Keep an eye on your competitors’ pricing, product inventory, and customer reviews using complete structured web data, ready to be analyzed.
Singles Day, Black Friday, Cyber Monday, and Christmas are just around the corner.
Is your holiday eCommerce strategy ready?
Here are the top 3 strategic moves you can use to beat your competition this holiday season.
Match & beat your competitor’s pricing strategy
Knowing which price point generated sales will help you determine pricing and promotions. While insights of real-time promotions will help your product listings stay relevant, there are multiple factors you should evaluate using an eCommerce dataset.
- Compare competitor pricing for every product and analyze actual price, discount offered, delivery cost and match it or even offer a better price.
- Find the exact match for each SKU, track price changes, chart the price history for each product, and determine the right price for every SKU.
- Compare prices of identical products for all competitors to unlock dynamic pricing models in real time.
Discover the customer sentiment of your competitor’s products and services
Customer sentiment refers to the different emotions your customers go through, positive or negative, while engaging with your brand. But why is customer sentiment important for brands today?
Sentiment analysis can provide online sellers with eye-opening insights, which allows them to offer more of what makes their customers happy. You can improve customer satisfaction, loyalty, and lifetime value through customer sentiment analysis, thus maximizing your business’s profits.
Here are 3 ways to adjust pricing and product strategies using consumer sentiment extracted from the eCommerce dataset:
- Find out which categories and brands are trending in each country to validate styles, assortment, and merchandising decisions.
- Collect reviews on competitor products to discover what is most concerning to customers and use that information to finetune your product inventory, delivery method, or even pricing. For example, suppose consumers were disappointed that items did not arrive on time for the holidays last year. In that case, you may consider offering a guarantee this year: receive the item by Thanksgiving, or get your money back!
- Social listening is a great tactic for monitoring brand reputation. By tracking mentions of your brand on social media platforms, you can gain further insights into what potential customers are looking for.
Optimize your inventory with real-time product discovery and matching
Say your competitors add a trending gadget hours before Black Friday kicks off, and you are the only seller missing these new gadgets in stock. That would be an unfulfilled market gap that can most definitely be avoided. Pre-collected or custom datasets delivered on demand or pre-scheduled is exactly what you need to revolutionize your inventory.
Using eCommerce or SERP datasets, you can understand customer demand and adjust your product inventory based on what users search for, comment on, what competitors offer, and more.
A few ways to utilize the eCommerce product dataset:
- Spot shifts in consumer demand and quickly identify products that have decreasing/increasing popularity among buyers.
- Review social media posts, hashtags, and comments that indicate upcoming trends this holiday season.
- Discover top-selling products to add to your inventory and track your competitors’ inventory & fulfillment on all eCommerce platforms.
Bonus point: Monitoring when competitors are ‘out of stock’ of popular items, especially during the holiday season, can give you a huge competitive edge. When you have that item in stock, you will likely gain their trust, which can translate into a long-term value customer.
Simply put, data-driven strategies improve profitability. To stay ahead of your competition this holiday season, adopting the different strategies mentioned in this article is one way to go about it. Once you’ve analyzed your competitors’ activity online, from pricing and product inventory, to what their customers are saying about them, you can easily adjust your eCommerce holiday strategy and boost your sales.
Bright Data’s Dataset Marketplace offers a variety of datasets that fit any use case. We also provide custom datasets to fit your specific use case that can be delivered on-demand or scheduled.