What is the best way to analyse product price competition in different marketplaces?
As a retailer, you know that discovering markup opportunities and product price competitions in different marketplaces/nations is vital due to today's syntax of selling (multi-channel).
I developed a custom solution, which I'm using as a service for my use, and I think it could be interesting for creating a SaaS product. Submitting an EAN, returns a JSON data format (name, sellers, pricing, ecc.) of different marketplaces.
Some tools in the scenario work fine but are too expensive and sustainable: https://priceshape.com/pricing or minderest.
What are your everyday routines to be competitive on marketplaces?
For example:
- Find by EAN in the search bar
- Look at the competition in the buy box
- Try to change the price
- Calculations for different shipping and marketplace fees
- Iterate for N marketplaces and N countries where you can send the product
OR
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Analyzing product price competition in different marketplaces requires a comprehensive approach. Here are some steps you can follow to conduct a thorough analysis:
Define your research objectives: Clearly define what you want to achieve through the analysis. Are you looking to identify the pricing strategies of competitors, determine market trends, or optimize your own pricing?
Select relevant marketplaces: Identify the marketplaces that are most relevant to your industry and target audience. Consider both online and offline platforms where your product is sold.
Identify key competitors: Identify the main competitors in each marketplace. Look for companies that offer similar products or target the same customer segment. This could include both direct competitors and substitutes.
Collect pricing data: Gather pricing data for the products you are analyzing. This can be done manually by visiting each marketplace and recording the prices, or you can use automated tools and web scraping techniques to gather data more efficiently.
Analyze pricing patterns: Once you have the data, analyze the pricing patterns across different marketplaces. Look for commonalities and differences in pricing strategies. Consider factors such as product features, discounts, bundling options, and any other elements that could influence pricing decisions.
Consider non-price factors: Pricing is not the only factor that influences purchasing decisions. Take into account non-price factors such as product quality, customer reviews, brand reputation, and customer service. These elements can greatly impact competitive dynamics.