In the last articles, we have seen how to identify and categorize your online business competitors and get insights into their eCommerce development plan, along with their current market positioning. In this article, we would be looking at the most critical aspects of the competitive analysis-which would be pricing, the available shipping options and most importantly, the customer feedback that your competitors get. You can use these insights to develop your own selling model in your journey of a successful eCommerce development, and stay ahead in the race.
How to analyze product pricing with you competitors
Pricing is the most critical aspect of your eCommerce journey. Neither would you want to lose on the margin at the initial stage by pricing your products too less, or would not want them to be priced too high that prospects start moving to your competitors. The best way for you to judge the pricing for your products is to check how your competitors are pricing them, as most online platforms are price and discount driven-as people want deals and coupons for a purchase.
You can begin your pricing analysis by starting to check pricing in aggregate sites such as Amazon and eBay. These are the sites which have the maximum market for various products, and your customers are more likely to purchase from these sites if they have your product listed. You can then analyze your individual competing sites to check your immediate competition, and come up with a pricing that strikes a balance with customer engagement vs your pricing strategy. Do remember that your pricing need not be the least of all in the market, as customers also look at website trust, ease of shopping and credibility while shopping online.
How to explore the shipping options in the market
Shipping options are one of the most competitive factors in the eCommerce field, as they are the topmost reason for shopping cart abandonment. You would not want to lose on customers in the last stage when you have high-priced shipping options, and neither can you afford to have lesser shipping prices that would not agree with your margins. The idea is not to go overboard with multiple shipping options at a lower rate, but offer some rewards for your customers if you find that your shipping charges are not competitive. You can include some reward points, gift cards, and free giveaways as a compliment to customers.
Also, multiple shipping options on the checkout page are the top reason for a slower checkout page-which means that your customers would have to spend more time on the checkout process and can abandon their cart purchase process.
How can Exinent help?
If you are interested to start selling online during COVID 19, we at Exinent are here to help. We have been into eCommerce development and support services for the past decade and have hundreds of delightful clients who have taken advantage of our custom eCommerce website development service. We focus on creating online success stories with a robust, secure, scalable, and customized online shopping platform that would help you get customers across various online platforms to your store. Feel free to Contact Us; now is the time for your business to get online and noticed!
