TrueStock has developed a market trends tool that provides real time insights into the performance of Shopify stores against competition and the Shopify industry.
In a fast-moving online retail landscape benchmarking is a well-established practice for retailers and brands to assess their product ranges and pricing.
The pace of change forces businesses to be more outward looking, market orientated and driven by knowledge.
Shopify stores may be interested in the answers to the following questions to evaluate the scope for improvement of their own store.
Market insights from an external, competitive and performance standpoint can dramatically improve strategy and investment decisions.
Why is it so important for Shopify stores?
Competition is important for healthy markets to operate and ensure consumers are protected.
Amazon is facing an EU lead lawsuit for anti-competitive practices of using the online sales data of their own merchants against them.
It is extremely important for online merchants to have access to this critical market insight to ensure healthy competition between merchants and to the protect the rights of consumers.
Key benefits for Shopify stores
Monitor store performance against competitors within the same industry.
Track store performance against other Shopify stores in different industries.
Identify the gap that exists between desired performance and actual performance.
Performance measurement allows stores to set goals or actions for improvement.
How Market Trends Works?
Everyday TrueStock’s market trends analyses merchant sales, to enable Shopify business to better understand how their market is performing.
This allows store owners to have real time insights into their market and benchmark store performance.
Market trends benchmarks sales performance of your store within your own industry and against other Shopify industries.
You can see how you are placed with a ranking score e.g.; 1st place and your ranking score is updated daily based on sales performance from the last month.
Customisable daily, weekly, or monthly reports can be set up for KPI’s that are relevant to your business.
Find out how your Shopify store is performing here