TOP 7 Best E-commerce Market Intelligence Software you definitely need to check
- 21 October 2022
E-commerce is a saturated and highly competitive market. According to Nasdaq, it’s estimated that by 2040 95% of all purchases will be made online. That means that running an e-store will be even more challenging in the nearest future. Thus, tech companies constantly come up with new ideas on how to help retailers be at the forefront of the market and attract more and more customers.
One of the answers is Market Intelligence. In this article, we will precisely explain what Market Intelligence actually is, why you should start using Market Intelligence Software, and which one to choose. Ready? Let’s go!
What is Market Intelligence Software?
First and foremost, let’s discuss what Market Intelligence actually is. Simply put, Market Intelligence is information about your industry that allows you to be competitive and make profitable business decisions. To get access to this data you don’t need to use any sophisticated tools – gathering market information may be as simple as checking your competitor’s websites, checking feedback, or just analyzing public information such as revenue, sales volume, and customers’ profile. The goal of Market intelligence is clear though: identifying market situations and trends to stand out from the competition. This insight helps retailers choose the best e-commerce strategies, discover the next market to enter, and reveal customers’ buying patterns – in general, market intelligence helps your business grow.
At its core, it’s pretty simple. You can even try to gather market data manually. However, this method is remarkably limited.
Over the last few years, the e-commerce industry has become a saturated and competitive environment.
Imagine that there are a few million active sellers on Amazon only. Including remaining platforms, it is estimated that these numbers may reach up to 24 million e-stores worldwide, with more and more of them being launched every day. There is where Market Intelligence Software comes in handy.
Thus, if you want to get accurate and reliable data about the current market you simply cannot do this without software. Market Intelligence Tool will track, collect and analyze your competitors’ information. It’s a quick and effortless solution to identify e-commerce trends and improves your business performance.
What are the 4 types of Market Intelligence?
Even though the definition of Market Intelligence is pretty simple, the process of employing it is a bit more complex. When it comes to identifying new business opportunities, most retailers take into consideration the four following criteria.
Competitor Intelligence
Simply put, competitor intelligence helps you with gathering information about your competitors. It is a comprehensive process that may include analyzing their product range, pricing, target audience, or potential market advantages or shortcomings.
Access to this data allows you to create the best, most competitive product or service that will stand out from your business opponents.
Product Intelligence
When you finally receive competitors’ retail reports, it’s the highest time to evaluate your own product. What does the manufacturing process look like? How is your product displayed on the platform? Does the packaging meet shipping standards and buyers’ expectations?
In other words, any information about your product or service performance that may help you improve its quality is called Product Intelligence.
The core of product intelligence is to make the product and brand more competitive, and as s result – increase customer satisfaction.
Market Understanding
As a retailer, you probably sell your product in various markets. Thus, it’s very likely that you conduct a market assessment, to verify your business performance in a particular market or check whether there are other possibilities for your e-commerce business to grow. That’s what we call Market Understanding.
These insights allow you to know your audience better, identify market top sellers, and give you ideas for product and service developments.
Customer understanding
Last but not least – the buyers. Do you know why your customers actually buy from you? Is it your product, marketing communications skills, the brand, or the shop interface? You can find an answer to these questions by analyzing and gathering information about your customers, including their demographics, interests, age, and problems they need to face every day.
Moreover, thanks to the customer understanding process you will be able also to see your business challenges and find a solution to gain clients’ trust & improve their satisfaction. After making such an effort you may be sure your customer retention rate will skyrocket.
Which Market Intelligence Software is best for eCommerce business?
As you can see, all of the mentioned criteria have one common denominator – data gathering. Though you can analyze the market manually, we surely don’t recommend it. Managing such a high volume of data is not meant to be a human task. By using Market Intelligence Software you can succeed at every stage of market analysis, quick and risk-free.
Below we’d like to present you with the 7 best e-commerce market intelligence software that will help with data analytics along with developing your e-commerce business.
7 Best E-commerce Market Intelligence Software
Dealavo
Dealavo is mostly known as a price monitoring tool for e-commerce brands and retailers. However, the software also provides a wide range of Market Intelligence solutions. The app mainly focuses on Competitor Intelligence & Price Intelligence field by delivering high-accurate Machine Learning based data on your competitors’ behavior and price fluctuations. What’s more with Dealavo you will gain access to product details, the repricing system, various e-commerce-oriented reports, and historical & up-to-date price data.
