The online payments sector has experienced remarkable growth in recent years as more businesses embrace selling their products on the web. This trend towards online payments shows no signs of slowing down, with the projected market size for payment processing reaching $120.7 billion by 2025. As more businesses transition online, selecting the right website technology becomes crucial to gain an edge over competitors.
According to a survey by Clutch, 47% of small businesses conduct competitive analysis to enhance their products or services. Understanding your competitors’ tech stack provides a competitive advantage by identifying their strengths and weaknesses, benchmarking your technology stack, identifying potential partners, and attracting top talent. Enter TAMI, a sales lead generation and market intelligence platform offering a unique and patented competitor analysis feature.
TAMI’s analysis finds that WordPress is the dominant player in the WebTech space. However, other CMS platforms like Shopify and Magento offer built-in payment processing and shopping cart features, simplifying the management of online stores and payment acceptance without the need for separate integration with a payment gateway. Utilising the TAMI platform allows you to generate an accurate overview of your total addressable market, including companies that use integration-friendly WebTech, your competitors’ customers, and other firms that align with your Ideal Customer Profile (ICP).
The significance of accurate and insightful competitor analysis cannot be overstated. According to a survey by McKinsey, companies that regularly monitor their competitors are twice as likely to achieve market leadership. A study by the Harvard Business Review indicates that focusing on rivals as much as internal capabilities leads to increased innovation and higher growth rates. Additionally, Deloitte’s survey of over 2,000 businesses found that those who consistently conduct competitive analysis are twice as likely to achieve robust revenue growth as those who do not.
Furthermore, understanding your competitors’ tech stack lets you stay updated with the latest technologies, such as increasingly robust APIs. According to Markets and Markets, the global API management market size is projected to grow from $1.2 billion in 2020 to $6.2 billion by 2025, with a compound annual growth rate of 38.2% during the forecast period. This underscores the importance of staying current with the latest website technologies to maintain competitiveness in the market.
Staying ahead in online payments requires leveraging appropriate website technologies and conducting thorough competitor analysis. By selecting the right tools and keeping tabs on your rivals, you can position your business for success and remain at the forefront of the evolving online payments landscape.
Interested in finding out more about how TAMI can support your sales and marketing efforts? Click here to sign up now for a no obligation free trial.