With nearly 2 million sellers actively selling on Amazon alone, eCommerce businesses are in for some competition. Aside from building a website and sourcing quality products to sell online, eCommerce businesses will want to scale their marketing strategy to reach a bigger audience and drive sales.
Market intelligence software solutions and tools give eCommerce businesses insight into the latest trends in the industry and their competitors’ activity. Leveraging data can help you increase sales, offer a satisfactory customer experience, and troubleshoot performance issues.
- What Is Market Intelligence?
- Market Intelligence, Business Intelligence, and Market Research: How Are They Different?
- Best eCommerce Market Intelligence Software Tools
- 1. Brandwatch Consumer Intelligence
- 2. Pacvue Commerce
- 3. PipeCandy
- 4. Google Analytics
- 5. Market Explorer
- 6. Kissmetrics
- 7. Similarweb
- 8. ClearCut Analytics
- 9. ZoomInfo
- 10. Wiser
- 11. DataWeave
- Frequently Asked Questions
What Is Market Intelligence?
Market intelligence is the collection and analysis of information on the market a business operates in. Essentially, it is a set of data assessing your competitors’ offers, your performance, and market reach to come up with more profitable decisions. You will want to determine metrics relevant to growing your business such as organic ranking, impressions, and customer demographic.
Gathering market intelligence can be done manually or with the assistance of software solutions and tools. Market intelligence tools use multiple sources to gather data and consider different parameters to measure your performance relative to your competitors.
Market Intelligence, Business Intelligence, and Market Research: How Are They Different?
Marketing intelligence is often confused or interchanged with business intelligence and market research. While the three processes are crucial to making informed business decisions, their differences lie in their goals.
Market intelligence focuses more on analyzing the trends, buying behavior, and other information on the market you’re operating in. Meanwhile, market research focuses on your business’ branding, target market, products and services you offer, and insights from previous marketing strategies you employed.
Business intelligence is also concerned with data collection and analysis, but the focus is on your business’ performance. It assesses your strengths and weaknesses in human resources management, product marketing, campaign management, and sales cycles. This gives you an idea of how to promote efficiency across business functions.
Incorporating the three processes in your eCommerce business can give you a competitive edge against established brands in the industry.
Best eCommerce Market Intelligence Software Tools
1. Brandwatch Consumer Intelligence
Brandwatch has been around for over a decade. Combine their years of experience with a recent acquisition and merger and you can look forward to one of the most robust tools for gathering data.
How much data? It can access nearly 2 trillion historical conversations and monitor conversations from 100 million unique sites. Plus, it also keeps track of new conversations in real time (and that alone adds up to about 500 million per day).
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2. Pacvue Commerce
Trusted by big, global brands like Unilever, Bissell, and Henkel, Pacvue can help you to grow your business on channels like Amazon. It describes itself as an enterprise platform for eCommerce sales, marketing, and intelligence.
Included in its list of features are actionable retail data and end-to-end reporting. It offers competitive intelligence and benchmarking to help you outpace (and outsmart) your rivals.
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3. PipeCandy
Discover how your business is performing against competitors by geolocation, employee size, and more with PipeCandy. PipeCandy is an eCommerce market intelligence solution gathering data across more than 5.4 million retailers online. PipeCandy’s vast collection of sources makes it one of the most accurate market intelligence tools.
PipeCandy uses 50 parameters to deliver specific and relevant data to scale your business. With PipeCandy’s easy-to-digest reports, you can address areas of improvement within your business and witness measurable results.
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4. Google Analytics
If you’re just starting to set up your eCommerce business, Google Analytics is the best market intelligence tool for you. It features a clean interface that is easy for beginners to navigate and keep track of valuable data on customer habits and competitors. Charts and graphs help you better understand the fluctuations of trends over time. You can also personalize your dashboard for convenient access to reports and other functions.
Are you curious about how your competitors are performing? The benchmarking feature in Google Analytics gives you a quick glimpse into how your business is faring relative to key competitors. Google Analytics makes competitor analysis simple through isolated keyword search and ad impression rates.
Read More5. Market Explorer
Want a quick overview of your market and analyze competitors’ traffic? Market Explorer lets you benchmark yourself against competitors and receive quality insights on your competitors’ marketing strategies. Market Explorer is a market intelligence tool from SEMrush, a popular SEO software solution.
