1. Competitive store analysis
Monitoring and analyzing competitive stores can help you understand their advantages and prepare yourself for the competition. You can also find the key points that your store can improve. Understand how competitive stores deal with the market, such as the formulation of promotion plans, the timing of new products, sales trends, etc., and plan your store in combination with your own supply chain, operating capabilities, and financial strength.
SWOT analysis is a method that integrates and summarizes all aspects of the internal and external conditions of an enterprise, and then analyzes the strengths and weaknesses of the organization, as well as the opportunities and threats it faces. This method can be used to find factors that are favorable to you and worth promoting, as well as factors that are unfavorable to you and need to be avoided, discover existing problems, find solutions, and clarify the future development direction. SWOT analysis is to analyze the strengths (strength), weaknesses (weakness), opportunities (opportunity) and threats (threats) of an enterprise. Strengths and weaknesses are internal factors, while opportunities and threats are external factors.
2. Competitive store analysis perspective
(1) Competitive store attribute analysis. The attribute data of competing stores mainly include company profile, production capacity, quality control, R&D capacity, trade capacity and factory inspection report. By selecting competing stores that are similar to the enterprise, the differences can be found and the store performance can be improved.
(2) Product category analysis. The category structure of the store not only affects sales performance, but also affects the store’s ability to resist risks. When analyzing the store’s product categories, it is necessary to understand the gap between the category layout and category sales of the own store and the competing stores, and optimize and improve the category layout accordingly. If the competitive store’s advantageous categories perform strongly, you can start with the categories where your own store has an advantage, compete in a staggered manner, and create the store’s advantageous categories.
(3) Sales data analysis. Collect sales data within the statistical period of the competing stores, analyze sales trends, and further find out the gaps between stores.
Through the analysis of competitors, enterprises can understand the competitive landscape of the entire industry, and can analyze and predict the current intensity of competition in the entire industry and future trends. Enterprises should analyze the competition landscape of the entire industry and stratify their competitors. In subsequent operations, they should learn from industry benchmark competitors and further target direct competitors. They should analyze their development goals, resources, capabilities and current strategies, learn from their strengths and overcome their weaknesses, and ultimately form their own competitive advantages.