Hello and welcome to the Make An App. Today for the next 2.5 minutes, we will discuss the benefits of competitor price monitoring and the best ecommerce price monitoring tool. We’ll talk about cost and time savings and accuracy improvements from manually retrieving competitor price data to using an automated service that delivers on your timeframe.
This article can assist you if you’ve heard of “price strategy” and are unsure if it’s something you may need for your company. Price strategy is how firms determine the best price for their products.
However, many e-commerce vendors struggle to price their products to maximize sales. Change prices (using price monitoring tool) of products are out of sync with the market in competitive product categories like gadgets and apparel.
You can handle this issue head-on with pricing monitoring while also increasing sales. A competitor price tracking method can be the special recipe that transforms difficult-to-sell items into hot commodities.
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Here are the advantages of an ecommerce competitor price monitoring with Tools
Price monitoring software can assist you in being the first to notice and comprehend shifts in consumer behaviors. For example, if you notice that suppliers are lowering costs yearly while demand for a product is dwindling, you’ll realize it’s time to alter your approach.
To Comprehend Changes In Consumer Behaviour And To Record Historical Data:
Perhaps a new release has hit the market, and customers are no longer interested in the old one. This is a common occurrence in the software industry.
You can be notified of market developments and respond appropriately by tracking past pricing data. You can be one of the first in your marketplace to start stocking new products that buyers are yearning for.
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Develop A Brand As The Least Expensive Vendor For Specific Items:
Being the inexpensive dealer of a popular item can sometimes be advantageous. If you’re selling console games or gadgets in a broad market, the news gets around quickly if you offer the best deal.
Low costs can be a competitive advantage, especially in industries where many critics review the latest things and acquire them for the best price. You can quickly tell what price you need to charge by keeping track of what other vendors of similar products are charging.
You might be able to outperform your competition and get the majority of the orders unless they’ve already deployed a price monitoring software. Not only will this work in the short term, but your new consumers will be able to order other, more premium products in the long run.
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When There Isn’t Much Competition For A Product, Raise The Price:
You can increase margins and be more profitable than previously if you sell a commercially successful product in a market with low competition. This can be accomplished by raising pricing on things you are the exclusive or a preferred provider.
A competitive study can discover products for which you are the leading agent. If you’re in the souvenirs business, for example, and you’re the only one who has access to authentic stuff, you might be able to charge more.
This technique should be used with caution. If you raise your pricing too much, you risk attracting new competitors. Finally, you may be able to sell to fewer people and earn less profit than previously.
To Increase Sales, Take Advantage Of Limited-Time Price Promotions Techniques:
Imagine conducting a promotion without realizing that your rivals are already selling your product at a lower price! Because of this conundrum, your promotions may be ineffective.
However, you can swiftly solve this problem by utilizing an e-commerce price monitoring tool and ensuring that your promos are appropriately priced. You can decide on an attractive price for your sale by employing a competitor price monitoring tool.
Checking what your competitors charge can help you maximize the impact of your discount deals and move products during all phases of the sale.
More Benefits of ecommerce real time competitor price tracking
Let’s have a look at some typical use cases of eCommerce price monitoring and price tracking tools. Before diving into the options available today for price monitoring, including our own e-commerce solution.
Okay, let’s get started. In real estate, the three most important elements are Location, Location Location. in ecommerce, it could very well be price price price.
Why Is eCommerce Competitor Price Monitoring Services Important For Business?
- Real-time price monitoring and optimization
- Competitive prices across product catalog, always
- Improved conversion rates
- Increased margins and profitability
- Reduced man-hours and increased savings
- Plug-n-play price monitoring APIs for easy ERP integration
- Automated, error-proof competitive insights
- Accurate product and price matching
Let’s look at some of the trends and data behind ecommerce. So by 2020, US ecommerce sales are predicted to exceed half $1,000,000,000,000.50. 9% of the US population shopped via an E-commerce platform in 2016. And the trend is growing.
More Americans prefer to shop online than in-store. A whopping 96% of Americans have made at least one online purchase.
And this that’s truly amazing. Four out of five Americans buy something online once a month. So the market is huge. But most importantly of those who shop in line, what do they say has the most influence on their decision to purchase? Or the answer is unsurprisingly price. Now 80% of Americans report that they actively tried to find the lowest price when shopping. And the fact is today, when you go to buy something online, you can, and you do shop around for the best deal.
So in summary, shopping online means comparing deals through a price comparison portal or online e-commerce competitor price tools. We love a bargain. And we will try and spend the time to find the best price.
So this drives a few questions that we need to ask.
- As a business in E-commerce, do your prices measure up? Are you competitive in the marketplace?
- Secondly, what are your competitors doing?
- And finally, how exactly do you get and you stay competitive in 2017.
You can check out the sources of those statistics on our blog and our blog post. Okay, let’s look at some use cases.
So there were so many use cases in E-commerce, it’s hard to pick just two. But I’m going to talk about the two most common ones that we hear about certainly daily and inquire. Let’s look at retailers, and let’s look at brands and how they want to use pricing data from the web.
So price monitoring for retailers. I am the Sales Director for an independent sports clothing retailer. And every day my closest competitor changes its pricing, discounting some items a little and some a lot. I can’t keep track of the changes manually. I have tried, I need to know where I stand on the items we both sell. And I’d also like to know what changes on their site, preferably every day. If I had that data, I would be in a good place to make decisions.
I’m in charge of pricing across channel partners. Those are the authorized resellers of our products. I need to know that their pricing is within our guidelines. I know because I’ve seen it with my eyes every other day that some resellers will occasionally drop below our recommended price. I need a way to alert me when this happens. I can react quickly. So what are your options if you fit into either of those categories of doing this?
Today there are four. And these are the four most common options available today.
- So number one is don’t bother, price as best you can you know your market.
- Number two is to spot-check manually to inform your decisions.
- Number three, you can start outsourcing projects; you could start in-house projects.
- And number four is you can find a dedicated price monitoring solution.
Best Tools to Monitor Competitor Price
Check your ecommerce competitor’s price manually to inform your decisions makers.
So many companies still do this today. Some that we talked to actually big players with big budgets, perhaps that’s why they think it’s okay to pay interns to sit manually check prices all day. It’s the copy-paste, copy-paste mentality.
Firstly, the issue with this is its error-prone; manually ecommerce competitor price tracking is not the best solution and leads to errors in the data. And secondly, it doesn’t scale, you may get your pricing right some of the time, but most of the time, you may as well be the monkey above.
What are the best way to ecommerce competitor price tracking
The best option to ecommerce price monitoring is to find dedicated price monitoring tools. Some online tools have 100 of features when you only need a few. And most require that you identify the individual URLs of the products you want to track. He wants a monitor on every competitor’s site, which is basically like asking you to do half of the work. Import is E-commerce solution fits into this category as well.
- Octoparse
- Data Crops
- Prisync
- Omnia Dynamic Pricing
- Skuuudle
- Repricer
- Minderest
