Just like most of the online markets, it is necessary to analyze the situation of the sector to obtain valuable data that help you understand and improve your digital performance. This is also the case for the health and wellness industry. Making a proper analysis of the health industry can surely help your brand or e-commerce store to boost your products and optimize your sales campaigns.
Here in this article, we are going to talk about health, diet, and nutrition products, as well as wellness and hygiene products. Even though the online sales tendency of this sector is more discreet than other industries such as electronics or fashion retail, it is a continuously upward tendency. Forbes pointed out the industry of nutritional complements as one of the fastest growing markets worldwide, with a total revenue of $32 billion in 2012.
Running a well-designed strategy in the wellness industry
Truth to be told, traditionally, the sector of personal care and hygiene has been divided among big brands amidst a truly competitive environment. In the last few years, though, many new cheaper brands have appeared, reaching a new significant segment of society and bringing accessible wellness and hygiene products to more people.
Nonetheless, competitiveness among brands and resellers is still very high. Applying brand monitoring solutions is an excellent way to succeed in this sector. Keeping track of competition products can benefit you with relevant information that surely will help you improve your level of competitiveness concerning your rivalry.
Getting to comprehend the competitors’ brands and their prices will allow you to know the real value these products have in your vertical. Besides, monitoring competition brands will let you observe the evolution of prices in the long term. This will give you a competitive advantage and will improve your products’ performance online.
Analyzing the health industry in depth to achieve a better product performance
Although we are talking about the health sector together with the wellness just as one single sector, the sales behavior of these two sub-industries is slightly different.
In general terms, it is absolutely critical for health and nutrition industry companies to keep up their brand awareness. As they work with products that can affect their health, consumers do vast research and analyze many options before making a final decision. They do not only look for harmless products, but also environmentally friendly brands.
Telling the brand’s story, getting to know the products and where they come from… All this will make consumers trust your brand, and, in the long term, it will translate into a higher conversion rate.
This sector has been divided among big brands under a harsh competitive atmosphere too. Competition in the diet and nutrition industry is higher than ever due to the lately increasing health consciousness and the considerable number of brands that have appeared.
In this case, tracking rival brands turns out to be indispensable to understand the value a market gives to a particular product, as well as to identify the evolution of its price. In this industry, it is essential to have a good pricing strategy, as adjusting very low prices can be perceived as selling poor quality products, for example. That is why keeping track of competitors’ products can bring you such powerful data for your pricing decisions.
Thus, keeping track of competitive products will let you know better the behavior of the market, improve your competitiveness level, and boost your products’ performance on the net.