Research what is currently happening in the market and in your industry, and write down not only the opportunities but also the threats. Remember that these are external factors, i.e. influences that are not under your control.
Take a look at the sample SWOT analysis we prepared for a fictitious e-shop with handicraft supplies.
Strengths:
Wide product range: Offers a wide range of products for various crafts such as painting, sewing, ceramics, jewelry making, etc., which allows it to reach a wide range of customers. Specialization in quality and eco-friendly materials: Focus on natural materials and eco-friendly products, which is attractive to environmentally-minded customers. Strong community and customer engagement: Active presence on social media and customer engagement in creative challenges and competitions encourage loyalty and repeat purchases. Personal customer approach: Well-trained customer support that understands craft needs provides advice and consultation on product selection. Weaknesses:
Higher prices than mass-market chains: The focus on quality and hand-crafted work may lead to higher prices, which may deter some customers. Limited brand recognition: The e-shop is not yet as well-known as some large competing chains, which may reduce the trust of new customers. Dependence on suppliers: Some specialized materials are difficult to obtain, and dependence on specific suppliers can cause problems with the availability of the assortment. Length of delivery time: Some products are handmade and may take longer to deliver, which may be perceived as a disadvantage.
Opportunities:
Growing demand for DIY products: The pandemic has increased interest in home creations, which belize phone number data increases the potential for customer base growth. Collaboration with influencers and bloggers: The possibility of collaborating with creative influencers on social networks, who can introduce products to their followers and thus increase brand reach. Expansion into foreign markets: Expanding the offer to an international level could increase the number of customers and profits. Workshops and video tutorials: Providing online and offline courses and instructions on how to use handmade products could increase customer interaction and loyalty. Threats:
Strong competition from large e-commerce players: Large online retailers can offer similar products at lower prices or with faster delivery. Fluctuating availability and price of raw materials: Increases in the prices of materials (e.g. wood, paper, textiles) can lead to higher product prices and loss of price competitiveness. Changing trends: Fashion and trends in creative activities change rapidly, which can lead to the need to constantly update the assortment. Market saturation: If too many similar e-shops focus on handmade products, the market may become saturated and more competitive.
Once you have a table for each of your competitors, dive into the analysis. See what business patterns and trends emerge from the tables, how you can mitigate general market threats, what weaknesses your competitors can exploit to your advantage, and what opportunities you can seize instead of your competitors to stay ahead of them.
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