Competitive analysis on Amazon means studying your competitor’s listings and products on the Amazon marketplace. It involves looking at features, pricing, branding, and reviews of similar items. Doing this analysis helps in learning about your competitors’ strengths and weaknesses.
How to do competitive analysis on Amazon? It is an important question for sellers. Understanding your competitors gives valuable insights to make your product better. It highlights what clients need and how you may meet the one’s needs. Finding the right competition and information on their approach is key to success on Amazon.
Competitive analysis on Amazon requires looking at several factors for similar products. The features and benefits offered, how problems are solved. Pricing and if it is optimized for sales. Understanding customer reviews gives perspective on likes and dislikes. Branding and how the name is presented. The analysis is quick to complete. but, doing so helps in observing adversaries and modifying approaches.
Understanding the importance of competitive analysis on Amazon
Competitiveive analysis on Amazon is crucial for any seller seeking to succeed within the marketplace. analysinging your competitors, you may gain valuable insights into what customers want and how you could meet the one’s wishes better. The first step is to outline who your direct competitors are. Look for other similar products ranked high in search results for related keywords.
Performing regular competitive analysis allows you to see how your competitors approach different aspects of their Amazon listing. This includes things like pricing, functions, branding, packaging, and customer opinions. Analyzing those areas will spotlight each strength you may capitalise on in addition to weaknesses you can improve on.
Gathering competitor data and insights
One of the best ways to start your competitive analysis on Amazon is by searching for your product and viewing the top search results. Take note of 5-10 competitors that appear most similar to your offering. Record information like their product title, bullet points, images, and pricing. You also can examine how competitors describe the key blessings of their merchandise.
Use equipment like Keepa or Jungle Scout to music competitor pricing adjustments over the years. This will give you insights into optimal price points. Pay attention to whether they frequently run deals and the kind of discounts offered. You can then price your product accordingly. Jot down the number of reviews each competitor has received and calculate their average star rating. This will indicate customer satisfaction levels.
Understanding competitor listings
Take screenshots of your competitors’ product detail pages for later reference. Carefully analyse their product descriptions, focusing on emphasised keywords, unique selling points, and solved customer pain points. Make a note of extra services offered like discounts for subscriptions. Check the video content and detailed specifications mentioned.
See how competitors market their brand through images used, establishing trust badges and compelling value propositions. Make a note of any guarantees or returns policies. Also look at related products advertised and top review keywords mentioned by customers. Summarise key takeaways about their messaging and branding approach.
Comparing listings in tabular format
To effectively compare multiple competitors side-by-side, compile gathered data into a clear tabular format. This allows for easy visualization of metrics like pricing, reviews, product specifications, unique values, subscriptions, and the like. Include 6-10 top competitors for reference.
| Competitor | Price | Reviews | Key Specs | Unique Value | Subscription? |
| Brand A | $29.99 | 450 | Dimension, Weight, Material | Extra Accessory | Yes, 15% off |
| Brand B | $24.99 | 312 | Capacity, Colors, Warranty | Assembly Service | No |
| Brand C | $19.99 | 200 | Voltage, RPM, Size | Extended Warranty | Yes, $5/month |
Regularly revisit this analysis table to track competitor changes. Input the latest pricing, new product images used, or changes in value propositions. This systematized approach keeps all insights organized for actionable ecominsights from an ecominsights tool. Tracking competitor metrics over time using a dedicated tool provides valuable insights that can be used to refine your product listing strategy.
Developing a stronger product based on the findings
Armed with all this competitor data, the next step is to identify gaps in your listing that need improvement. Look for specifications customers care about but you have left out. Analyse top review keywords used and incorporate solving those pain points.
Pricing also needs attention based on your findings. Are you undercutting or overcharging compared to competitors? Consider optimising pricing through deals and subscriptions shown to convert well. Your product description should emphasise unique selling points competitors lack. Also, take inspiration from successful branding patterns seen in leading listings.
Make updates to strengthen your product offering in highlighted areas. For example, provide detailed assembly instructions if that is a common customer issue. Highlight certifications or include accessory bundles that add perceived value. Track sales performance posts reflecting improvements to see the impact. Over time, competitive analysis on Amazon will help enhance your listing to better serve customer needs.
Tracking competitors dynamically
Set monthly or quarterly targets to revisit your competitive analysis table and redo keyword research, competitor listing screenshots, and sales data collection. Things continue evolving rapidly in the marketplace. By keeping tabs on competitors regularly with the right tools like Jungle Scout, you gain invaluable ecominsights into the latest trends and strategies.
Be ready to adjust your approach based on changes spotted. For example, a competitor may revamp branding or launch frequent deals that require a counterstrategy. New players entering the space mean need to expand your analysis. The frequency of revisiting depends on how competitive your product category is. But dedicating even an hour per month keeps your finger on the pulse of competitor tactics for long-term success on Amazon.
Putting completive analysis into action
In summary, competitive analysis on Amazon is a must for Amazon sellers. It unveils how top competitors captivate customers through varied listing strategies. Make this research a habit through consistent data gathering that fuels stronger updates to your product page. Track changes over quarters and years by keeping organised notes.
Most importantly, leverage all insights to continually refine your Amazon listing offerings for improved sales results and customer satisfaction levels. Regular competitive analysis is key to enhancing your product and outranking competition in the marketplace long-term.
FAQ’s
What tools can I use for completive analysis?
Tools like Jungle Scout and Keepa help perform competitor research effectively.
How often should I do completive analysis?
At least monthly to stay on top of changing competitor strategies.
What aspects of listings should I analyze?
Focus on pricing, reviews, product details, branding, and unique selling propositions.
Conclusion
Completing regular competitive analysis is important for any Amazon seller. It provides valuable ecominsights into how top competitors approach different aspects of their listing. This reveals what customers want and expect from a product. By studying competitors, you can identify weaknesses in your listing and areas for improvement.
Doing competitive analysis does not need much time but pays off significantly. Keeping tabs on competitors and their strategies through tools like Jungle Scout allows you to continuously enhance your product based on the latest marketplace trends.
Over time, this competitive research coupled with consistent updates will help optimise your Amazon listing to better meet customer needs. In summary, how to do competitive analysis on Amazon? it is key to outperforming rivals and achieving long-term success on the platform.
