My guess – not many.
These days, almost any product or service you can think of; it’s already being sold by someone else.
It doesn’t matter if you sell consumer goods or smartphone cases or just about anything; you’ll always have competition.
And that’s both a good and a bad thing.
What’s bad about it?
The reason why we claim competition to be a bad thing is that you’ll have to share your customers with your competitors. You’ll have to ensure that your business model isn’t an exact replica of theirs. And most importantly, you will have to spend hours thinking about your unique approach to stand multiple steps ahead of your competitors. Otherwise, you may end up losing your customers to them. And that’s a loss you shouldn’t afford.
On the other hand, the reason why we think competition is the good thing is that it helps gain deeper insights into your market. Before you even kickstart your operations, you can familiarize yourself with the consumer demand and potential for growth. Moreover, you can learn more about the marketing tactics and strategies that work and the ones that don’t.
But the “good” part isn’t applicable for businesses that don’t conduct thorough competitor analysis.
The global E-Commerce retail sales reached $4.28 trillion in 2020. That’s a massive 27.6% rise when compared with 2019. At the same time, worldwide retail sales declined by 3%.
The Covid-19 pandemic fueled this game-changing shift to online shopping. But despite things now getting back to normal, online retail sales in 2021 haven’t witnessed a decline.
In short, the E-Commerce industry is simply unstoppable. And soon, we’ll witness a boom.
But, at the same time, we’ll see more and more E-Commerce players making their way to the market. This will, in turn, lead to fierce competition. And if you want to gain deeper insights into your market, consumer demand, marketing tactics, and other elements, you can’t afford to avoid competitor analysis.
This should be done way early – preferably during the research phase. But don’t worry if you have already launched your E-Commerce store. You can always carry out competitor analysis and revamp your marketing and branding strategy accordingly.
In this blog post, we’ve listed seven steps you should follow to know the ins and outs of your competitors’ business and marketing model.
Let’s dive straight into it.