Not monitoring your competitors is an expensive mistake and that monitoring includes their product catalog.
If you don’t track competing products, you’re flying blind. For example, imagine that you’re launching a new and innovative (to you) product only to find out that your competitor has a similar offering.
The game of catching up with them is costing you time and money, especially in the hyperkinetic ecommerce world. It’s holding you back from your full potential.
Succeeding in the e-commerce game requires more than just an amazing product – it’s about knowing what your competitors are up to.
Cracking the code starts with competitive analysis, which includes tracking your competitor’s product catalog.
In this guide, we’ll show you how you can accurately and easily track their products and get a leg up on your competitors once and for all.
Access valuable information like the number of products your competitor offers, their price ranges, and when they launch new products.
If you’re ready to get schooled in competitive tracking for product catalogs, let’s dive in.
- Benefits of Tracking Catalogs
- Optimize your pricing strategy
- Discover which products are in demand
- Improve weaknesses and identify opportunities
- How to Track Catalogs
- Competitor Catalog Tracking: The Manual Method
- Competitor Catalog Tracking: Using Ecommerce Tools
- Frequently Asked Questions
- How can I track my competitor's product catalog?
- Is it legal to track my competitor's product catalog?
- What are the benefits of tracking a competitor's product catalog?
Benefits of Tracking Products and Catalogs
First, let’s talk about the “why”. Why is it important to track your competitor’s catalogs? Glad you asked. There are several benefits to product tracking, such as:
Optimize your pricing strategy
When you monitor your competitor’s catalog, you won’t be in the dark anymore about whether your prices are competitive. Product monitoring allows you to access insights that you can apply to your pricing strategy.
This ensures that your pricing is high enough for maximum profitability while still being affordable enough so you don’t lure away potential customers.
Discover which products are in demand
Secondly, tracking your competitor’s catalog gives you an idea of what products are selling well and therefore, what your target audience likes most.
You can keep up with trends and customer preferences easily by observing what items your competitor is discontinuing or introducing, as well as what products are frequently out of stock.
Improve weaknesses and identify opportunities
Product tracking also helps you to reflect on your brand’s strengths and weaknesses. With your knowledge of their catalog, you can enhance your value proposition and differentiate yourself.
Competitive analysis can enhance your copy so you can better connect with your target audience.
In addition, you can spot gaps in your competitor’s catalog that you can take advantage of by introducing new offerings or developing existing products.
How to Track Your Competitor’s Products and Catalogs
Competitor Catalog and Product Tracking: The Manual Method
You can track your competitor’s catalog manually. The advantage of this method is that it’s free and the information is available to everyone.
However, it comes with a downside–it’s time-consuming and requires regular monitoring.
Check your competitor’s website regularly
Product information is readily available on your competitor’s website.
You can see their product catalog, pricing information, product descriptions, and photos. This is a good place to start your analysis.
Set up alerts for your competitor
Utilize Google Alerts to get notified when your competitor, their product, and relevant keywords related to them are mentioned online.
Sign up for their newsletter
Another easy way to track your competitor’s products is through their email newsletter. Subscribe to get emails about their promotions, new releases, and product updates (back-in-stock emails and major sales events).
Monitor their social media
Go on your competitor’s Facebook, Instagram, X, or other social media pages to find out when they announce product launches and promotions.
Spy on their blogs and ads
You can also browse through your competitor’s blog content and paid advertising efforts. Observe which product keywords they rank for and their organic search rankings.
Read reviews about your competitor’s products
Reviews are another goldmine of product information that can tell you a lot about what people think about their products.
Check customer feedback on review websites and social media to gain important insights about the strengths and weaknesses of their product catalog.
Competitor Catalog and Product Tracking: Panoramata
If you think manual tracking isn’t right for you, you can always use ecommerce competitive analysis tools to track your peers’ products.
The beauty of these tools lies in their ability to automatically monitor products and prices and gather information in one searchable and easily accessible platform.
Panoramata’s product and catalog tracking features allow you to access, search, and sort the entire catalog of brands you want to monitor on a single page.
You can discover pricing statistics and benchmark yourself against competitors accurately and in real time.
Through this competitive intelligence tool, you can have an in-depth knowledge of your competitor’s catalog, make data-backed decisions, and achieve your goals.
To view catalogs on Panoramata, go to the brand’s page and click on the Catalog tab. To view a product in more detail, click on the product photo.
You’ll be able to check the product type, tags, the date the product was first tracked, its variants, price evolution, and product page link.
Start Tracking Your Competitor’s Catalog Today
Succeeding in the e-commerce game requires more than just an amazing product – it’s about knowing what your competitors are up to.
By automating product catalog tracking, you gain invaluable insights into market trends, pricing strategies, and customer preferences.
With the right tools and strategies in place, you can streamline your competitive analysis and make informed decisions to stay ahead of the curve.
Remember, the key is not just to gather data but to analyze it effectively and act upon it. Product tracking is just one part of competitive analysis.
When make competitive tracking part of your routine, you can watch your business thrive faster. So, get to know your competitors and let your newfound knowledge drive your success.
Here’s to outsmarting the competition and achieving your e-commerce goals!
Frequently Asked Questions (FAQs)
How can I track my competitor's product catalog?
You can track your competitor's product catalog using various online tools and software designed for this purpose.
These tools allow you to monitor changes in product listings, pricing, and availability automatically.
Is it legal to track my competitor's product catalog?
As long as you're using publicly available information and not engaging in any illegal or unethical activities such as hacking or unauthorized access, tracking your competitor's product catalog is generally legal.
However, it's always a good idea to familiarize yourself with relevant laws and regulations in your jurisdiction.
What are the benefits of tracking a competitor's product catalog?
Tracking your competitor's product catalog provides valuable insights into market trends, pricing strategies, and product launches.
It helps you stay informed about your competitor's moves, allowing you to make informed decisions and stay ahead in the competitive landscape.
