Track Your Ecommerce Competitor Prices Automatedly
If you’re an Ecommerce business owner selling brands that are extensively available, you have in all the probabilities face the bite of product price comparisons. With the entire competition and struggle out there, including from market leaders like Amazon, consumers are messed up for alternatives going where the price is lowest. How do you respond to this? Today we will explore with you how you can monitor or track competitor pricing automatedly and respond in real-time.
You are competing in a market of 13+ million players!
The global eCommerce market now contains more than 13+ million online stores, and this number is still growing at a rapid clip. In addition to the developed markets, even the global emerging players are moving further fulfilling to build a concrete eCommerce infrastructure.
As the market grows, and when the early returns of 1st mover advantages are bushed, the competition initiates to build up quickly. Business must now clash to increase an edge in the market, which contains well-connected consumers.
Increased price competition
Due to the quick penetration of Ecommerce comparison websites, consumers can now discover the preeminent deals on various products they want with hardly any clicks. This has boosted price vitality and rivalry in the market as well as transformed the way consumers purchase their products.
However, most eCommerce companies have been unsuccessful to become accustomed to this change. Characteristically, many businesses manually track price alteration in the market however this is both annoying, effort and time-consuming.
Automated price monitoring and tracking
To solve this crisis, we now have a new type of software companies offering completely automated competitor price monitoring software solutions, like DataCrops. These Ecommerce price comparison software solutions help online shopping businesses monitor competitor prices automatedly, instead of depending on resource demanding manual efforts.
Best competitor price tracking practices
Similar to other business strategies, there are best costumed competitor price tracking software solutions.
Competitor product assortment
Basically, you cannot track each and everything. You require prioritizing some of your competitor products to have a point of reference against your closest competitors to start with. In the initial stages of using this software you need to segment some of your products which carry the larger chunk of your current sales, so those need to be carefully prioritized.
For eCommerce companies who are already using price monitoring software, focusing on the top 600-6000 SKUs, even if they hold over 1,50,000 products they can be benefited with big sales profit margins.
Selection of closest competitors
Similarly, the selection of closest competitors is also essential. This needs analytical market research, which should include competitor research, overall SEO rankings, current brand recognition in the market and more.
With product assortment and list of competitors are listed down, you require identifying products listed on your competitors’ online ecommerce stores that contest your product portfolio. This is required to be done and you can then attach product links by importing them into the database of the price tracking software you need to use. Some price monitoring software even comes with product matching algorithms to assist you with this functionality. Once this list is produced, other stuff get automated at the software back-end.
Both product and pricing updates
After the mapping of all these products for each of your competitors, the price monitoring is initiated. Monitoring only the price information can now and then be deceptive. So, it’s significant to take into account product accessibility next to the competitive prices.
Regularity of data retrieval
An additional key factor influencing the effectiveness of automated price tracking software is the needed regularity of data retrievals. This is according to the market you are dealing in with. If prices alter on a day to day basis, you will require tracking the competitive information very recurrently.
Notifications, alerts and regular reports
For price tracking to be practical, you will require to set up important notifications and alerts whenever there is an alteration in the product and price update on the listed competitor’s site. You can configure email or SMS alerts for you and your team whenever your Ecommerce price tracking software solution detects a change in price or has a product update. You can then act on these alerts with your business strategies like offering a discount or a deal on your products to match up with the competitor’s product pricing.
You can also spot historical trends of your competitor pricing with regular product as well as pricing reports which can further help you analyze your competitors’ periodic pricing strategies for specific product categories.
Ecommerce site owners should choose the best automated price monitoring software solutions that have the required prospective to extract product pricing information from selected competitor sites. They can easily track their competitors by using DataCrops Ecommerce price comparison software solutions.
Best competitor price tracking software solutions can even extract multiple products from eBay and Amazon to offer steadfastness to the burden of monitoring multiple websites at a time with manual efforts.