7 Competitive Intelligence Benefits For E-Commerce Business
E-commerce businesses are used to gathering and analyzing data. This is one of the reasons why they are willing to pay more for analytics software than others. But what about competitors? How do you know if you are doing better than your rivals? Gathering competitive intelligence is the key to boosting sellers' ROI. It helps you understand your customers, competitors, and the marketplace as a whole. It is a meaningful way to stay one step ahead of the competition. What Is Competitive Intelligence In E-Commerce? Competitive intelligence is collecting and using information about your competition to your advantage. It might sound like spying, but it is a prevalent practice used by all companies — even yours! You can learn from your competitors' successes and mistakes. If you know what they are doing right, you can replicate their success in your own business. And if they're making mistakes, you can avoid them. If you are not already using competitive intelligence, it's t