Competitive intelligence is a marketing tool for commerce
Business Intelligence BI in e-commerce is the process of turning data into useful information that you can use to make intelligent decisions. Business Intelligence allows you to: Here are six benefits of integrating competitive intelligence into your e-commerce strategy: 1. Identify opportunities for growth. Both direct and indirect competitors can provide valuable insights into what. Global e-commerce sales are expected to reach a 7, up from 4. Source: Statista, US e-commerce market alone contains million online stores Source: Digital, 93 of online shoppers compare prices across seller sites before making purchases. Source: Wiser Solutions 82. Fortunately, there are many different tools and resources available on the market to help companies with their competitive intelligence. Some have been around for a long time, others are new technologies. Consider briefly assessing and comparing each competitive intelligence tool, including emerging technologies, to see if they can help. The ecommerce marketing campaign plan should include the channels you will use, such as social media, email or SEO, the type of content you will use. creation and a timeline for implementation. Insure your. Achieving a competitive advantage in e-commerce. Online businesses can gain a competitive advantage by implementing a combination of strategies. While it can be challenging, AI technologies are exceptional. Here is a detailed explanation of its importance: 1. Strategic Decision Making: Competitive intelligence provides valuable insights that help make well-informed strategic decisions. By means of. Some competitors may also fall victim to beliefs that are no longer valid - for example, "customers prefer entire companies" or "the sales force is the only important marketing tool." By identifying and understanding these assumptions, a company can respond strategically. 5. Estimating competitors' response patterns. Understanding competitive market information. Competitive market intelligence refers to the process of collecting, analyzing and applying information about your competitors, the market environment and industry trends. It's about understanding your competitors' strategies, strengths, weaknesses, products or services, and customers. Boardfy is a pricing intelligence tool used primarily by e-commerce companies to track competitors' prices. It automatically tracks price changes and promotions on your competitors' websites and various marketplaces. Boardfy tracks the prices of your competitors' products on various platforms, such as Amazon and Google,