If you’re an eBay seller, you know it can be a competitive space you’re in as more sellers join in trying to capture sales. When it comes to building a successful store, how do you know what products will sell best? What are your competitors selling? What are their strengths and weaknesses since you’re competing for the same online shopper? What are the upcoming trends that shoppers are steering towards? Answers to these questions and others, will help you build a successful strategy. It could take you a lot of time to search through and find this information, but with the beauty of technology, there’s a tool that can help you do competitive analysis. With so much information out there, finding the right data and watching your competitors is key to your success. Terapeak users have reported 20-40% growth from this tool to conduct competitive analysis.
Terapeak has been helping successful sellers improve their listings on eBay and Amazon through:
- Market Research: A year’s worth of data is available that will allow you to explore what your competitors have been doing by viewing their sales history and pricing. For example: When do your competitors list? How long do they list for? What strategies are they using (auctions vs eBay store).
- What Price To Sell At: You can view costing information to see what your competition is selling at. Use this to help set your price and take into account the margins you want to maintain.
- Find Selling Opportunities: Allows you to find what items sell the best on both eBay and Amazon. Use the Category Research to dive deeper into details such as trends in sales, sell through rate, listing performance and others to identify the next best seller. You can also look at Hot Categories to see the most trendy items.
- SEO: Terapeak has just enhanced its title builder to provide better search and keyword optimization to help determine what keywords perform best in titles used to describe your product. This is important information since that’s how online shoppers find your listings.
- International Sourcing Opportunities: Integration with Alibaba allows you to find great low cost items, calculate your margins and profits and determine the best price. You can source new items to sell, including the hot trending ones.
I tried this out. I’ll be honest, while conducting competitive analysis research, at times it was hard to really gauge the correct sales over some periods of times as blocks of data would have the exact same data in different periods. But the point of competitive analysis is to take the data and analyze it to gain insights. There will always be outliers. Those outliers could be one offs or it could be an indication of a change. In any case, it still provided more information and faster than what I could have tried to gather on my own.
You can try their free trial to see what competitive analysis insights you can gather. The paid version will get you a longer history of sales tracking and more in depth competitive research. This tool also has the ability to track Amazon sales. Therefore, it is worth the investment if you’re in multi-channels to conduct some analysis. When you don’t know what your gut is telling you, use data to help steer it.