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With the global economy on the verge of one of the largest recessions, companies need to make their stand very clear in the market by being one of the essential products or services for people. And creating pricing that works every time, will be necessary for companies especially, online retailers.
Furthermore, in the present time and era, shoppers buy a product/ service only after comparing the prices. There are many sources where they can get the required information regarding their favorite brands and their prices. However, the price comparison is not only for the customers. There are several benefits of the price comparison for brands and retailers for developing their own pricing strategies. Not to forget, that retailers will be doing price comparisons for pricing strategy whereas customers for getting the best deals. Retailers can significantly benefit from the price comparison website as it helps in getting an insight into the competitor’s pricing. This data helps in coming up with a price range which can help in beating the competition as well as earning your profit. In the long run, it can help in growing your business.
In this blog, we will help you scale the business to the next level with software for price comparison.
So, let us dive right in.
What Is Price Comparison Software?
Price comparison tools can be used for keeping a check on the prices charged by the competitors for their products and services. They offer real-time information on the competitor prices so that you can make data-driven decisions while creating your pricing strategy. The tools offer competitor knowledge that is updated at regular intervals. The software focuses on direct competitors which sell the same product as yours. PriceIntelGuru offers one of the best price comparisons software in the industry.
How Can The Price Comparison Software Be Used?
Though the primary use of software for price comparison is to get an idea of the competitor’s prices, there are several other ways a business can benefit from the software. The price comparison software offers information such as:
- Finding what products are in high demand
- Keeping an eye on any new product which has entered the market
- Checking the availability of the product in multiple locations
- Checking how competitors describe and advertise their products on online platforms
All of this can be done with the help of well-utilized software for price comparison.
Need For Price Comparison Software In Your Business
1. Understanding The Competition
When a business operates in a competitive market, it can significantly benefit from the price comparison software. It can be a smart move to know about your competitors as much as possible. Knowing the market price of a product similar to yours can help in determining the true value. You also need to understand how much your customers are willing to pay when you plan to increase the price of the products. It can help when a brand introduces new products and wants to decide the starting price point.
2. Monitoring the Prices
Monitoring the competitor prices enables you to get an insight into the market trends. It leads to informed pricing decisions as demand can fluctuate at any time. Irrespective of how you choose the pricing software, there are several benefits of the software for creating your pricing strategy. Yes, let us elaborate. While we all have the understanding of a pricing strategy, what we lack is an understanding of the pricing phenomena. When in a competitive market like eCommerce, you must make an effort to build the trust of your shoppers. And in order to make that, you need to first be on the list of the consumer. So, with a good pricing strategy, you can achieve that goal in a hassle-free way.
3. Knowing If Your Product is Popular
If your brand is getting better reach and becoming popular amongst shoppers, then you would want to use price comparison software. Now, every eCommerce platform has its algorithm for a better user experience. So, you need to know if your competitors are present on the platform or not. And if your products are there but your company is still not on the platform, then you can offer better pricing and make a presence on that platform.
4. Providing What Your Audience Wants
As we stated earlier that every shopper goes for thorough research before buying a product. So, with the help of a pricing tool, you can understand the maximum searches your customer does. Then offer them the price or deal that they would be more inclined to accept. Pricing software also helps you understand the lists that your customer sees while searching. This helps you in driving valuable insights into consumer behavior.
5. Pricing Your Product
Now, all these exercises are for pricing your product in an apt manner. You can understand how the competition is selling in the market and how your products make a difference. Moreover, when we say to price your product, it doesn’t mean to price it lower than your competitors. It means giving your consumers the value for their money and promoting that value-addition through different mediums. As pricing includes the most crucial aspects like costs, promotions, companies and the market. So, pricing software helps you get a deeper perspective on these things in a simpler way. PriceIntelGuru’s pricing software does this and more for your business.
Tips to Make the Most Out of Your Price Comparison Software
1. Identify Your Direct Competitors
When you try to gather insight into your competitors, you will feel that there are several similar products and businesses doing the same as you. You need to keep up with each decision the businesses make to beat the competition. But how can you do it?
The price comparison tool can do it for you! It will help in keeping an eye on the companies which compete directly with you on a constant basis. While there might be several competitors in the market, they might not be operating on the same level as you or in the same location. Once you gather this information, you can shortlist the relevant competitors. This will make the insight accurate and relevant for making price decisions.
2. Pinpoint Competing Products
Once you recognize your direct competitors, you need to have a look at where your products overlap with the competitors. Price comparison website can be used for gathering the information about products which are similar to yours. You will get an insight into how the competitors are describing their products and their uses. Is their website attractive and user-friendly and allows the users to make comparisons?
This information will prove to be immensely helpful when you advertise or price your products. You will also be able to compare and identify the areas where your brand is falling short and needs improvement for competing in the market.
3. Price Changes and Promotions By Competitors
You need to pay attention to the frequency at which the competitors are altering their prices on a similar product as yours. You must also keep an eye on the promotional offers and try to identify if there is a pattern to them. If you keep an eye on the pricing of the competitors for a significant duration you will notice a specific pattern. This will enable you to get ahead of your competitors. You will also be able to predict the competitor’s moves and take necessary actions for beating the competition.
You can run the price comparison software to find out how your prices compare to your direct competitors. If you get to know that the competing brand is planning to put their products on sale, you can also introduce some discounts ahead of them. It will help in boosting your sales figures and draw demand toward your brand.
You can also keep the price on the lower end consistently for keeping the prices competitive. The data offered by the software will help in designing the strategy accordingly. Irrespective of the strategy, the goal is to stay ahead in the competition and keep growing.
Things to Look For In A Price Comparison Software
The right software should be user-friendly as the interface should be easy to navigate and access. It should also update regularly to offer real-time updates as and when you need them.
The software for price comparison should not only gather the pricing information of the competitors but also find out whether they sell both online and offline or only on online platforms such as eBay, Amazon, etc. The software must ensure that all the gathered data is accurate and reliable otherwise you might end up making wrong decisions.
The goal of using the price comparison software is to save the time and money for your business by introducing automation with the software. One of the most important aspects of the software for price comparison is that it should relieve your workload.
Contact us to benefit from our exceptional pricing intelligence services.