Retailers face constant challenges in understanding their market and staying competitive. For this matter, oraya offers retailers suitable SaaS solutions to this problem: through dedicated data collection on online stores and marketplaces, retailers obtain relevant information about market trends - including marketplaces, competitive assortments and market changes. With this knowledge, retailers can make informed decisions about pricing strategies, product selection and more to successfully compete in the ever-changing retail landscape.
In this article, we will explore how retailers can keep up with consumers and identify market trends for long-term business planning.
Insights into marketplaces
Through oraya's data analytics, retailers can track the market in real time - receiving up-to-date information on their competitors' prices, products and assortments across multiple online marketplaces. Continuous insight into marketplaces enables retailers to identify potential opportunities and threats in the respective environment, such as an increase in competition or a decrease in demand for certain products.
Insights into competitive assortments
In addition to providing market data, oraya's SaaS solutions also offer automated assortment matching between retailers and their competitors - seeing how their products perform in comparison to their competitors in terms of pricing, availability and selection. Using this data, retailers can adjust their strategies accordingly to ensure their offerings remain attractive to consumers.
Insights into market changes
Data collections also provide retailers with insights into market changes. For example, if a retailer notices that certain products are becoming more popular, they can adjust their prices accordingly or add new products to their assortment to meet the increasing demand. In this way, retailers can quickly adjust their strategies - regarding ongoing changes in product demand, competition, and other factors that could affect the business. By staying informed about the market, retailers can ensure they remain competitive and profitable.
Strategies for the future
The insights provided by oraya's data collection on online stores and marketplaces can be used for long-term business planning. By staying staying updated on the latest trends and insights, retailers can make informed decisions about pricing, product selection, and other relevant market considerations. oraya's data collection from online stores and marketplaces is an invaluable tool for retailers to refine their strategies and plan for the future.