every business works for getting success in their respective fields. Significant competitive research can make or break the business market instants, especially if you are in the eCommerce line and doing your business on giant platforms like Amazon and eBay. To take your eCommerce business onto the next level, the best thing you can do is “Research”, a competitive Amazon marketing and eBay marketplace research. It will not only help you to understand the market tactics but will help you to stand ahead in selling the competition.
Amazon holds dominance in the U.S. eCommerce retail market; it has 41% of the total market share in 2017 and now expected to reach 50% in 2021. Not only Amazon but eBay also ranked as the most popular online marketplace by the U.S. online sellers. eBay received 79 out 100 ACSI ranking in the U.S. customer’s satisfaction segment.
However, the Amazon competitor research and eBay market research is not an as easy task as it looks; it takes a lot more focus, effort, and time. But in the end, it will help you gain a competitive advantage so that customers will click on your listing and buy from you instead of somebody else.
Once it comes to product analysis, there are several factors to consider: niche selection, brand limits, rivalry, sale fees, and so forth. We’ll share some tips with you in this blog that you can use as a reference when you perform Amazon competitor analysis and eBay marketplace research.
So without any further ado, let’s get started.
What research is all about and why it’s important?
The research entails evaluating existing consumer dynamics to choose “winning” products that are likely to produce high sales. The concept is to look for goods that you can get for a low price and offer a competitive rate with healthy profitability. You won’t spot genuinely lucrative products if you do not even spend enough time perfecting your research skills. Choosing random items only because you like the way they look and think they’ll sell on Amazon or eBay isn’t going to cut it because what you’re thinking and what your testing would reveal is likely to be dramatically opposed!
Finding winning items on Amazon & eBay needs a lot of research. As a result, you must ensure that you do it correctly and know exactly where to conduct your analysis!
Here are top tips you can follow for an effective Amazon & eBay Competitor Research-
Research your competition
Do you know your fierce competition? What are their marketing strategies? These are a few critical questions that might hit every Amazon or eBay seller’s mind. The first, foremost step in market research is “SEARCH YOUR COMPETITORs”. Today, the market is already overcrowded with businesses offering similar kinds of products and services. Therefore, to make a robust competitor analysis report, it is essential to know your competitors well. We have mentioned a few questions that will help you to search your competitors firmly-
- Do your competitors dispersed through multiple marketplaces and countries, or are they concentrated in one location?
- Do they sell additional goods, or are they concentrating on your niche? (If so, understand why they do it).
- How often products do they have in their store?
Such questions help you to dig and learn more about competition. Apart from it, keep a close eye on both the successful sellers and know what the poor sellers are doing (or not doing) so that you can distinguish their strategies and work on the one that brings value to your business.
Audit Your Competitor’s Services
To better understand how the supply chain operates, you should buy a product (or many products) from your competitors. It will help you quickly grasp their service quality, how they serve, what is on the invoice for the product you bought, how the shipment arrives at your door, and whether it includes any promotional content. It will help you to understand their selling and serving techniques that attract customers.
Find a Product
Here, you can find the most endowed and wish-listed items in your chosen category! Isn’t it fascinating to learn this? This will save you a lot of time when it comes to finding fantastic things to sell while doing Amazon competitor research. You could notice an excellent product with high profitability and low competition on this list and a high sales demand mainly during the festive season.
Use Analytics Tools
What is your competitor’s listing tool? Which ERP and CRM system do they use to manage their operations and customer base? What method do they use to send out invoices? What are the available payment options? Knowing these things will help you understand much more about the techniques your competitor uses, and, as a consequence, you’ll be able to figure out what constraints they face.
Evaluate Competitor’s Pricing
Another critical aspect in Amazon’s competitive analysis is Competitors Pricing. The pricing of a product or service has a significant influence on the end-users. It can affect the purchasing decisions of the shoppers to a great extent. Thus, your business needs to keep a close eye and compete with your opponent’s pricing to make profits. Several price monitoring tools and software available in the market help you assess your competitor’s pricing quickly. But always try to keep your competitors’ pricing as a support, not a model to follow.
You can monitor eBay trends using third-party software as well. Terapeak, for example, will assist you in analyzing the items that are being marketed and recommending ways to improve your listings. Another app, HammerTap, will help you develop new ways to profit from your eBay listings by helping you better understand what people look for on the site. You’ll also learn about direct rivals, create attention-getting names, and end your auctions when the happiest times are.
Use Social Media Competitor Analysis
Social Media is a robust tool that can help you keep an eye on your competitor’s business performance. Today, every business, be it a small scale or a large enterprise, moves towards social media platforms like Facebook and Instagram to target a large audience. It is crucial to approach your competitors on different social media platforms, as every platform has a separate segment of audience and in-platform tools. Also, users have different expectations of services and content from every individual platform. By tracking your competition’s social media activities, you will understand your users’ preferences and get detailed insights about your competitors, like how they address their customers and what messages they send to gain more followers. This analysis will help you to understand what strategies you can opt to expand your customer base.
HootSuite, Brandwatch, Sprout Social, Sociality.io are a few popular social media competitor analysis tools that can help you analyze and evaluate your business market accurately.
As you’ve seen, there are various ways to conduct Amazon and eBay competitor research, and although the findings are not immediate, they are critical to success. If you always meet the defined guidelines and remember to ‘niche down’ your research using competitor knowledge and patterns to support you, your Amazon competitor research and eBay competitor analysis would never cause discomfort.
The Amazon competitor research and eBay marketplace research will be thorough and efficient if you implement these measures. If you’re looking for expert help, connect with team4ecom.com, leading eBay marketplace consultants with profound knowledge and years of experience in eBay competitor analysis and market research. Our team of experts can help you with all sorts of data, including the competitor’s selling price, click-through rates, conversion rates, and more. So, without wasting any of your precious time, get in touch with us and get the best-in-class market research services.