It’s no longer enough to have a winning product. In the current climate, many e-commerce vendors will have the same winning product as you.
Echter, if you do want to stand out you must consider how you can increase your competitive advantage. If you want your store to be successful, then you should take serious time thinking about what your competitive advantage is and how you hope to increase it.
The crux of it is: any owner of an e-commerce store should be seeking ways they can provide a better solution, product or service than its competitors. This can be done in a number of ways, you could find your competitive advantage through your low costs, or you could find it through your brand story.
However you choose to find it, you should stick to it and make it a habit to improve over time.
In deze post, we’re going to look at a range of price tracking functions that increase competitive advantage for e-commerce retailers. And after you’ve read this post, try and implement a few of our ideas. We’d love to hear your results!
Benefits of having a competitive advantage in e-commerce
We mentioned earlier in this post that the entire ecommerce landscape is saturated, where everyone is vying for potential customers attention. You are no different.
That’s why it’s important to decipher how you will gain competitive advantage and the process you’ll use to get there.
When you have a competitive advantage you have a reason why shoppers should use your store as opposed to other peoples.
We can’t tell you the best way to increase your competitive advantage as the method you choose will largely depend on the business model you have.
But your options range from:
- Using price tracking functions to increase competitive advantage
- Creating a well-known, brand story to use as your competitive advantage
- Having the best-patented product
In deze post, we’re going to look specifically at how you can use a price tracking software and the functions within them to give you that strong competitive advantage you’re looking for.
Improve your productivity and increase your ecommerce competitive advantage
Whether you’re a solo e-commerce founder or a team of people working together, there is always more work to do than you can handle.
If you want to increase your competitive advantage, you need to be coming up with ideas of how you could do that.
It’s an ongoing process to ensure you’re not taken over by your customers. But if you also have to concern yourself with pricing, how will you find time to improve your competitive advantage. That’s why automatic price tracking is so important. It can help you alleviate the tedious work of price tracking manually and give you more time to focus on the important parts of growing your business.
Bovendien, as humans, we’re prone to making mistakes. It’s natural and something that can be stopped by automatically tracking your competitor’s prices.
Stay ahead of market and industry trends
When it comes down to it using price tracking software will help you increase your competitive advantage by staying ahead of the market and industry trends. Pricing is an observable source of data that can show you a lot about what your competitors are currently, or have previously offered.
In today’s landscape, the more information you collect, the better your competitive advantage will be. Tracking your competitors pricing and promotional tactics in real time will help you factor these into your own strategy. It will give you a clearer view of market standing and ensure you never miss a price change.
How does this give you a competitive advantage, Hoewel? In het kort, a deep focus on competitor price analysis will help you make better forecasts based on real data rather than guesswork.
Competitive advantage increases in line with profit
If you want to see profit increases of up to 18%, you should change your prices based on the data you collect.
Price is a great competitive advantage, especially for those companies who perhaps don’t have the strongest brand voice. If you can offer the same product for cheaper than your competitors, it will give you a significant competitive advantage especially when it comes to shoppers looking for a bargain.
In order for this approach to work though, you should ideally be tracking prices daily. This is vital because competing in online retail is becoming more of a “real-time” game where you need to be proactive as opposed to reactive.
Amazon is a great company whose competitive advantage is often price. Bijvoorbeeld, you could buy this double-bed memory foam mattress from Amazon for £69.99.
But a similar double-bed memory foam mattress from leading memory foam retailer, Tempur, the total cost is £2,049
Tempur is a leading company in their industry and as such have had to build a brand to support that. If not, how would they hope to make any profit when you can buy a similar product on Amazon for a fraction of the price.
If you do have a product that seems to be more expensive than others on the market, do ensure you have spent the time saved from manually price tracking building your brand story.
Competing on price using data from a price tracking software will help you optimize sales and profits. It will help you justify your decision to raise or lower prices based on the company’s current position in the market.
In the competitive world of ecommerce, everyone is hoping to gain a significant competitive advantage.
In deze post, we’ve looked at how certain price tracking functions can give you that exact competitive advantage and leave your competitors wondering how they can ever live up to the great expectations you set for your customers.
When you utilize the full power of price tracking software, your business can benefit from not only an increase in productivity but an increase your bottom line profits. If that’s not something to get on board with right away, I don’t know what is.
And if you’d like to look further at a price tracking software to help you achieve a competitive advantage, then why not check out our product, Prisync and make use of our free 14-day trial. (No credit card required).