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Introducing the Free Amazon Competitor Analysis Tool
In recent years, Amazon sellers have faced intense competition as more and more buyers choose Amazon as their preferred shopping destination. With roughly 6.3 million sellers and approximately 2.4 billion combined desktop and mobile visits, it is no surprise Amazon is considered the largest online retailer in most of the world.
Successful Amazon sellers constantly outperform their competitors, staying one step ahead with their pricing and strategies. How do they do this? By conducting detailed competitor analyses. These analyses can take hours, and in today’s fast-paced environment, hours are too late.
Read on to understand why knowing your competitors is necessary, and learn the competitive analysis steps suggested by our Amazon experts to help you win on Amazon.
Why Do You Need to Keep Track of Your Amazon Competitors?
Not only is Amazon the biggest online retailer in the world, but it’s also rapidly expanding into new markets, with five additional countries planned for early 2023. So, if you’re not keeping track of your Amazon competitors, you’re likely losing out on lucrative opportunities and new customers.
Here are a few reasons why tracking your Amazon competitors is important:
- You’ll be able to identify which products and brands are most popular to better inform your product selection.
- You can see which strategies your competitors are using to attract customers and grow their business.
- You can learn from others’ mistakes and adapt your own strategies accordingly.
- You can create a plan of action to compete head-on.
Identifying and Defining Your Amazon Competitors
The best way to beat your competition on Amazon is to find and define your competition. The only way this can be done is by conducting thorough market research, analyzing customer reviews, and examining their product listings.
But it doesn’t stop there. Remember when we said that Amazon’s competition is constantly expanding? If you haven’t conducted market research in the last year or longer, you’re missing out on the new competition that has since started selling on Amazon.
Conducting Market Research
To find your top competitors, check out products similar to yours and visit the seller storefronts. View all the products they’re selling and where they’re selling them.
You also need to identify which keywords are driving traffic to their listings and ensure that your listing matches them as closely as possible. Use Google AdWords analytics to see which keywords drive the most traffic to your competitor’s websites.
Examine Product Listings
Product listings give a wealth of information for conversion insights.
Pay special attention to the following elements:
- Images: Are they high quality and relevant? Where are they placed on the page?
- Length of the description: How long is it? Most customers prefer short and concise descriptions, so they don’t feel overwhelmed or lost while reading them.
- Prices: What is the current price they’re selling at? Is it higher/lower/same as yours? Are they offering deals? Make sure that your prices are competitive and reflect the value of your product.
- Shipping options: Do they offer free shipping or 2-day shipping? These tend to increase conversion rates as they motivate customers to purchase, even if your price is slightly higher.
Analyzing Customer Reviews
Look at how many reviews your competitors have and see who is rated higher than you are. Taking this approach will help you better understand the needs and demands of your customers, in addition to the strengths and weaknesses of your competitor’s products.
Generally, we’ve seen that if all top five results have 300+ reviews, this will be hard to win against. But you can also look for the quality of reviews, problems that customers site, responses from the competitor, and perks that they note.
If many of the top competitors site a similar problem with the product that can be easily fixed with additional images or information, such as not understanding the size of the item, you can avoid making the same mistakes and understand the features customers do like to incorporate into your product listings.
Also, be sure to pay special attention to repeated phrases and keywords.
Further Reading: Competitor Metrics You Should Be Tracking
Planning Your Amazon Strategy
Once you have a clear understanding of your competitors, including your competing, complementary, and substitute products, then it’s time to start planning your strategy.
For example, while the cost of a bike wheel or accessory will not directly compete with the cost of a complementary bike, the demand for the bike will have an impact on the effective price of the bike wheel. Knowing which bike sellers to keep an eye on will help you take advantage of an opportunity to raise the price of your bike wheel if there is a rise in demand.
To increase your chances of success, make sure that you always have fresh, high-quality content up for sale on Amazon. This will help you attract more customers from the search engine results pages (SERP), as well as from users who are browsing Amazon for specific information about a particular topic.
Finally, stay consistent with your marketing efforts – don’t let rival sellers steal your thunder by launching new products or promoting their listings more aggressively than yours.
While this seems like a lot (and it is) many sellers ask if there is an easier way to conduct competitor analysis. There is! Introducing Feedvisor’s Amazon Competitor Analysis Tool, the only free tool allowing you to analyze your top competitors on your top 20 products.
What is the Amazon Competitor Analysis Tool?
Feedvisor’s Amazon Competitor Analysis Tool is the only free tool designed to provide sellers with insight into their competitors and help them choose the pricing strategy that is right for them.
The tool gives sellers real-time data about how their price and Buy Box win rate compare to that of their major competitors so they can identify areas for improvement, understand what drives successful performance on any given day, and ultimately increase revenue.
How Does the Amazon Competitor Analysis Tool Work?
The Amazon Competitor Analysis Tool compares your product’s data with the best-selling products in a similar category and shows sellers how close they are to winning the Buy Box for any given product. With this information at hand, sellers can then assess where they stand in relation to their competitors and adjust their strategy accordingly.
This will help you strategize how to create a competitive advantage and win the Buy Box for higher sales.