Mining for data can be hard work, but can be very beneficial for online retailers to stay competitive. You can look for competitor prices, but even better, you can look for competitors pricing structures to be able to have an edge against the competition. A useful tool, too, is to do a SWOT analysis to compare yourself to your competition.
Key Takeaways:
- Competitive intelligence can give you a unique view of your product assortment in relation to your competitors’. It provides you with a venn diagram of sorts, representing where you and your competitors’ assortments overlap.
- Viewing competitor prices over time can give you an idea of how they price their products, and these trends help you improve your own pricing strategy in the future.
- An immediate result of data mining is automated repricing. Retailers can stay competitive by changing the prices of their products in real-time to combat heat seeking competitors.
“It’s one thing to mine competitive prices, but it’s an entirely different ballgame to infer competitor pricing strategy based on it. Viewing competitor prices over time can give you an idea of how they price their products, and these trends help you improve your own pricing strategy in the future.”
http://blog.wiser.com/top-5-ways-online-retailers-can-use-competitive-intelligence-drive-value/
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