Competitor monitoring for retailers

As competition in the retail industry continues to increase, it is important for retailers to constantly be on the lookout for strategies used by their competitors. Competitor monitoring is a great way for retailers to obtain insights into how their consumers respond to competitors’ pricing strategies, product offers and marketing campaigns.

This article explores how retailers can benefit from competitor monitoring and provides tips on how they can adopt this strategy in their business.

What is competitive monitoring?

Competitive monitoring, otherwise referred to as competitive analysis, involves assessing the products, pricing, and sales procedures of your competitors. When monitoring, you will observe every relevant action of competitors.

Understand your competitors’ strategies:

The first step of any successful competitor monitoring strategy is gaining an understanding of who your competitors are, what they’re doing, and why they’re doing it. To begin with, look at your own customer base — do you have certain segments that are more likely to shop with one retailer or another? This will give you insights into where your customers may be going when faced with similar offerings between two different stores. Additionally, research what promotions other retailers are offering in order to get a better understanding of their current strategies.

Monitor pricing strategies & offers:

Retailers should also monitor prices charged by competitors for comparable items so that they can stay competitive without sacrificing profit margins too much. Furthermore, keeping track of offers and discounts given by competition will allow you to shape pricing policies accordingly so that you don't end up giving away too much without gaining anything back in return – helping ensure sustainable profitability over time.

Analyze competitor performance regularly:

The ongoing process of competitor monitoring should include regular analysis of both external (outside market) forces such as economic trends and internal (within company) performance data from sales reports or KPIs such as conversion rates. Doing this will help determine the effectiveness of current competitive practices while allowing you make changes if required – driving success over time even if those changes require a commitment of time or capital upfront.

copio analytics as oraya's competitor monitoring tool for retailers

With copio analytics, you will have access to the following benefits:

• Comprehensive reports on competitors' activities through real-time notifications.
• Constant price updates are provided thoroughly and kept up to date.
• Systematic assortment evaluations for system-side verifications

Competitor monitoring is an essential practice for retailers that wish to remain competitive long-term within bustling markets rife with ever-changing preferences and trends among consumers. Register for a personal appointment with our experts and find out more about what Copio Analytics has to offer for your business!