The way to succeed in the ever-competitive ecommerce landscape is by utilizing market intelligence to the fullest.
Here are three key steps to harness its power effectively:
#1 Identify your objectives
Firstly, you must establish the goals and objectives of your ecommerce business. Once you have a clear picture of it, you can start defining specific targets like areas of improvement, be it increasing the product catalog, improving pricing strategies, or boosting user satisfaction. Having clear goals will assist you in making a game plan and prioritizing certain actions to achieve them faster.
#2 Gather and analyze data
Once you have an action plan, it is latvia telegram screening time to gather and analyze data. Based on your priority actions, gather relevant data and utilize one of the market research tools that have been listed above to get relevant data and insights.
Once you have these in hand, you must analyze them to make informed decisions. For example, if your goal is to study your competitors and their actions, focus on competitor metrics like revenue estimate, reputation, weaknesses, and market position.
However, this is not to say that your competitors would not be analyzing your online store as well. In fact, according to Forbes, 57% of companies say that gaining a competitive advantage is one of the top three priorities in their industry. [2] That’s something to keep in mind!