Are you losing sales to your competitors on Amazon and struggling to figure out the reasons why? What if you could spy on Amazon competitors and see what pricing strategies they were implementing to ensure their success on Amazon. It certainly sounds like a challenge, but by utilizing the available Amazon product research tool on the market, you can easily conduct a detailed comparative analysis between yourself and your competitors.
1. Spy on Amazon Competitors’ Sales Performance
Competition is inevitable in any business market. In order to stay ahead of your competitors, the first step is to identify who they are. This can be as easy as performing a search on Google, investigating your competitor’s social media presence, or by looking at the “Other Sellers on Amazon”.
The next step is determining what your competitors are doing, this is often a little harder than simply performing a Google search.
Some factors to consider are:
How are they better or worse than your business?
Do they have more product variety?
What is their average selling price?
How about their reviews, sales, and rank?
It sounds a great deal of time-consuming investigation to take on as an individual.
With an Amazon product research tool such as BigCentral, you can easily review your competitor’s performance at a glance and scope out the competition by monitoring the top brands and sellers.
BigCentral Top Brands & Top Sellers analytical chart gives you access to the competitor’s overall performance with up to 120 days of historical data, as well as their daily sales volume and revenue.
Another way to effectively spy on Amazon competitors is to set up an alarm notification. BigCentral’s alert system will automatically notify you of any changes to your competitor’s inventory, price, reviews, ratings, revenue, and more. This enables you to remain one step ahead of the competition at all times. By gathering competitor intelligence, you can get a clear understanding of where your business is positioned within the market.
2. Spy on Amazon Competitors’ Best-Selling Products
Another key reason to actively spy on Amazon competitors is to find out which of your competitor’s products are stealing your revenue. Your competitors are not just those that are selling the same products as you, but also other brand sellers who are selling products that can be purchased as supplements to what you are selling. Therefore, it is crucial that you track your competitor’s product performance.
With Product Tracker, you can easily identify your competitor’s best selling products and monitor the product price, reviews, sales, profit margin, and inventory amount. With all of this insightful analysis, you can implement actionable plans to compete with your competitors and differentiate your products. By tracking your competitor’s top-selling products, you can establish why their best sellers are selling differently and further utilize the information to form new product ideas.
3. Spy on Competitors’ Keywords
Try to type the keyword of your product in the Amazon search bar, and you only see competitors’ listings on the first search result page? Except for using Amazon PPC to optimize your product listings, you can find valuable keywords by spying on what keywords your competitors are using.
The Reverse ASIN feature can instantly expose the popular keywords they use, search volume, average sales, most clicked rate, and more critical performance metrics to save you a lot of time and effort on doing your own Amazon keyword search and steal search traffic from your competitors.
4. Spy on Competitor’s Promotions & Off Amazon Marketing Measures
Have you ever wondered why you’ve suddenly lost a significant amount of orders to your competitors? After spending a long time researching, you then realize that your competitors were running a special promotion. Knowing what your competitors are offering can help you measure their strengths and weaknesses, hence gaining further insight. But how can you discover when your competitors are running promotions? Here are a few ways:
- Check “Today’s Deals” on Amazon.
- Visit your competitor’s website to see if they are offering any discounts or deals.
- Check on social media, blogs, email, affiliates, etc. Many brand sellers will also release their special deals on fan pages so you can spy on their promotional campaigns online.
As you know, Amazon is highly competitive and there will always be sellers that want to steal your customers. One of the key steps to ensure you stay ahead of the competition is to actively monitor your Amazon competitors. Start tracking your competitors with BigCentral by adding both your competitors and your products to the Product Tracker. This will enable you to stay up to date with your competitor’s performance, pricing, sales, and ratings and also help you to fine tune your Amazon business strategy.
This blog post was originally published by Alexis Rutherford in September 2018 and was updated by Christina Chen in July 2020 due to product updates or Amazon policy changes.