Do you own an eBay store? If so, you’ll know how competitive the market is and how store owners need to keep on their toes to ensure that the optimal level of sales and revenue are maintained.
Most store owners focus on online marketing endeavours in a bid to promote products, and with good reason too. However, did you know that another fantastic way of staying ahead of the game is to monitor your competitors’ eBay store inventories and prices? In today’s article, we have a look at competitor monitoring can assist you in boosting your sales. Read on to find out more!
1.Give Your Customers A Better Deal
One of the best ways to give your customers a better deal than your competitor does is to price your items in the most attractive manner possible. Did you know that 87% of retail customers cite price as the most important factor in their purchasing choices? By utilising eBay data scraping and keeping track of the prices your competitors have set for their services and products, you will be able to formulate a price for your own products that allows you to stay competitive and attract your rival’s customers. In today’s world, customers have more access to pricing information than ever before. A simple Google search is all a customer needs to compare prices of items and the best way for you to stay ahead of the game is to offer them a price they cannot resist.
2. Improve Your Margins
One of the best ways to improve your margins is to keep an eye on competitor inventories. Aside from analysing what your competitors have in stock, it is also important that you pay close attention to what they don’t have in stock. Based off purchasing psychology, when customers realise that a product is out of stock, their perceived value of the item increases by tenfold. Since your competitor no longer stocks an in-demand item, you’re now in a position where you can price that same item or service at a higher price which consumers will be willing to pay for. This is one of the best ways for you to not just improve your margins, but also earn the reputation of being a retailer who always stocks what people are looking for.
3. Get Rid Of Unnecessary Inventory
By tracking your competitor inventories, you will be able to have a deeper understanding of which items are in high demand as well as the ones that aren’t. If you’ve noticed that certain products aren’t selling over at your competitor’s store, chances are there isn’t a large pool of customers that are interested in it. Using this data, you will be able to rid yourself of outdated or unpopular inventory that may be taking up precious space in your warehouse. If you don’t already stock those particular items, you will also be able to make the decision to continue not stocking it. This way, you will be able to better utilise your resources when it comes to deciding on what products to offer and what products you’d rather pass on.
4. Attract New Customers
A fantastic way of attracting new customers is by honing into your competitor inventory and prices. If you’re able to stock products that are in high demand at competitive prices, you can be assured that your competitors’ customers are going to take their business to you. The only way of doing this is to ensure that you keep up to date with competitor inventories and prices and adjust your pricing accordingly. Having items in stock at all times is also a great way of letting potential customers know that you are a brand that can be counted on. In this manner, you will be able to attract new loyal customers to your business with ease.
If you’re looking to attract new customers to your business and boost sales and revenue, keeping on top of your competitors’ activities is a must. We hope that this article has given you some valuable insight into exactly why monitoring competitor eBay store inventories and prices can help you stay ahead.
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