{"id":6922,"date":"2020-03-05T12:48:45","date_gmt":"2020-03-05T12:48:45","guid":{"rendered":"https:\/\/www.price2spy.com\/blog\/?p=6922"},"modified":"2020-03-05T12:48:47","modified_gmt":"2020-03-05T12:48:47","slug":"why-being-aware-of-your-competitors-product-assortment-is-so-important","status":"publish","type":"post","link":"https:\/\/www.price2spy.com\/blog\/why-being-aware-of-your-competitors-product-assortment-is-so-important\/","title":{"rendered":"Why Being Aware of your Competitor\u2019s Product Assortment is so Important?"},"content":{"rendered":"\n

Although the emergence of eCommerce\nhas largely contributed to a faster and more successful businesses, from time\nto time some stumbling blocks appear. Believe it or no, but one of the most\ncommon ones is that there are a lot of retailers who have the wrong idea of who\ntheir main competitors are. The main problem that arises from this situation is\nnot knowing who of their competitors shares the largest part of their\nassortment. <\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

The product assortment is the cornerstone of a successful eCommerce business. However, there is a step in the very beginning of this process that must not be forgotten, and that\u2019s doing a retail website discovery<\/a>. When combined\u00a0with other tools for competitor investigation it helps with maintaining consistency in product offerings by understanding both customers and competitors better. One of the tools that’ll provide an understanding of the real market and\u00a0find out which one of the competitors shares the largest part of retailers’ assortment is Price2Spy<\/a>. Web discovery is the first and most important step when Price2Spy starts to collaborate with each client. Through our experience so far, it turns out we were right \u2013 clients can\u2019t set the right pricing strategy if they don\u2019t understand the market conditions in the first place. By performing a website discovery they not only find out who their main competitors are but also gain better insight into certain aspects of their business \u2013 one of them being a competitor\u2019s product assortment.<\/p>\n\n\n\n

Reasons for understanding the\ncompetitor\u2019s product assortment are numerous, but here we’ll provide you with a\nfew most important ones.<\/p>\n\n\n\n

1. Making Timely Decisions<\/strong><\/p>\n\n\n\n

In a dynamic environment such as\neCommerce, this is easier said than done. Things can change in a matter of\ndays, so to have on your disposal information coming from different sources is\nextremely important. One of the tried and tested recipes which help online\nretailers to earn more is focusing on Price\nIntelligence<\/a>. Also, making timely decisions gets\neasier when there is a better insight into competitors’ product\nassortment. Application of technologies like Big Data analytics<\/a>\nand machine learning can help in reaching that goal. <\/p>\n\n\n\n

2. Setting Competitive Prices<\/strong><\/p>\n\n\n\n

Even though customers don’t base\ntheir buying decision solely on the price it definitely is one of the most\nimportant buying factors. Therefore, they tend to do a lot of online research\nand product comparisons. Hence, retailers need to set product prices\ncompetitively. To be able to do so, they first need to determine who their main\ncompetitors are and how their price range and product assortment look\nlike. <\/p>\n\n\n\n

3.<\/strong>\nDefining a Successful Business Strategy<\/strong><\/p>\n\n\n\n

Setting the right business strategy\nis not an easy task and one of its most important aspects is the product price.\nSince retailers are not alone on the market, they need to keep track of the\nmain competitors and the prices that they set. Again, one of the most important\nfactors when determining the price range is a product assortment. It’s not the\nsame if the company is competing against the market leader, or for example\nagainst someone who just entered the market.<\/p>\n\n\n\n

4. Avoiding Risks and Costly\nMistakes<\/strong><\/p>\n\n\n\n

Another reason\u00a0that is directly connected to the previous one is avoiding risks and costly mistakes. When there is a good insight into competitors’ actions (and product assortment being one of them) retailers are more prepared and informed when it comes to choosing the right business strategy. For example, if retailers are running these kinds of analysis regularly, they’ll be aware when some of their competitors\u00a0are out of stock for a popular product. If the analysis is performed right, they can only come out from this situation as winners – they are aware of a higher demand for particular products, stock them, and now they can\u00a0seize the market conditions.<\/p>\n\n\n\n

What should be the next step?<\/strong><\/p>\n\n\n\n

As you can see, knowing who are the\nmain competitors and their product assortment is one of the most important\ninformation that a retailer needs in order to stay afloat in this fierce\neCommerce game. If you are the ones who are struggling in this environment than\nit’s about time to find the right alliance such as Price2Spy<\/a>. <\/p>\n\n\n\n

Having any interesting experiences\nwith analyzing competitor product assortment? Please share them with us in the\ncomments section. Everyone grows through knowledge sharing!<\/p>\n","protected":false},"excerpt":{"rendered":"

Although the emergence of eCommerce has largely contributed to a faster and more successful businesses, from time to time some stumbling blocks appear. Believe it or no, but one of the most common ones is that there are a lot of retailers who have the…<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[108],"tags":[524,10,190,161,614],"class_list":["post-6922","post","type-post","status-publish","format-standard","hentry","category-best-practices","tag-big-data","tag-competitor","tag-ecommerce","tag-price-monitoring","tag-product-assortment"],"yoast_head":"\nWhy Being Aware of your Competitor\u2019s Product Assortment is so Important?<\/title>\n<meta name=\"description\" content=\"The product assortment is the cornerstone of a successful eCommerce business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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