Performing Competitive Analysis for an Online Automotive Marketplace

Performing Competitive Analysis for an Online Automotive Marketplace

Our customer, an innovative automotive research and shopping platform, approached ARDEM with a specific challenge: staying ahead in a highly competitive market. Having more car listing than any other major online automotive marketplace, our client utilizes cutting edge technology and data analytics. 

The company assigns a deal rating to each car, prioritizing great deals from top-rated dealers in organic search results. Fueling the company’s search Data Analytics and use of sophisticated mathematical algorithms provides users a superior online car shopping experience.  

The Challenge

Despite being a front-runner in the automotive sector, the company faced challenges in maintaining a competitive edge in the online car buying marketplace.  The need for a comprehensive competitive analysis became evident. The deluge of data, constantly changing pricing strategies deployed by competition, and the dynamism of the online automotive market was a challenge.

How did ARDEM help our Client

Recognizing ARDEM’s expertise in data analytic outsourcing solutions, the client saw an opportunity to leverage this proficiency for an in-depth competitive analysis. The goal for outsourcing was clear – refine pricing strategies and enhance the platform’s attractiveness to both buyers and sellers to get ahead in the competitive automotive market. 

ARDEM took a multifaceted approach to perform competitive analysis.

1. In-Depth Website Visits: Unveiling Competitor Strategies

Research

ARDEM visited official websites of all the major competitors in the online automotive marketplace. The strategic approach commenced with in-depth visits to the official websites of major competitors in the automotive market. It was the layers of each platform, understanding into their user interfaces, functionalities, and overall user experience. The objective was to gain insights into their unique selling propositions and the distinctive features that set them apart in the fiercely competitive automotive landscape.

Understanding Competitors Market Position

ARDEM probed each competitor’s website to understand their market positioning. This involved analyzing the way competitors presented information, structured their listings, and engaged with users. The goal was to comprehend the nuances that contributed to their respective successes and identify potential areas for improvement and differentiation.

2. Collecting VIN Data

Data Input

VIN (Vehicle Identification Number) information is critical data needed to examine each vehicle’s specifications, history, and unique attributes. To perform competitive analysis ARDEM collected this data.

Data Accuracy

The complexity of automotive data, especially VIN-related information, demanded a high level of accuracy. ARDEM’s team prioritized accuracy data entry, recognizing that the reliability of the subsequent analysis hinged on the quality of the data input. Each VIN would be the key to unlocking data attributes related to the car and ARDEM ensured that this data was entered with the highest accuracy.

3. Optimizing the Car Offer

The Analysis

The objective of ARDEM’s competitive analysis was to produce the winning car offer details. ARDEM translated the collected data into strategic insights. ARDEM’s team inputted VIN data information to generate the winning offers for each VIN. In addition, accurate data entry; it required extracting meaningful and actionable insights from the automotive data collected.

The Result:

The resulting report was a comprehensive overview of the competitive landscape in the online automotive industry. Individual offers, differences in competitive pricing, and unique selling points were documented. ARDEM’s approach went beyond raw data, providing our customer with both data research and data analysis to navigate the competitive landscape. This helped them refine their offerings and get ahead in the online automotive marketplace.

Success: How Our Client Benefited

ARDEM’s impact extended beyond the data collection. Both Data Research and Data Analysis helped our client gain competitive advantage.

1. Refining Pricing  

ARDEM’s competitive analysis went beyond data entry to help our customer with their pricing strategy. With an understanding of competitors’ pricing strategies, ARDEM could help our customers recalibrate their own pricing models. Competitive Analysis resulted in more attractive pricing for car buyers as well as profitability required l for long-term success. Data Analytic insights provided by ARDEM helped our customer with competitive data to stand out in the online automotive marketplace.  

2. Enhancing Platform Appeal 

Understanding the competitive landscape was more than collecting data. It required a comprehension of the value proposition offered by competitive automotive platforms. ARDEM analyzed the data to provide the client with actionable insights. These insights helped our customers enhance their online platform. In addition to presenting data the competitive analysis helped to better position our customer. A more appealing online platform which better meets the needs of its diverse audience. 

3. Wider Audience Appeal 

The strategic adjustments and refined pricing strategies had a profound impact on the company’s market reach. The platform now attracted a larger audience. Both buyers and sellers found compelling reasons to choose the company over competitors. The result was a substantial increase in traffic, transforming the company from a contender to a go-to destination in the competitive online automotive market. 

4. Appealing Prices 

Our customer, armed with the strategic pricing data insights provided by ARDEM, succeeded with better pricing differentiation. Competitive pricing along with strategic market positioning made our client the preferred choice. Business Intelligence gained from price data analytics helped set our client apart in the competitive online automotive marketplace.  

5. Accurate data for Vendors 

Our client’s vendor benefitted from the accurate data research and data analysis.  Competitive Data Analysis assured vendors that they received the most suitable and attractive offers. Our client’s online automotive platform emerged as a trusted and reliable platform for vendors.

Testament to Excellence

 The strategic collaboration between ARDEM and our client stands as a testament to excellence in outsourcing solutions for business intelligence and data analytics. Besides data entry, ARDEM utilized data research, data analysis and business intelligence expertise to provide our customer with strategic insights. This helped our customers refine their pricing strategies and position themselves to succeed in a competitive automotive marketplace.