The importance of monitoring your competitors on Amazon

With the volatility of the market, it is becoming increasingly important to design strategies that allow for the smallest decrease in the amount of online sales due to the high competition among sellers. Therefore, being able to apply a method that combines observation and monitoring of the competition will make it easier for you to become a strong competitor.

This observation method is something that has been carried out by many brands in the market; at least since 2018, there is an estimated 8% growth of Amazon according to a study made by the Feedvisor platform, which reviews the characteristics of the products for sale and their level of competition, based on: prices, buyer reviews, and services offered. To apply this monitoring is to upgrade to what other competitors in the market have been doing for a long time.

Monitoring the competition is a strategy that benefits the company.

We explain how to become functional for your company to gain market share, scale and be a competitive company: it is possible to achieve this by monitoring and using price monitoring to your advantage, and by performing a competitor breakdown.

Monitoring the competition, an easy task:

The first thing is to be able to monitor the status of your company and your products on Amazon. It will be of great importance that you can establish the number of competitors that sell the same products.

Checking their storefront allows you to see the competitor’s entire profile, brands in stock and prices. It is also important to check your handling in sales networks such as marketplaces, and other domains outside Amazon to establish locations or access points to stronger customers of the competition, and use to your advantage the places where they have less sales presence.

A second part of this research is to establish the strategies that competitors use for e-commerce. Checking the list of keywords, checking the quality of the product offer by looking at the photos, description, design, labels, product reviews, will allow you to make a detailed profile of the competition.

It is also important to review the price variables of the same product. You can observe the patterns of behavior on the best-selling products, or with more detailed sales. In this way, your pricing strategy will be in line with the levels of competition on the platform.

Finally, making use of sales estimators allows you to check the monthly sales behavior of all the chosen products. This will help you to always have the most competitive items in your stock.

It is important to recognize that monitoring competitors will help your business become stronger on online sales platforms. That’s why having a price tracking and control tool, such as flipflow, will put you one step ahead of your competitors.