Everyone in the industry is aware of competitor pricing tracking; the question is, how do you do it?
The hardest part of running a business, particularly an eCommerce one, is outperforming competitors. The first stage is not just having a fantastic product or service. Understanding the pricing approach that your competitors are using is the next and equally vital step. The process to monitor competitors prices continuously is one of the finest methods to achieve this.
What exactly is competitor price tracking?
Competitor price tracking is the practice of tracking your rivals’ prices to learn more about their goods, deals, and marketing methods.
Utilizing competitor price monitoring software will enable you to track the real-time pricing changes and stock availability of your competitors.
You can use this to decide on your pricing approach with greater accuracy. These resources could be web applications, mobile applications, or web extensions.
How pricing tracking tools can benefit your online store?
Tools for competitive intelligence can be beneficial to your company. The following are some of the most popular features they provide:
70% of consumers claim that competitive price is the factor that affects them the most when making purchases from online merchants. Therefore, to determine the best strategic price moves, you must be able to watch, monitor, and analyze every one of your rivals.
You can act and respond to continuing business initiatives by keeping track of your competitors’ market activities. Consider your immediate rival offering a 20% discount on several goods. The monitor competitors prices can gather this data and send you a prompt notification about the products in concern and their lowered rates. The system also collects product descriptions and photographs, providing a comprehensive view of your rivals’ and your products side by side. The information you obtain is intended to assist you in taking charge and updating your aggressive pricing and marketing strategy.
The best competitive intelligence solutions employ AI and data mining to examine how customers respond to price adjustments and what your competitors are doing to help you identify the appropriate pricing for each product.
Charts and Visualisations:
Easy-to-read and digestible charts display price changes over time and can provide you with insightful analysis and insights. Instead of reading a text document with raw data, looking at a visualization of the data makes it much easier for us to understand and respond to changes. Price monitoring software takes care of this for you automatically. Additionally, automatically created price change graphs can be integrated into your standard business reports.
Product monitoring and catalog intelligence:
You should be aware of your competitors’ inventory if you’re an entrepreneur who values growth. It can aid in the identification of valuable goods or even the maintenance of a respectable supply during a sale when others get sold out.
By enabling you to examine the whole catalogs of your competitors, features like catalog intelligence make your life easier. You can also have access to any structured data that is offered by competitor eCommerce websites.
Reports on eCommerce pricing and price history:
With a price history report, you may learn how frequently and how much your competitors change their prices. As well as comparing historical trends from the previous several years, you can examine how their values change on different occasions. Of course, it is both impracticable and ineffective to monitor for price changes every hour. With eCommerce pricing reports, all your alerts will get sent immediately to your mailbox.
You can develop a more successful multi-dimensional pricing plan by combining competitor data with data about your own company’s performance. Increase sales by fine-tuning and enhancing your pricing strategy. With the aid of repricing tools, you can create complex criteria for setting prices that consider price and inventory competitors, the time of day, sales performance, traffic, conversion rate, and more.