It’s unrealistic when you don’t have any competition for your eCommerce stores on Lazada & Shopee.
No matter how different an idea inspired you to build your own eCommerce store; several online shops would already be selling similar or the same products on Lazada and Shopee.
To be successful in eCommerce, you need to consistently track what your competitors are doing and what gets customers for their businesses in order to help you a great deal in mitigating your risks, identifying your weaknesses, and acquiring new customers.
Read on to find out what are the challenges for monitoring your competitors on Lazada and Shopee and what is the best solution for you to get over it.
1. Keep an eye on your competitors every day is not an easy game
Understanding your competitors goes beyond looking at their recent campaigns. You need to dive deeper.
However, if you track your competition manually, it’s hard to get access to all underlying data of their products such as pricing, revenue, sold items, or review rate on Lazada and Shopee and figure out what makes their selling strategies work.
For e-commerce sellers, the number of players in the market might be intimidating then manual tracking also takes too much time. Even if you spare the time, the data you’ll be collecting won’t be relevant by the time you finish.
The best solution for you is to do automation replaced manual work, which dramatically saves your time and expenses of accessing fresh data from competitive landscapes and analyzing it.
That’s where our Competitor Monitoring tool comes in – to help your business rise above the competition with a bird’s-eye view and an in-depth understanding of the key players in your market!
2. What is the Competitor Monitoring tool?
Competitor Monitoring is an add-on tool of PowerSell that helps sellers track key metrics of your competitor products on Lazada and Shopee every day since the day you have added links of competitor monitoring products.
The daily movements data of your competitor products visually displayed on dashboards and charts will help you deepen insights about your competitors.
Then you can make informed, actionable decisions about pricing strategies, marketing, product qualities, and improve customer experience to increase sales.
3. What can Competitor Monitoring tool do for you?
3.1 Find out your products’ position compared to your competitors
If you track your competitors manually, it can be difficult to determine where your position is compared to the thousands of competitive products on Lazada and Shopee. On the other hand, when using our Competitor Monitoring tool, you can figure it out much easier.
Once you import links of competitor products into PowerSell, the Competitor Monitoring tool will analyze and rank your competitor products and your own due to descending or ascending trends of price, revenue, sold item, product rating.
The ranking of those key metrics is evaluated by:
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Price ranking: The lower price, the higher ranking.
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Revenue ranking: The higher revenue, the higher ranking.
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Item sold ranking: The more items sold, the higher ranking.
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Review ranking: The higher review rating, the higher ranking.
With Competitor Monitoring, you can acknowledge your competitive rankings and direct you to learn from your competitors and increase your solid position on Lazada & Shopee.
3.2 Indicate which products are your strongest competition
To grow your multi-channel business sustainably, you have to understand your competitors on Lazada & Shopee as your palm and which type of your competitors you have to deal with.
The Competitor Monitoring tool will help you automatically track the performance of competitors’ products every day then you can analyze and find out exactly which is your strongest competitors on Lazada and Shopee and understand deeply about their performance compared to your products.
You can follow the daily changes in price, revenue, sold item, stock, product rating of your competitors’ products versus your own in an overview dashboard in the last 7 days.
For instance, you have a shirt for sale on Shopee and Lazada and you have added direct and indirect competitors’ product links to the tracking list. From the data collected, you can analyze more deeply about your competitors’ products and compare them with your own products.
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Price: How much is your price lower or higher than your competition?
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Revenue: How much your competitors’ revenues are higher than yours? If the price is higher and the revenue also is higher, what strategies do they use to sell better?
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Item sold: Comparing over the last 7 days to see how different their purchasing volume is compared to your own.
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Stock: understanding the size of your competitors’ businesses to categorize your competitors better.
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Rating: understanding if their customer services are good and which factors make their rating lower or higher than your products?
To have an in-depth analysis of your competitor products, PowerSell also visualizes your competitor’s metrics movements over the past 30 days by charts.
Then you can track data collected by a single day and have valuable insights that allow you to define your most worthy competitors, understand your strengths and weaknesses.
Hence, you can make more data-driven decisions to stay a step ahead of other businesses in your space.
4. How to use the Competitor Monitoring tool?
Competitor Monitoring is a current extension of PowerSell. For Enterprise PowerSellers, we offer 10 links of Competitor Monitoring products.
Sellers of Starter, Business package, or Enterprise package need to increase the quota of tracking links, please contact PowerSell team to book a demo and upgrade more usage limits here
