6 Must-Use Tips to Beat Intense Competition on Amazon - Old database US

What’s Covered!

Expert Advice: 6 Must-Use Tips to Beat Intense Competition on Amazon - Tips by Pritesh Mittal (COO & Co-founder, Growisto)

Webinar of the Week: Maximizing Profitability on Amazon: Data-Driven Strategies for Success (By Kiran Patil - Director, Growisto)

Tip of the week: How can tech and marketing teams work together to boost organic traffic?

Case Study: How did Growisto help a leading consumer brand achieve a 90+ page speed score?

Tool of the Week: Leverage Advanced Repricing for Amazon with Seller Snap

Expert Advice

6 Must-Use Tips to Beat Intense Competition on Amazon

Amazon becomes the preferred eCommerce channel for more and more buyers, the competition amongst sellers continues to get increasingly fierce. To become and continue to be a successful seller on Amazon, you need to constantly outperform your competitors. However, it’s not just enough to have a great product. To be able to survive and succeed in the Amazonian Business Jungle, you need to have a soAs lid strategy in place to beat all competing players.

The most efficient way to make sure you stand out is by conducting a thorough competitor analysis. This will not only help you strategize to create a competitive advantage, but also increase your chances of rising up in the search rankings and secure higher sales. 

In this newsletter, we reveal strategies that sellers must implement to carefully analyze their competitors and get a bigger share of the sales pie:

1. Identifying the right competitors:

It is difficult to beat someone when you don't know who you are competing against! There will broadly be two kinds of competitors for any product:

• Primary competitors - those selling the same product or targeting the same audience as yours

• Secondary competitors - those offering a higher or lower-end version, but still solving a similar need as your product. 

Relevant competitors can be shortlisted on the basis of various factors like - intent of the product, price range, number of reviews, target audience, brand presence, etc. The underlying idea is that your competitors’ list will also keep on evolving as your business scales up on Amazon.

Another strategy that we like to use at Growisto is focusing on studying Amazon Brand Analytics data. We tap into these metrics to shortlist the top converting competitors.

2. Studying competitor's product portfolio to develop new products:

Once you have determined who your competitors are, you need to carefully study their product line to see what all is on offer. This would help you identify those products that are currently not available in your own portfolio and take a call on if you would want to launch this product as a part of your catalog on Amazon.

Another way to identify new product launch opportunities could be by mining the Amazon Brand Analytics data. This data can help you gather product ideas by analyzing what alternate products do users usually view and purchase, in place of your products. You could also study the “Frequently Bought Together” section of your competitor’s products to see what customers are usually interested in buying within the same or similar category. 

3. Auditing competitor product listings:

Ranging from the title and description, to the images, you must extensively work on understanding the attributes highlighted in the competitor’s product listings. Prioritize understanding highlighted advantages, USPs, and addressed pain points in product descriptions and bulletins.

Want to go a step further? Browse the Q&A section of the competitor’s listing! Observe the kind of questions asked, the tone used, and the answers provided.

Furthermore, conduct regular audits of competitior listings to understand keyword strategies. We suggest comparing your keyword rankings with those of your competitors, and repeating this strategy every few months to stay on the top of your game.

4. Assessing competitor prices and sales:

We recommend setting alerts and monitoring your competitors’ pricing strategies. Keeping track of such price fluctuations can also help determine whether a competitor is underselling at any given point. You can then decide to counter them by reducing your own prices for a brief period of time, and avoid losing out on any conversions. Another good idea is to also keep a check on the promotional offers extended by your competitors from time to time.

We recommend tracking the Best Seller’s Ranking (BSR) to keep a track of variations in the competitors’s sales rates. You can also correlate changes in pricing to the BSR movement, and evaluate whether your competitors’ pricing strategies are working out for them.

5. Evaluating competitor’s advertising strategies:

With a thorough understanding of your competitor’s ads strategy, you can ensure that you build a better one and beat them at their own game! Check the search volume, suggested bids, and try to assess how competitive these keywords are. But how does this data help? You can:

• Identify keywords which are less competitive and tap them using ads immediately

• Identify keywords on which your close competitors are advertising, then target those aggressively to take their spot

• Identify keywords on which your competitors have bagged the Amazon’s Choice tag and bid on those aggressively

You can also target ASINs where you see a competitive advantage for yourself. Identify competitor products that are relevant to yours, and filter out those that are priced higher, or have fewer reviews than yours, or have poor quality listings.

