Industry and competitor analysis is a strategic planning process that helps businesses improve by understanding the competitive landscape. It enables companies to determine which methods they should adopt to meet customer needs, increase market share, follow innovations, and gain a competitive advantage over their rivals.
Industry analysis examines the general characteristics and trends of the market in which a business operates. This analysis is guided by considering factors such as market size, growth rates, key customer segments, major players, and industry trends.
Competitor analysis is vital for understanding the competitive environment. In highly competitive platforms like the Amazon Marketplace, analyzing competitors’ operations and understanding their strategies provides businesses with a significant edge. By identifying competitors’ strengths and weaknesses, a business can shape its strategies accordingly. Developing an effective competitive strategy is essential for better addressing customer needs and achieving a leading position in the market.
In a competitive environment shaped by customer expectations, improperly conducted analyses can lead to irreversible consequences.
As E-com Group, Turkey’s first Amazon Consulting Firm authorized by Amazon, we are here to provide you with all the support you need throughout these processes.
