Ecommerce Experiment

Competitor analysis involves learning more about the businesses that function around the same target demographic as you enabling you to assess their strengths and weaknesses whilst identifying opportunities and threats to your own business.

Often businesses become obsessed with competitor analysis whilst others can ignore what their competitors are doing completely. A healthy medium would be to track competition, react to changes but focus on your own plans.  After identifying the main competition in the market, it is useful to recognize the threats they pose, their company objectives and strategies and their weaknesses, this can only add to the strength of your own business.

It is useful to create a competitor profile for each of your competitors as it enables you to gather all relevant information in one place allowing you to formulate an effective strategy to implement, monitor and adjust where needed. Competitor profiles include their background, financials, products, marketing, facilities, personnel and corporate and marketing strategies. Knowing your competition’s planned strategies allows you to plan a response through your own strategy whilst at the same time revealing strategic weaknesses.

We have identified accessorize as the main market leader for this type of jewellery, however there are many that sell handmade jewellery offering similar products to Eliot Turner that are certainly market competition.

Here are the ones I have identified as the biggest competition:

The Spotty Dog Shop

Lisa's Handmade Jewellery

FarFallina

Purple Label

Pia Jewellery

Silver Wire Designs

We plan to create competitor profiles for our competition; however, we do not want to concentrate too much on what our competition is doing instead focusing our time and energy on our own plans.