The best way to beat the competition is to get to know them from their Amazon presence: How much are they selling? What is their pricing history? What product variations do they offer? In 2014 alone, third-party Amazon sellers shipped a total of more than 2 billion items. This figure attests to just how influential this online retailer is, and how you can essentially guarantee that your ecommerce competitors are listing on here.
By utilizing the available Amazon product search platforms out there, you can conduct a detailed comparative analysis between your business and another ecommerce competitor. These programs let you go beyond what any basic Amazon searching can accomplish (because how much time do you really want to spend scanning every customer review). Employing these tools saves time while providing valuable and incomparable insight. Getting ahead of the competition means getting to know them – and where better to gather intel than the largest ecommerce platform in the nation.
How to Launch Your Amazon Recon Strategy
There are plenty of Amazon competition monitoring services available to conduct in-depth product research. Each of these usually include features to aid in pricing, keyword optimization, product searching and tracking, and niche discovery.
To get you started, we suggest checking out the following Amazon product search platforms:
Track Their Pricing & Profit Margins
Using any Amazon monitoring tool you prefer, you can track the price history and profit margins of your competitor’s products. For looking into price history, CamelCamelCamel lets you track the price of products, and gives you access to price history charts. Investigating how your competitor’s pricing changes over the course of the year can help you dictate your pricing structure. Additionally, looking further back into the product’s pricing history can provide context of its popularity and value over time.
Looking into your competitor’s profit margins is another valuable way to determine your own pricing and track their success. Using the Jungle Scout browser extension, you can export a list of similar products into a spreadsheet and compare their profitability based on factors like estimated sales and FBA fees. Without a tool like this, you’d just be looking at a list of seemingly similar items on an Amazon product search results page and trying to figure out why they are priced differently.
Determine Their Sales Record
Knowing how much your competitors are selling their product for and their price fluctuations is informative, but it would also help to know the quantity of items they’re selling. This ability often lies within the product tracking features present in most Amazon product search tools.
Within AMZInsights, their product tracking tool provides insight into:
- Estimated revenue
- Estimated sales
- Average rating
- Total number of reviews
- Other stats contributing to value determination
Monitoring these stats related to your competitors, particularly their estimated revenue and sales, gives you a greater understanding of the amount of inventory they possess and how this should apply to your own business. Looking at competitors that are succeeding can help you determine your own sales and revenue goals, and how much quantity you should keep on hand.
Investigate Product Variations
Within any product category, there are often related offerings that can be even more popular. In order to figure out what these would be, you can compare product variations and compare their estimated revenue and profitability.
Jungle Scout’s tool does just this, letting you compare the success of products that vary in colors, sizes, etc. You can use this information to source new products that you may not already offer or increase stock of those that you do based on their popularity that you calculate using these tools.
Get Keyword Inspiration
Just as you should be conducting your own keyword research, you can count on the fact that your successful competitors have done the same. Let the available tools do the legwork for you, as they can scrape Amazon and track keyword rankings to help you optimize your own.
Product search platforms like Sellics will automatically track and optimize your keywords by setting them against competitors on Amazon. These programs will also usually offer suggestions, and present the data in an easy-to-understand visual so there’s no room for confusion.
Using Amazon product monitoring tools doesn’t replace your current ecommerce business strategy. Instead, it supplements whatever you’re currently doing in order to provide an additional means to success. Gathering deeper insights into your competitors is one of the easiest ways to give yourself an advantage in the highly competitive ecommerce industry.