Market Explorer focuses on delivering data on your competitors and their market. Learn how you can expand your audience and streamline your services based on what your competitors can and can’t offer. Drive your sales and secure partnerships with interested brands or retailers.
Features:
- Quick competitor analysis
- Market trends and activity overview
- Market growth rates
- Custom market benchmarks
Pricing:
Read More6. Kissmetrics
If you’re looking to polish your marketing strategy by retaining customers and inviting more visitors to browse through your online store, Kissmetrics can offer you the right data and insights. Kissmetrics is a market intelligence software specially designed for eCommerce businesses generating at least $500,000 in sales per month. This tool provides what seasoned eCommerce businesses require the most: strategic customer retention.
Read More7. Similarweb
Measure your performance in the industry and gain information on your competitors with Similarweb. Similarweb is a market intelligence software solution with a broad repository of data gathered across more than 100 million websites and platforms and 235 million unique products on the web.
When launching a new product, you want to make sure you will attract customers, gain profit, and establish your presence in the industry. Similarweb delivers actionable data you can leverage in order to launch the next top product and expand your market.
Read More8. ClearCut Analytics
Want to get a head start against your competitors, even before you officially launch your eCommerce business? ClearCut Analytics gathers actionable data on your market, whether you’ve been operating and competing among the top brands for a while now or just beginning to set up shop. This eCommerce market intelligence tool thrusts your business to the forefront by giving you a clear overview and predictions for trends within the market. Leverage top-selling products and trending categories to your advantage, and craft a high-converting campaign for your next product launch.
Read More9. ZoomInfo
Over 25,000 businesses trust ZoomInfo in nurturing relationships with leads and repeat customers. ZoomInfo boasts a collection of advanced lead generation and market intelligence software to grow your business. It focuses on drawing business across channels where your customers are and marketing according to the customers’ preferences and buying intent.
If you want to optimize your online store to better accommodate visitors and repeat customers, ZoomInfo offers several marketing strategies to turn leads into successful sales. This market intelligence software utilizes automation and chatbots to speed up the conversion. You can also leverage data on the business industry to streamline your services for a unique and exceptional customer journey, from discovery to customer retention.
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Read More10. Wiser
Competitive pricing dictates how you can drive sales for your ecommerce business. Since 2013, Wiser believes that high-quality data is essential in making good decisions. Today, Wiser allows you to analyze your direct competitors’ pricing strategies and determine opportunities to increase product visibility. Wiser is a market intelligence software solution that helps you understand the competitive landscape and find your position in the marketplace.
Wiser features a clean and intuitive interface with an overview of the trending products across different categories and competitors. Digital shelf management is essential for eCommerce businesses to rank higher and generate revenue. With Wiser, you can keep track of your store’s best-selling products and manage inventory.
Read More11. DataWeave
Improve your discoverability and brand awareness with DataWeave, a market intelligence solution with over 10 billion price changes tracked in eCommerce. eCommerce businesses struggle to stand out from the rest of the market, but DataWeave helps you leverage market intelligence to accelerate your business.
DataWeave offers data-driven marketing strategies to brands and retailers. Improve the inventory system of your online store with the help of DataWeave’s digital shelf intelligence. By analyzing the marketplace, you identify which products bring the most profit. Predict the next best product to launch with promotional insights and opportunities for entering a new market of interest for your customers.
Features:
- Pricing strategy
- Consumer behavior analysis
- Product listing optimization
- Counterfeit protection
- Up-to-date market reports
Pricing:
Read MoreFrequently Asked Questions
What are market intelligence tools?
Competitive and market intelligence (C&MI) tools help organizations track, collect, store and analyze information and insights about both customers and competitors. This information comes from internal and external sources, including social media, websites, and financial filings.
What are the 4 types of market intelligence?
The 4 components of market intelligence include:
- Product evaluation
- Market analysis
- Competitor analysis
- Customer understanding
What are the 3 sources of marketing intelligence?
One of the primary sources of marketing intelligence includes product testing. This resource can ensure you receive feedback from users trying out the product. Existing and potential customers can provide further feedback on their needs, concerns and issues.
Which eCommerce analytics tool is the best and why?
Google Analytics remains one of the most popular and most powerful data analytics tools for eCommerce. Google Analytics has a huge variety of actionable insight for free, which is perfect for any eCommerce platform.
