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E-Commerce and Its Importance in the Digital Age
E-Commerce refers to buying and selling products or services via the internet without direct contact between buyers and sellers, commonly known as “online selling.” It has gained tremendous popularity since the COVID-19 outbreak when people had to avoid leaving their homes.
According to Statista, online transaction volume in 2023 increased to 6.3 trillion dollars, up from just 3.5 trillion dollars in 2019. The E-commerce market is predicted to continue expanding in 2024 and beyond.
What makes E-commerce businesses so popular:
- Convenience and speed in ordering desired products
- Access to global markets with just a few clicks
- Lower costs compared to traditional retail stores
- Ability to operate 24/7 without requiring staff presence
What is E-Commerce Listener?
E-Commerce Listener is an intelligent marketing tool that analyzes data on various E-Commerce platforms, especially Shopee and Lazada, which are popular online marketplaces in Thailand. It functions as an online marketing assistant that collects data, analyzes, and processes it through AI systems to use this information for planning sales growth strategies.
E-Commerce Listener is similar to Social Listening Tools used for monitoring and analyzing social media data, but it specifically focuses on E-commerce platform data. This allows entrepreneurs to access market and competitor insights quickly and accurately.
According to McKinsey, 75% of consumers in the United States tried new stores, brands, or shopping methods during the pandemic. Currently, online spending accounts for 20.8% of all retail commerce, demonstrating that E-commerce is growing rapidly and every business wants a share of this market.
Benefits of E-Commerce Listener for Online Businesses
The Benefits of E-Commerce Listener are numerous for entrepreneurs looking to enhance their online business efficiency:
- Discover New Business Opportunities: Helps you identify product categories with growth potential, check emerging trends, and find market gaps that no one has yet exploited.
- Understand Consumer Behavior: Analyzes what customers are looking for, which keywords they use, and what opinions they have about various product types.
- Analyze Competitors: Provides information about market competitors, including pricing strategies, sales performance, best-selling products, and market share.
- Improve Pricing Strategies: Helps you track market price changes and adjust your product prices to stay competitive.
- Find New Products: Helps you know which products are gaining popularity and should be added to your store.
- Plan Marketing Accurately: From the insights gained, you can plan marketing more effectively, from product selection and pricing to promotions.
- Save Time and Resources: No need to spend time collecting and analyzing data yourself, as the system performs this function automatically.
Key Features of E-Commerce Listener
1. Market Analysis
This tool will help you see market overview data in both Shopee and Lazada, along with an Advanced Search Mode that helps you find product information more precisely.
Outstanding features:
- Search through various filters such as product name, keywords, categories, brands, price
- Display market overview, such as total number of products and shops, sales value, number of units sold
- Show market share of the Top 10 shops and brands
- Display sales trends and pricing during different periods
- Show Top 100 best-selling products list
2. Product Explorer
This tool will answer questions about what products to sell on Shopee and Lazada, which products are trending, what competitors are selling, and their pricing.
Outstanding features:
- Display product information such as product images, product names, brands, categories, selling prices, sales
- Show store information including sales channels, Mall status, number of followers, store ratings
- Display product growth trends, including selling prices, sales, and number of units sold
3. Store Explorer
This tool helps you track competitor or partner stores in Shopee/Lazada in one place, including sales data, pricing, and best-selling products.
Outstanding features:
- Display store information such as store name, Mall status, number of followers, store ratings, chat response rate
- Show sales performance including average selling price, number of units sold, sales, and growth trends
- Display information on top-selling products in those stores
Strategies for Maximizing the Benefits of E-Commerce Listener
To maximize the Benefits of E-Commerce Listener, marketers should follow these steps:
- Analyze the Market Before Starting a Business: Before selling any products or services, use Market Analysis to check the market overview, consumer demands, and market competitors.
- Find Products with Potential: Use Product Explorer to find products with good growth prospects, high sales, and relatively low competition.
- Study Competitor Strategies: Use Store Explorer to track competitor stores, see what strategies they use, what products they sell, and how they price them.
- Adjust Pricing Strategies: Use pricing trend data to set product prices competitively while still maintaining good profits.
- Monitor Trends Continuously: Keep track of market changes, both in terms of new products, consumer demands, and competitor strategies.
- Improve Product Presentation: Use the data to improve images, product details, and keywords to match what consumers are searching for.
- Plan Promotions Smartly: Use sales trend data to plan promotions at appropriate times, such as when product demand is high.
E-Commerce Listening vs Social Media Listening
E-Commerce Listening and Social Media Listening are tools with different purposes and methods:
E-Commerce Listening focuses on:
- Analyzing data from online stores such as marketplaces and brand stores
- Data has a high ratio of valuable information compared to irrelevant data
- Provides detailed information about products, shipping, and buying experiences
- Provides specific information for each store
While Social Media Listening focuses on:
- Analyzing data from social media platforms such as Facebook, Twitter, Instagram
- Provides information at the brand level rather than product or experience level
- No comparative data at the product or store level
- Has a high ratio of “noise” to useful information
For this reason, E-Commerce Listening is a more suitable tool for businesses seeking specific insights about the E-commerce market.
Cipher's Services
Cipher is a comprehensive Digital Marketing agency that provides E-Commerce Listening services and other services to help your business succeed online. Our services include:
- E-Commerce Listening Service: Analyze market data, competitors, and consumer behavior on E-commerce platforms to help you strategize sales accurately.
- SEO and SEM: Improve your website and advertisements to rank high in search results, increasing opportunities to reach new customers.
- Social Media Marketing: Plan and execute marketing on various social media platforms, whether it’s Facebook, Instagram, Line, TikTok, etc.
- Content Marketing: Create quality content that resonates with your target audience to attract and retain customers.
- Web Development: Develop E-commerce websites that are easy to use, fast, and meet customer needs.
- E-Commerce Platform: Provide online store development services on popular platforms like Magento and WooCommerce.
- Data Analytics: Analyze in-depth data about consumer behavior to improve marketing strategies for greater efficiency.
With experience and expertise in the Digital Marketing industry, we are ready to help your business grow sustainably in the online world.
Summary
E-Commerce Listener is an essential tool that helps analyze market data, competitors, and consumer behavior on online platforms, allowing you to strategize sales accurately. In an era of intensifying E-commerce competition, leveraging the Benefits of E-Commerce Listener with accurate and fast data is a key factor for success. Cipher is ready to provide E-Commerce Listening and comprehensive Digital Marketing services to elevate your online business to sustainable success.
Frequently Asked Questions
How is E-Commerce Listener different from Social Listening?
How can small businesses benefit from E-Commerce Listener?
Small businesses can use this tool to find market gaps, study competitor strategies, set competitive prices, and choose products likely to sell well. It helps save time and resources in trial and error.