Try out our data-driven Market Intelligence software.
Google Analytics
Google Analytics is a free beginner-friendly tool, integrated with multiple e-commerce platforms such as Shopify and WooCommerce. For those who are not familiar with Google Tools or would like to use it like a pro, Google prepared a free course to guide you through the app’s features.
A customizable dashboard not only makes data clear and well-organized but also fulfills our visual preferences.
Google Analytics effectively covers all four Intelligence Marketing areas by tracking the traffic. However, some may argue about the actual data accuracy.
Market Explorer
Market Explorer is a Marketing Intelligence solution from SEMrush. Its main advantage includes quick data acquisition and market research. Retailers can get access to customized 10 reports daily about their competitors’ market activity, especially regarding paid marketing campaigns and social media. In general, the app focuses mostly on advertising pursuits, but merchants are able to acquire valuable Market Intelligence data, including audience demographic and market distribution opportunities.
However, the tool functionality is limited to Google only. That’s concerned to be its biggest drawback. Also, some of the features require UI improvements
The Market Beyond
This tool funded by Digital Horizon provides actionable e-commerce insights. Their exceptional technology operates on advanced Machine Learning and AI solutions to help retailers monitor website traffic, optimize assortments as well as increase conversion factors. All to ensure the business growth of their clients.
The company provided its services to superior brands from Fortune 500 and was selected Top Digital Shelf Analytics Player 2020 by Gartner.
Market Beyond pricing and more detailed features are available after requesting a demo.
PipeCandy
Don’t be misled by the name – PipeCandy is a powerful Market Intelligence software with an outstanding database. Thanks to 50 + analyzing attributes Pipe Candy guarantees accurate and reliable data that let you scale your business.
Merchants may use PipeCandy to build profitable lead lists, research competitors, and enrich their data.
The app shows great performance with Amazon, helps to follow and anticipate market trends as well as discover opportunities for launching new products.
Pipe Candy offers a free trial version.
Kissmetrics
Use one of three Kissmetrics’ pricing plans to receive strategic e-commerce retention. The app assists you through the entire customer journey and it’s suitable for Saas & e-commerce products. Kissmetrics is mainly designed for brands and businesses with a high revenue to whom it provides detailed reports on customer activity and demographics, funnel reports along with revenue analysis.
Comprehensive sales reports also help with understanding customer behavior and increase the company’s profits.
If you want to find out whether Kissmetrics is for you, you can request a demo.
ClearCut Analytics
Thanks to ClearCut Analysis you can obtain deep e-Commerce insights at every stage of your business. The tool will work best for those who’d like to kickstart their own e-commerce business and with experienced merchants with high analysis expectations. With this software, retailers can track their competitors’ moves, enhance packaging and pricing, discover areas to expand, and support merchants with product development. ClearCul Analysis’s high performance is guaranteed by advanced data-driven solutions that support retailers to be at the forefront of customer demands and outstand from current and emerging competitors.
The software offers a demo version.
Similarweb
Similarweb is a comprehensive Market Intelligence software providing a broad range of e-commerce services. The tool features cover main Business Intelligence benchmarks such as Research Intelligence, Sales Intelligence, Investor Intelligence, and – last but not least – Shopper Intelligence. All of these functionalities will satisfy even the most demanding retailers. Similarweb leads merchants through key business areas delivering competitor analysis, customer behavior reports, audience analysis, and lead generation.
Due to four different types of data e-commerce business owners may be sure of highly accurate estimations and gives a holistic view on your digital landscape.
Similarweb offers a 7-days free trial.
Summary
To sum it up – Market Intelligence software is a powerful solution for e-commerce businesses at every stage of development. Whether you are just a beginner struggling with launching a new product, or an old hand looking for advanced algorithms guidance – you should think about employing Market Intelligence functionalities in your e-commerce business. As Market Intelligence is a broad notion, you should always analyze your needs first and choose the best software to help you expand your business.
There is no better way to understand the market, precisely analyze customer behavior and audience demographics, and finally – optimize your products’ pricing. Though it is technically possible to gather digital information manually, using a data-driven tool saves you money & time.
Not sure which software to choose? Try out Dealavo.
Contact us to request a free demo and start employing Market Intelligence solutions in your business!