Knowing your competitors' movement is crucial for any business especially in the commodity trading industry, as the market is highly volatile and the competition for market share can change at any time. By monitoring the information on all your competitors' movements, you can easily keep track of them and even take leads in the markets. Know yourself and know your enemy, and you will never be defeated (idiom, from Sunzi's Art of War 孫子兵法|孙子兵法[Sūn zǐ Bīng fǎ]).
How to define your competitors?
1. Research on Search Engine
2. Find Competitors in Trade Data Pro
Use Trade Data Pro to Track Competitors
Step 1: Download your competitors trade records
Step 2: Check your competitor's suppliers and buyers
From the example above, if your direct competitor is "Walmart", you can see the overview relationship mapping of WALMART by listing all the suppliers and buyers from its database. You can also dive into every record of your competitor's suppliers and buyers trade data to see their trade details and compare their importing value and exporting value with those of yours.
Step 3: Get your competitors' suppliers/buyers contact information
After filtering out your competitors' buyers and suppliers, it is important to let them become your potential suppliers or buyers. You can directly find the key person's contact information such as email address and phone number in the Trade Data Pro buyers archive Company Contact tab. In the meantime, you can check the latest company news and follow the company's social media directly to get more information.
Analyze your competitors in Trade Data Pro Database
Trend Analysis from Database
You can view the trading trend of the company in different dimensions over the specified period through the trend chart. Meanwhile, you can use the overall trend to generate a visualisation chart for comparison between your business and your competitor. Also, you can compare your company’s performance to the other industry's performance. This can help you uncover your company's strengths and weaknesses and find room for improvement to make your company more competitive and gain more market share.
Country of Origin Ranking
You can view your competitors' supplier countries and compare them with your own company's supplier countries to ensure that you are optimizing your sourcing.
Port of Departure and Port of Destinations
From your competitor’s loading port and unloading port list, you can infer the origin of your competitors' imports by looking at their most frequently used ports (loading, unloading and discharge). In the meantime, if you just began in this category's import/export trading, you can also use your competitors' port information as a reference to choose your loading and discharge ports.
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