Competition analysis
Competition Analysis
Analysis of the competitive environment is a key element of any online shop’s business strategy. It allows you to find out the strengths and weaknesses of your competitors, as well as how they operate. This allows the online shop owner to make conclusions that will help to improve the business and increase customer satisfaction.
What our competitive analysis process looks like:
Preliminary analysis and identification of competitors. After a conversation with the client during which the business and its specifications are discussed, our expert moves on to research. They look for companies that are real competitors in the industry. They select 2-3 brands to present to the client.
Needs analysis meeting. During this meeting, the e-commerce analyst presents the selected competition and contrasts it with the competitors chosen by the client. At this stage, they also present the elements that they believe should be examined in detail.
Conducting a competitive analysis by the analyst. All aspects selected at the meeting are comprehensively examined. The analyst carefully checks the elements of the pages, such as checkout, listing and search engine. They compile all the data into a document.
Presentation – key findings and handover of documents. Data alone without a proper presentation can often be incomprehensible, so during the final meeting, the e-commerce analyst describes the results. The approximately 30-minute presentation shows which aspects should be changed and which shortcomings can be found on the competitor’s website. They discuss how to implement selected functionalities and what further cooperation with our agency might look like.
What is the scope of a competition analysis?
Analysis of key pages
Comparison of navigation and the consumer path
Functionality comparison with competitors
Who does the team performing the analysis consist of?
Project Manager
Responsible for contacting the client and conducting meetings. They take care of the analysis schedule and enforce the timing of tasks. They identify potential risks at the beginning of the project, which allows them to react quickly and take preventive measures.
E-commerce Analyst
The analyst conducts the study and collects documentation. They are also responsible for presenting the results of the analysis at the follow-up meeting.
Why is it worth performing a competitor analysis?
- Getting to know your competitors’ strengths and weaknesses. Through competitive analysis, you can identify where your competitors are strong and where they are weak. This will allow you to adapt your strategy and marketing activities to exploit your competitors’ weaknesses and strengthen your e-commerce strengths.
- Finding areas for improvement. Competitor analysis can help identify areas where an e-commerce shop can be better than the competition. Often, people working for a company are already very familiar with the shop and are unable to see the errors that an experienced analyst can detect.
- Tailoring the offer to the customers’ needs. Understanding what products and services your competitors are offering, and how they are positioned, is an important part of the research. It will allow you to tailor your offer to users’ needs and make your shop more competitive.
- Developing an effective marketing strategy. Competitor analysis can help you understand what marketing activities your competitors are carrying out. This will allow you to develop an effective marketing strategy that will set you apart from your competitors.
FAQ
How long does a competitive analysis take?
The duration of the analysis depends on the size of the store and the number of survey items selected. However, we assume that the analysis will take about 2-4 weeks.
What will you get during the research process?
After the analysis, the client will receive detailed documentation with instructions on how to implement the improvements selected in the study. An additional advantage is also the expert advice during the entire analysis.
What methodology is used to type the competition?
Competitors selected for analysis will be based on the following criteria:
- product range covering the same area as the Client;
- the position of the site in Google search for keywords;
- companies displaying ads via Google Ads for product keywords.
A competitor indicated by the Client may be included in the analysis.