Competitor Analysis for Ecommerce Demystified

Today’s Volusion blog post discusses a way for your online business to size up the competition. Step one is to better understand them by conducting a competitor analysis, which includes competitor identification, strengths, SEO standing and more. Upon completion, you’ll be better prepared to build a winning strategy.

This week we’ve focused on the overarching concept of situation analysis, which is a method used to clarify the current standing of your business. We started with the basic SWOT model on Monday and dived into the “5 C’s of Marketing” in yesterday’s post. Today, we get into the fun stuff by looking into competitor analysis. As the term indicates, this analysis consists of profiling your rivals to learn more about their operations. Think of it as playing the part of an ecommerce James Bond.

So why should you conduct a reconnaissance mission on your counterparts? Take a look at the following reasons:

While brushing up on this topic, I quickly realized that there is minimal information regarding competitive intelligence for smaller businesses, particularly those primarily operating online. Thus, we’ll build our own model. Check out some of the following ideas to get started:

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The goal of this analysis is to provide a living library of what your customers experience upon visiting other sites. Additionally, this specific exercise allows you to fully understand where your business ranks in the playing field. Now, take this information and start building a strategy to make your online success soar above the rest.

And stay tuned! Tomorrow I’ll reveal the entire point of conducting all this analysis over the past three days – you won’t want to miss it.

Happy Selling!
-Matt Winn, Marketing Associate

 

What is your experience with competitor analysis? Do you know of any other resources to help ecommerce sites gauge the competition? What questions do you have about this topic? Is there any information you can provide about gauging others' SEO strategies? Any other thoughts? Feel free to share below - we're always happy to continue the conversation!

Matt Winn

Matt Winn was Volusion’s Senior Brand Manager, where he helped oversee branding and communications efforts. Matt has created hundreds of articles, videos and seminars on all things ecommerce.