Competitor Product Matching Explained | eCommerce Matters Ep. 028

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This week, the discussion is on product matching. How do you define an exact match? How do you match products without GTINs? Should product matches be determined by Google search results? All of this and more covered in this episode of eCommerce Matters.

See the full blog post for a collection of shorts from this week's episode, including advice on how to go about collecting data on competitor products and prices, how to determine if you have an exact match, and a bonus tip from the point of view of consumers!

Hosts: Philip Huthwaite (CEO & Founder of BlackCurve) and Rob Horton (Product Director at BlackCurve).

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🎧 Listen on major podcast platforms.

🎧 Listen on Apple.

🎧 Listen on Spotify .

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Full Episode

Highlights

How do you collect Competitor Data from Google?

To start us off, Philip talks us through some of the ways to begin collecting competitor product and pricing information using Google Shopping.

Should product matches be defined by the search results?

Philip and Rob discuss whether your product matches are defined by search results, or, if there is more to be considered.

How do you product match without GTINs?

Philip discusses what to do in scenarios where businesses cannot, or would rather not, conduct product matching using GTINs (Global Trade Item Numbers).

What is an exact product match?

Using the example of a pack of batteries, Philip shows us how to identify the key components that constitute an exact product match.

A Shopping Tip for Consumers

In this clip, Philip and Rob show us how, as consumers, we can use product matches to ensure that we get the best prices when buying products stocked by multiple retailers online...

Podcast Summary

Introduction

In the podcast episode on competitor product matching, the hosts provided an in-depth exploration of the strategies, challenges, and practical applications of utilising competitor data to inform pricing decisions in the e-commerce industry. The discussion covered various aspects, including the complexities of accurate product matching, the relationship between pricing and marketing strategies, data sources and integrity, and practical examples of leveraging competitor data for competitive advantage.

Challenges of Product Matching

The hosts delved into the challenges involved in accurately matching products, particularly in categories like fashion where attributes such as color, size, style, and discounts create a vast array of variables. They emphasized the importance of considering these attributes when matching products and highlighted the difficulties in ensuring precise like-for-like matches, especially in fashion where there can be significant variations within a single product category.

Thinking Beyond Exact Matches

While exact matching is a valuable starting point, the hosts encouraged businesses to think beyond it and consider the broader customer buying journey. They discussed the concept of expanding the definition of market price to include a wider range of products and search terms that customers perceive as competition. This approach allows businesses to align pricing decisions with customer preferences and market trends, rather than solely focusing on exact matches. By considering the wider context, businesses can gain a deeper understanding of their customers' perception of competition and adjust their pricing strategies accordingly.

Pricing and Marketing Alignment

The podcast underscored the importance of aligning pricing decisions with marketing strategies. The hosts highlighted the impact of pricing on advertising metrics, such as return on ad spend and impression share. They emphasized that pricing decisions should take into account how they influence advertising performance. By closely monitoring the relationship between pricing and advertising metrics, businesses can optimize their profitability while effectively managing their ad spend. The hosts specifically mentioned Google Shopping as a valuable benchmark for market price and recommended leveraging its metrics to adjust pricing strategies and stay competitive.

Data Sources and Integrity

The hosts discussed different sources of competitor data and emphasized the significance of data integrity and reliability. They acknowledged that while tools like Google Shopping offer comprehensive coverage and reliable data, it is crucial to ensure the data remains pure and accurate. They also touched on factors to consider when selecting a data scraping service, including data coverage, frequency of updates, automation capabilities, and cost implications. It was emphasized that maintaining a balance between data quality and affordability is essential when choosing a data scraping solution.

Practical Applications of Competitor Data

The podcast focused on the practical applications of competitor data for gaining insights and enhancing competitiveness. The hosts highlighted that accurate and comprehensive competitor data can reveal market trends, competitor pricing strategies, and consumer preferences. They provided examples of incorporating competitor data into pricing strategies, such as adjusting prices based on market trends or using competitor pricing as a benchmark for setting competitive prices. The hosts also discussed leveraging competitor data to identify market opportunities and differentiate product offerings. By utilizing competitor data effectively, businesses can make informed pricing decisions, drive growth, and maintain a competitive edge in the e-commerce landscape.

Conclusion

By incorporating the insights shared in the podcast, businesses can effectively utilise competitor data, make informed pricing decisions, and gain a competitive edge in the evolving e-commerce market. The episode provided valuable guidance on navigating the challenges of product matching, aligning pricing with marketing strategies, and leveraging competitor data for strategic decision-making. Listeners were encouraged to explore the practical applications of competitor data in their own pricing strategies to enhance their market position and drive business success.