Every day, the competition of your e-shop increases. Many online stores are born selling identical products or brands, and having an attractive site is crucial but not a guarantee of success. That is why you should consistently track all the moves your competitors makes to get ahead of them.

We might stand on different opinions and would probably differ. However, if you do not keep track of the prices they are charging, how do you make sure you are not selling cheap or expensive? On the other hand, is pricing the only component you should monitor from your competitors?

In this article, we are diving o which other facts of the competitors you should consider making sure your online store excels out.

KPI (Key Performance Indicators):

KPI are measurable values used by marketing to validate the effectiveness of campaigns in all marketing channels. Traffic is the key to get conversions.

Marketing was made to inspire, and so, you should consider not only getting promotions and follow the ones of your competitors but tracking their metrics and comparing them against yours.

There are 3 KPI you should consider:

• Cost-per-click (CPC): the amount you are willing to pay for one click. The higher the CPC, the higher the opportunity for your ad to be displayed.
• Impressions: the number of times a customer sees your ad.
• Clicks (CTR – Click to Rate): the number of times a customer clicks on the ad you have on display and the times it visits your website.

UX (User Experience):

When a potential customer lands on your site, how enjoyable is their experience? How easy is it for them to find what they need and to buy your products?

It would be best if you always try to find ways to enhance the customer experience on your e-site, to increase the chances of purchasing. Keeping track of your competitors’ UX gives you indicators of how your counterparts approach this idea, and this can help you get a good understanding of the different ways you can improve yours to get ahead of them.

In general, when referring to UX, the most important things you should consider are:

• How easy it is for potential customers to navigate and find specific products.
• How easy it is for them to purchase once they have decided to do so.

Social Media:

All E-commerce sites are using social media platforms to promote their products and position their brands. Which one are your competitors using? What are they doing, and how are they using social media to ascend their own business? Monitor their strategies to get an advantage and make yours better.

There are some KPI you can use to measure the impact of your social media on the overall success of your business and compare it against your competitors:

• The number of leads gets from every social media channel.
• The number of conversions gets from every social media channel.
• The number of customers landing on your E-commerce through every social media channel.
• % of traffic coming from social media channels.

After reviewing the information, do you keep track of your competitors? If so, what are you monitoring? Remember that being aware of every aspect of your business is vital to succeed and survive, so always invest in tools that give you more insight.

PriceTweakers is a software designed to meet your needs and help you to achieve your business goals. Whether you are a small or large company, we make sure you always will be aware of your competitors' information. On top of that, we ensure you can increase your margin, boost your sales, save time and get more insight into your business.

If this sounds interesting and you want to know more about us, contact one of our experts!

By Stephan Stein

CEO PriceTweakers

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