At present, the e commerce industry is witnessing relentless growth with the growing preference for online shopping as compared to physical stores. Also, with options being manifested in the form of choices, the consumers are more selective while choosing their products. With the growing consumer demands, leading e commerce industries have started offering a differentiated set of products in a cost-effective and affordable manner. To understand the competitors and retain their respective position in the market, leading e commerce companies are advocating the need for robust competitive intelligence solutions. In the e commerce industry, effective utilization of the competitive intelligence solution helps the clients gain strategic insights into competitors’ prices and assortments; thereby, boosting the ROI.
To understand the consumer’s behavior and devise an effective marketing strategy, leading businesses in the e commerce space are approaching companies likes Infiniti Research. With years of expertise in offering a plethora of services, Infiniti’s competitive intelligence solution helps businesses understand their competitors and their marketing strategy to improve the conversion rate. Also, the solution helps leading clients seek ways to improve their marketing effectiveness by embracing new sales channels and offering discounts in terms of special prices and custom-made coupons.
The Business Challenge
A leading e commerce industry player was facing a predicament assessing the market landscape in terms of the competitors, their offerings, and product positioning. Furthermore, the client further wanted to understand the market in terms of regulatory issues, current opportunities, and the suppliers in the e commerce industry. The client also wanted to understand the investment policies and effectively streamline product information across systems, trading partners, and channels.
Our Approach
To better understand the competitors and their market landscape, the client approached Infiniti’s team of competitive intelligence experts. Infiniti’s competitive intelligence analysts carried out a blended approach comprising of interviews and discussions with leading stakeholders in the e commerce industry. The client further compiled information from a variety of proprietary sources such as paid industry databases, industry forums, company presentations, and newsletters in the e commerce industry.
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Competitive Intelligence Solution Benefits
- Effectively gauged the market space and identified areas to compete against e commerce stores
- Gained valuable insights and devised effective strategies
- Better understood the efficacy of competitors’ product portfolio and general market positioning
- Helped the client to stay ahead of the competition
- Optimize inventory management and tracked the stocks online
Benefits of Our Integrated Approach
With the help of the competitive intelligence solution, the client was able to understand the pricing trends and the competitor’s pricing strategy in the e commerce industry. Furthermore, the client was able to understand the volume of sales per product and effectively calculate the profit margins of products. The client was also able to gain insights on the products and make informed business decisions.
