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A competitive market like that of eCommerce needs constant observation and monitoring. The market is always changing owing to international and local policies. And not to forget the algorithm. If you are an eCommerce retailer then you might know about that. Competitive price monitoring is the key to making everything possible for your business.
In this blog, we will address the importance of competitor price monitoring. You can also track the big eCommerce giants like Amazon, eBay, and every website. Also, we will enlighten you with some facts like you can monitor promotional activities, inventories and many other aspects of the market with the help of competitive price analysis.
So, let us understand in detail.
Competitive Price Monitoring- The Basic Concept
Competitive price monitoring is a tool that helps you in tracking prices and analyzing them from the internet with the help of data extraction. PriceIntelGuru is one of the leading pricing companies providing the best solutions to every industry across the globe.
Now, the tool is basically software in which you can extract the data of the websites you want to track. Then you will get insights with the help of in-depth analysis. And the best part is that everything is done in an automated manner letting you focus on your business without any worries.
Now, we know that there’s so much data out there on the internet and tracking information from that can become a tad bit tedious and time-consuming. And competitive monitoring can help you here with its latest streamlining of internal processes which are constantly updated.
According to a survey, online shoppers visit at least 4 websites before making a purchase. So, selecting which software will drive the best results for your company can be a tricky decision. Also, it is worth noting that tracking a competition doesn’t always mean following them without any logic. Rather it directs you towards more meaningful monitoring which can help you get a clearer perspective of the competition and their strategies. This ultimately will increase profitability.
Why Should You Go For The Competitive Price Monitoring Software?
There are a million reasons to go for a price monitoring software, but we will give you a few.
- Getting a better customer insight
- Know your market
- Understanding the competition
- Monitor multiple platforms
- Track stock movement
- Analyze the historic data
- Accurate product matching
Let us now take each reason in detail.
1. Getting a Better Customer Insight:
Every customer is different and knowing what can make them click is very difficult for marketers. Now, today’s shoppers have access to search engines and comparing portals. Every shopper compares prices, features, specifications, reviews and more on the websites. So, to be on the top of this game, you have to be present everywhere and provide trans parent data that can help your customer decide what is best for them. Amazon has introduced the customer-centric approach where they change their algorithm according to the customer preferences. Now, that’s amazing. But that means you have to be on your toes and be smart enough to take resort of competitive price monitoring software.
For instance, you sell a product on Amazon and it is sale season. And if you have price monitoring software then you can get a good insight over the past data and also your performance on the platform. Basically, a competitor price tracking tools acts as your eyes and ears on the platforms and navigates you through the complete process.
2. Know Your Market
Everybody wants a big share in the market and without strong knowledge, it can be very challenging. Competitive price monitoring tool by PriceIntelGuru is very accurate and faster than the others. You can know the current trends and also a prediction of the future trends. For instance, the market is experiencing a slump. Then you can choose to introduce a discount or any other offer to drive more customers towards your website. But knowing about the trends will help you come up with a solution that is time appropriate and also ensures profitability. A sophisticated competitive price tracking helps you know the market demands and you can grab the window of opportunity as it opens up.
Furthermore, you can track the data in a way that is relevant for your business. In simpler words, you can customize the software requirements as per your needs. Now, that’s amazing, right?
3. Understanding the Competition
Competition is unavoidable in every industry. But when it comes to the online market, it is fiercer and faster. Keeping up with the pace can be very laborious. And obviously, price monitoring software is the best if you want to stay ahead of the online competition. The ideal way to find the best selling prices is to get hold of the most accurate competitive price tracking software. Moreover, you can also find the best niche, the best location you can sell and the platform where you outperform your competition.
Further, you can also understand the promotional activities of your customers. This helps in designing a marketing plan that is timely and successful. For instance, you sell mouse for $15 and your competition sells at $18. And with the market analysis, you find out that there will be a price war. So, you can sell at $17 still lower than the competition but gaining you a good margin in the market.
4. Monitor Multiple Platforms
There are many eCommerce platforms. Definitely, there are famous channels like Amazon, eBay, Alibaba and Walmart. But there are some medium-sized platforms as well which are locally based. And not to forget your own website from where you sell. Tracking these many platforms all at once can be a very long and expensive process. But if you have the best competitive price monitoring software then you don’t have to worry about a thing. You can track competitor price and your positions on the platforms all at once. And not just that you will also get the analysis to understand your competitor’s moves. Let us elaborate.
For instance, you sell on Amazon and eBay. And your competition has changed its strategy to offer free shipping. Now, you want to adopt a new strategy to beat the competition. Then you might adopt a move and lower your price on eBay and stay where you are with Amazon. Now, this can help you leverage the benefit on another platform while mitigating the risk on the other. So, there are many ways to tackle a situation if you have the best software by your side.
5. Track Stock Movement
Inventory management is an integral part of retailing. And if you are into the online selling there is an additional aspect of shipping and delivery. As these are crucial for online market. With the help of competitive pricing solution, you can track your inventory in real time. You will get the data that is necessary for your business in a moment. Firstly, being in retail can be very exhausting and if you have smooth management then half the tasks are done. Secondly, efficient inventory means you can fulfill the demands on time and also you can set foot in new markets with better commitments.
For example, you want to enter a new location. If you don’t have enough data, then good software can help you with such information as demand, shopping preferences, competition presence and more. An informed business decision can be more fruitful than going in with a blindfold.
6. Track The Historic Data
When you are in a business, data means a lot. Data can be in many forms beginning from a photo, document, video, prices, products and text format. Now, when we say that historic data is of great significance, we mean it. If you are into online business, then you can get a good idea from the past data and focus on the current strategies. You can even have a trend on hand and get a future prediction of the market dynamics.
This is very important in the manufacturing business. If you are a truck parts manufacturer, then past data has a great value for your company. We understand that and provide accurate and relevant historic data on the past of your competitors and the complete market. That will help you in building a successful pricing strategy.
7. Accurate Product Matching
Product matching is a very in-depth concept. But let us tell you in a nutshell. Product matching by PriceIntelGuru means getting a list of similar kinds of products in the market with 99% accuracy. Yes. You read that right. You can have accurate data and help build a product that will be customer-centric and better than the competition. As consumers don’t buy without comparing, it is a retailer’s duty to have a good software that helps them in ethical web crawling and getting the best information possible from the internet.
Finally, product matching helps in finding out counterfeit products of your brand and helps you in taking appropriate action. And competitive price monitoring software has a feature providing you the best product matching with desired results.
Best Pricing Intelligence Software
Achieve optimizing price, accurate product matching, digital independence and much more with the help of the best competitive price monitoring tool. PriceIntelGuru is your ultimate solution for addressing the pricing requirements of your business. Contact us today to explore the full spectrum of possibilities!