6. Monitoring competitor’s reviews:

Keep a close track of your rival’s reviews, both in quality and quantity. Through this, a first-hand view of the shopper’s demands and needs can be acquired. Examining the reviews of a competitor’s products can give you an insight into the weaknesses and strengths of the product being sold by them. You can then work on improving your product’s quality too.

Moreover, you can also try to incorporate those features into your own product listings, that the customers liked in your competing products. Furthermore, you can also track the rate of increase in the reviews of your competitors. This may give you an indication of the sales velocity of the product, and put you in a better position to also plan your strategies accordingly.

All in all, the entire process of monitoring and surpassing your competition may seem daunting. However, as sellers, you must actively focus on the aforementioned tips to propel your sales. 

Want to beat your competitors on Amazon and secure higher sales?

Tip of the week

How can tech and marketing teams work together to boost organic traffic?

SEO is normally considered a marketing responsibility. However, the tech and marketing teams can work together give a good boost to organic traffic.

Here are five ways in which tech teams can help SEO teams:

1. Implementation of Tech SEO suggestions - This is the basics. Good speed, implement structured data, minimize crawl errors, improve core web vitals, optimize crawl budget, etc.

2. Dynamic page creation: Increase the keyword coverage significantly by creating pages dynamically, yet, ensuring that junk pages are not created.

3. Automated site monitoring: Implementation of automated monitoring for tech SEO parameters so that errors are caught well before any damage happens.

4. Admin panel/CMS for SEO and Content upload: For custom-built platforms, building a good CMS helps in increasing speed of implementation and reducing developer bandwidth in the long run.

5. SEO check during version releases: Everyone is following agile mode of development these days and releases happen every 2-3 weeks. Running a quick SEO checklist on the staging version before every version release is a must.

A lot of the SEO work that we do involves our tech team working closely with the client's tech team in implementing these points.

Case Study

How did Growisto help a leading consumer brand achieve a 90+ page speed score?

The client is one of the leading smart and energy efficient consumer electronics brand.

Our Objective:

• Develop a cutting edge e-commerce platform which is robust, scalable and flexible to provide seamless experience to both end users and ops team

• Platform must be flexible enough to add, edit products, categories, customers and orders

• Integration with an advanced analytics platform to analyze and improve the user journey

Our Strategy:

• Prepared a requirement document by understanding the current system, processes and future growth plans

• Evaluated multiple tech stack based on feature and integration requirements

• Developed a headless e-Commerce platform to provide seamless experience to end user while having a robust and scalable backend to help with growth plans

• Devised detailed test cases and tested to reduce error post going live

• Integrated multiple 3rd party system to enhance end to end user journey

Results:

• Zero Downtime Deployment

• 100% Responsive & Mobile Friendly

• 90+ Page speed score for both Mobile and Desktop

Tool of the Week

Leverage Advanced Repricing for Amazon with Seller Snap

Seller Snap helps sellers optimize their Amazon store through smart algorithmic repricing. This provides sellers with the opportunity to increase profit margins while maintaining a fair share of the Buy Box.

Features Overview:

• Automated repricing: Adjusting product prices dynamically based on market conditions, competitor pricing, and other relevant factors.

• Competitor analysis: Providing insights into competitor strategies, pricing, and overall market trends.

• Algorithmic pricing: Using algorithms to set optimal prices for products to maximize sales and profits.

• Real-time monitoring: Keeping track of product listings, competitor pricing changes, and other market dynamics in real time.

• Customizable repricing rules: Allowing users to set specific rules and parameters for repricing based on their business strategies.

  Analytics and reporting: Providing detailed analytics and reports on sales performance, pricing strategies, and market trends.

• Dynamic pricing strategies: Implementing various pricing strategies based on the seller's goals, such as winning the Buy Box or maximizing profits.