How to Track your Ecommerce Competitor Prices Automatedly?

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.

Conclusion

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.

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How to avoid errors in Price Monitoring?

Avoid errors in Price Monitoring – Global ecommerce studies keep on to talking about the occurrence of ‘Ecommerce boom’. The changing trends deal with sales figures that persist to grow new competitors that are all the time penetrating in the market and see progressively more users that compare prices before purchase.

Best way to avoid errors in Price Monitoring

 

However it is clearly seen that online selling cannot be controlled by one single business player; there are multiple competitors in each sector, ranging from world-wide multinationals to local businesses, from all-purpose ecommerce to dedicated online stores. Ecommerce is no more than a single player game that can dominate the digital business. And you would need an Ecommerce Price Comparison Software for boosting your online business. Therefore, prices are accustomed by the complication of this business space.

Why business visibility is important

In e-commerce, it is essential to have maximum visibility possible to attract more potential buyers. This visibility is what makes it simpler for users to have price comparison in a single click in search of the lowest price, most striking or fitting alternative.

Why continuous connection with market is essential

Being an Ecommerce player you cannot afford to disconnect from the market at any point of time. To boost sales opportunities, you must be completely connected to the market and have a wide picture of the competitors as well as the other players. You also need to track their products and pricing policies. You have to analyse the market, do a study of online competition to verify that your prices are appropriate.

Why gathering competitive information should be organized and automated

Many Ecommerce players are just keeping aware of the generic actions of the competition, but to be able to respond in time it´s needed to completely analyse prices of the competition using technology. Using technology to monitor online product prices enables you to automate the price extraction process from different online portals. They assist in collecting the catalogue information and prices in a methodical and swift manner.

Trying to do it with manual efforts it is somewhat a complicated process, errors are made and it takes a much longer time to execute the information fetching process. Finally it ends up not being finished the fetching cycle in the way it was expected and so you lose a base of crucial information of the movements in competitor’s business. That is why it is essential to have a Competitor Price Monitoring & Tracking Software.

Have the set of right competitors to be monitored

Sometimes you like to compare your business with every adjacent player. Avoid this distraction and evaluate only those who you should.

The Ecommerce Scenario

Practically all e-commerce sectors display a competitive scheme like the following: there is a major leader with a leading position, a subsequent challenger who confronts the domination of the leader with aggressive strategies, followers with conflict strategies and niche players applying vertical style of strategies.

How price intelligence can assist

DataCrops price intelligence solution can assist you with price intelligence by its Price Monitoring Software Solution. DataCrops starts its progression with analysing the competitive products, spotting on the assortment of catalogue that can be further evaluated to beat business competition. After setting the products, the software processes the specific websites of the competitors that are required to be monitored or tracked.

Further this information is used to build a competitive strategy with a set of tactics to achieve a captivating business approach.

Key Takeaways

Comparing with all the competitors in the sector is one of the biggest mistakes done by most of the Ecommerce players. It is not needed to track all direct to indirect or the pure players to click and mortar ones.

The solution is to compare with the correct competitor and use competitor price monitoring software to act in response to your competition in order to boost your online sales opportunities.

Otherwise you may collapse into the slip-up of monitoring a competitor and get information that does not give out sufficient value to make any of your business decision, which would end up being more a disruption than a competitive intelligence implementation.

Also having too much data that cannot be rightfully analysed is like encompassing nothing.

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Why Ecommerce Price Comparison Software more helpful than using Excel?

Excel vs. Ecommerce Price Comparison Software

You might be wondering is using Ecommerce Price Comparison Software more helpful than using Excel?

Well, although you can use both tools to analyze information, using a ecommerce price comparison software is more efficient than using a spreadsheet.

Read down below to find out the differences of using an Ecommerce Price comparison software solution versus Excel, and how it is a better and much more effective approach for your Ecommerce business.

Benefits of using Ecommerce Price Optimization Software in place of Excel

1. Automated visualization of your information

When analyzing data or information, it is always better to get a good visual as swiftly as possible so that you can view the larger picture quickly. However, with Excel, data first requires to be fully inserted into the cells and apply special formulas. When you are done, the information or data is still only exhibited as a table. To be able to analyze and make an observation, you require to manually choosing options in order to build a chart or graph from the required tables.

While when you use price monitoring software, it displays information in a graphical or pictorial visual from the initiation by immediately finding a required pattern from the data already inserted in the system.

2. No human errors

While utilizing Excel, data has to be inserted manually along with the required formulas, so there is always that probability of making an error or the mistake. So you get incorrect outputs and then future predictions can go wrong and misleading you to take better business decisions resulting in risky mistakes.

While with pricing intelligence software, it eliminates that lose sleep of representing faulty analytics since the required formulas are logically inserted and built in. You can automate tasks with input and export of needed information automatically, so you can be completely confident that there won’t be any errors. Also, you can monitor and react to the competitive insights provided by the price monitoring software without any doubt that the analytics that you are receiving is spot on.

