Analyzing Competitors on Amazon
Amazon Sellers must keep on top of the competitive landscape if they want to be successful. Analyzing competitors on Amazon can be a crucial part of helping you be more successful selling on Amazon. You have to research things like:
Is their product better than yours or other similar products? If so, what makes it better?
What are they doing that you aren’t to get more sales?
What in their listing(s) can you emulate in your own to get more sales?
The best place to start analyzing competitors on Amazon is by looking at reviews. Reviews hold a wealth of information about the things customers love and hate about the product. If there are any issues, especially recurring, those are the kinds of things you want to pinpoint to try and fix in your own product. If you can solve issues customer are having, you will likely gain customers over your competitors.
Pricing is another important, yet tricky factor you need to consider when analyzing competitors on Amazon. Look at your competitors prices and figure out if yours are competitive. Are they too high or too low? You may think that you should have really low prices, but you’d be wrong. Customers view prices that are too low compared to similar products as an indicator that the quality of the product will be considerably lower. They are willing to pay a decent price for decent quality products. Price is certainly important when it comes to winning the buy box. You can attempt to continually undercut your competitors’ prices, but that can be a risky strategy, since it will inevitably lead to a race to the bottom.
When looking at your competitors, assessing their listings can make a big difference in your strategies. Analyzing competitors on Amazon requires many strategies if you want to find an edge over them. Look at their listings and identify any weaknesses that you can fill within your own listings. Do they leave gaps in their description that could help more customers make the decision to buy? Are they utilizing their bullet points fully? Are their product photos high-quality and do they highlight all the features of the product? Performing constant listing optimization is a great way to ensure you stay on top of your competition.
You can use lots of different tools for analyzing competitiors on Amazon. Check out our eBook on Free (or almost free) Tools for Amazon Sellers here!
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