Understanding the competitive landscape is crucial for businesses to thrive in today's market. By gaining insights into the market size, trends, potential market share, and identifying new competitors, businesses can take informed actions to safeguard their revenue streams.
At DataHawk, we recognize the importance of assessing a product's competitiveness in the market. Therefore, we have developed a random forest algorithm that uses thousands of handpicked pairs of products to predict the probability of two products addressing the same need.
On a weekly basis, we conduct a thorough scan of our database to identify potential competitors for your product. These competitive products can be found on your product's description page, as well as the keywords and categories where your product is ranked. We extract relevant information about these potential product pairs to assess if they address the same need and can be considered competitors. Our algorithm considers several important sources of information, including:
- the semantic similarity between your product title and the competitors'
- the difference between your product price and the competitors'
- the depth and number of categories where both products have been found
- the number of keywords in which both products appeared
Updated 6 months ago