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.