The e-commerce world has never moved faster, and the competition is moving faster with it. Online retail giant Amazon is reaching into the real world with the Echo, an A.I.-driven speaker system that also serves as a voice shopping hub, and traditional brick-and-mortar retailers such as Saks and Nordstrom are investing heavily in their online presence by developing personalised online shopping experiences. Even Google has thrown its hat into the online retail ring to take on Amazon Prime, as it launches additional Google Express delivery partnerships with over 30 major online retailers.
Simply keeping up isn't good enough - to truly outpace the rest of the online retail world, ecommerce managers must gain insight, understand their competitors brand view and know exactly what their competitors are doing at all times within their business and marketplace.
In this guide, we will discuss:
- The role of competitor monitoring as an essential part of any e-commerce manager's overall growth and customer retention strategy,
- How competitive monitoring is currently deployed around the world, and
- How competitive monitoring can boost key performance indicators from profit margins to sales volume to customer loyalty.
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