Cross-border e-commerce product selection market analysis method and the importance of competitive product analysis
The success of cross-border e-commerce depends largely on the quality of product selection and the accuracy of market positioning. When selecting products, you need to consider not only the attractiveness of the product, but also its market acceptance. This article will start from the concept of competitive product analysis and explore its application and operation process in cross-border e-commerce.
What is competitive product analysis?
Competitive product analysis, simply put, is when cross-border e-commerce companies develop new products, they study competitors’ products (including pricing, positioning, promotion methods, etc.) and form a detailed report as a basis for formulating basis for strategic planning.
The role of competitive product analysis
- Provide basis for product strategic planning: Help companies better understand the market, adjust product portfolios, and expand or reduce product lines accordingly.
- Understand market dynamics: Keep abreast of competitors’ actions and predict their future strategic directions.
- Enhance product differentiation: Avoid homogeneous competition and ensure that products have unique selling points.
- Reduce new product development risks: Through in-depth research on competing products, potential risk points can be identified in advance.
How to conduct competitive product analysis?
Purpose established
It is crucial to clarify the goals of competitive product analysis, which determines the direction and content of subsequent work. Common goals include but are not limited to market research, product positioning support, monitoring competitor trends, etc.
Choose appropriate competing products
Not all similar products are suitable for competitive product analysis. Product similarity and market influence need to be considered when choosing.
Data collection and analysis
- Form a dedicated team: Continuously collect competitive product information, such as listing details, user reviews, etc.
- Use technology: Use software or plug-ins to capture the data you need.
- Follow official channels: Pay attention to competitors’ official websites and social media account updates.
- Experience the product directly: Try it yourself to get first-hand knowledge.
SWOT analysis
SWOT analysis is a commonly used tool to guide decision-making by identifying internal strengths and weaknesses, and external opportunities and threats. Cross-border e-commerce companies can better understand the relationship between themselves and competing products through the SWOT framework.
Comparative analysis
Comprehensively consider competing products from multiple dimensions such as ranking and sales to find gaps and opportunities.
Conclusion
Through the above steps, sellers can find a path suitable for their own development in a complex market environment. It is worth noting that although the competitive product analysis method is effective, it also has shortcomings such as being time-consuming and requiring high experience. Therefore, in actual operation, it is necessary to make flexible adjustments based on your own conditions.
Reference materials:
Cross-border e-commerce product selection market analysis method – competitive product analysis
What is the use of cross-border e-commerce competitive product analysis?
Operational process of cross-border e-commerce competitive product analysis
How does cross-border e-commerce use data to conduct competitive product analysis?
How does cross-border e-commerce use SWOT analysis to conduct competitive product analysis?
How does cross-border e-commerce use comparative analysis to conduct competitive product analysis