3. Automated rules based pricing

Ecommerce business players follow a definite pricing strategy for sustaining and further increasing their profits. Rules based pricing is based on predefined rule sets to assist a company both tactically and strategically to plan the future. Ecommerce price comparison tool allows you to merge the pricing strategies, and build the most efficient pricing strategy for your online business. Price comparison software solutions incorporate advanced techniques to help online retailers automatically conclude which rules are most excellent for a extensive range of products in an assortment of different product categories.

4. Effortlessly format the data

Excel is not precisely known for the easiest visual interfaces and the final product generated in Excel could not be any nearer to the pricing intelligence software to support different and bring perfection when dealing with diverse report formats that you can use to analyze, import and export data.

5. Get notifications

Staying updated is necessary for Ecommerce business success. As a result, you required to be able to be notified right away about any alterations happening in regards to your competitors. With the assistance of pricing intelligence software solution, you can get alerts about price deviations, business opportunities and other market trends. You can even automate your software to get customizable notifications to take rapid decisions.

6. Store data and analytics in one place

With best price monitoring software you not only do receive your competitors prices, but you also receive data such as the trendy product details, the discounts, offers and the prices at which the product is being shopped at all expediently located on one single platform. This enables you to get a comprehensive picture of where your business currently is at in the market or the industry and try to make that picture effective by yourself in quick time.

7. Get on the spot support

In order to gain knowledge you need to identify and then correct the mistakes. So you need a Pricing Intelligence software company, which can assist you with your pricing strategies first to transform you to become a better and more competent user.

Conclusion

Above were the major differences of using Ecommerce Price comparison software vs. Excel. And we found Ecommerce Pricing software to be a better option with a much more effectual approach.

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Competitor Price Monitoring Software

Pricing and product category managers have to accurately define competitors for product price monitoring or for generating competitive pricing analytics. In this article we will guide you building a pricing strategy and defining competitors to grow your business in quick time by opting pricing intelligence software solutions.

Competitor Price Comparison

E-commerce retail market is turning exceedingly competitive, so a product or a category manager is occupied with broad-spectrum of strategies to offset the activities of competitors on a regular basis. However, we all know price is one of the most important factors of a purchasing decision. Well, let’s make the finest use of competitive pricing intelligence using price monitoring software.

Best Competitor Price Tracking Software

Retail competitor analysis can be streamlined by the following guidelines

  • Detect competitors that are directly upsetting your sales

  • Compare market pricing in proportion to competitors’ prices

  • Sell some of the products at a upper price without a loss or profit

  • Characterize product categories to each of the competitors’ alterations

  • Improve the workflow by saving time invested in monitoring competitors

Here are more strategies you can follow for competitor price analysis

1. IDENTIFY THE INFLUENCERS

Competitive price monitoring is the procedure of monitoring, but still the competitors have to be set-up in the used software. Considering the competitors for your online store, you will surely have suspicions about the way of setting competitors.

To classify the different kinds of competitors for retail pricing intelligence, you first require identifying the assortment meeting points in your and your competitors’ online portals. You should take care of price sensitive products, product categories and groups, which your customers could have a preference at competitors online store.

Competitors’ price tracking tool evaluates and accurately analyzes the quantity of comparable products accessible at yours and your competitors’ Ecommerce stores.

There are two important criteria to get your competitors defined for price monitoring

  • Regular product assortment accessibility

  • Comparable price positioning of products, categories and groups

For most favourable price monitoring you should spot on 2 or 3 competitors as per the listed considerations.

2. REVELATION OF PRICE POSITIONING

The revelation or visualization is the key in Ecommerce business. You can track competition through graphs of price positioning of your products, product groups, categories, top brands and a complete assortment of your online store due to similar consideration of the selected competitors.

By doing this you will know exactly which of the competitors and how influential you’re online sales are during a specific period of time.

You can do this by searching and mapping the price index diagrams to make clear the current market position and you’re positioning in the direction of competitors at the current moment.

3. BE SUPERIORLY PRICED WHILE ALSO BEING ADDITIONALY PROFITABLE

If you have an observable graphic of your product price positioning, you can alter the prices in order to attain better profits. You can elevate your product prices while escalating margins and still staying striking in customers’ eyes.

Suppose, if you know your competitor pricing is higher than yours, does it makes any sense to keep a lower price? The customer will definitely select your Ecommerce store by getting the “optimal price” and you are going to win the whole lot of sales with improved margins, can easily complete the stock and successfully beat your competitors.

In this way you come to know when and which product prices you require to change with assistance of price tracking tools.

DataCrops Ecommerce Price Comparison Software Solutions

The price monitoring software solutions offered by DataCrops provides entire visibility into competitors’ details which includes product and pricing information that further empowers Ecommerce companies to make better business, profitable pricing and product decision making.

Ecommerce site owners are selecting best automated pricing intelligence software solutions that have the potential to extract product pricing data from needed competitor sites. They can easily scale their competitor list while using DataCrops competitor software solutions.

Ecommerce price comparison solutions can even extract multiple products from eBay and Amazon to resolve the big burden of tracking websites manually or physically.

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