How to Track Competitor Prices Utilizing Price Monitoring Software Tools?

Competitive Price Tracking & Monitoring


Today, sustaining trustworthy clients is easier said than actually being done. As there are a number of retailer brands in the market to pick from, companies are finding it tough to hold on to clients steadily. However, companies that can sustain with innovative business ideas can continually offer products at competitive prices.

What should you concentrate on?

Branding that stands out from the rest classically comprises of a mission statement that is attached to the target audience. The company sticks to their positioning message in order to acquire a set reliable customer base that initiates the idea and values that the company is approaching. However, in order to get hold of other customers who don’t really care about the message, companies need to focus on pricing their goods competitively compared with others on the market.

Exploring and making purchases online

Pricing is the key element for consumers when they buy things on the internet. In fact, in 2017, 69% of people purchased online looking for product options in line with their prices on different E-commerce portals.

Also, shoppers often explore around online before shopping in physical stores, and thus retailers should keep their prices the same in both online and offline stores. That’s an excellent method to add the trust of customers.

Prices need to be competitive in both online and offline retails stores. Nevertheless, E-commerce is definitely establishing sales pressure on brick-and-mortar retail shops. Therefore, in order for companies to be ready for action, they require resting significance on dynamic product pricing and comparisons.

Price optimization software tools

When companies are driving different ways to figure out how to price their products based on what the consumer is agreeable to pay and on the market competition, they can do so by utilizing tools like Excel and machine learning.

Excel is the most fundamental tool that businesses can use to analyze the data for price analysis as well as optimization. However, it is certainly not fully perfect and has flaws. The companies require inserting the data with a particular formula and only then can they pick the preference of generating a visual. Since companies have to put in the data and a combination of different formulas manually each time, there occur multiple human errors. That could affect and lead to hazardous slip-ups in the future like violating a MAP agreement.

Also, there is a lot of monotonous work that requires being done such as recalculating the product prices and then rewriting the same into the precise format, and then afterward transfers them into the CMS just so that it would then be customized on the web page.

Excel is characteristically better for small companies, though they can’t relate machine learning to excel so they don’t bring in its advantages, but one of its major flaws is the frequency of having human errors. Therefore, in order to contend in today’s world-wide E-commerce market of 15 million online stores, companies require ensuring that they have the best optimal product pricing, and that can be done with pricing intelligence software which makes use of machine learning.

How to monitor competitor prices automatedly

Although today companies can monitor a mix of data and information, they require figuring out which ones they will work on. They classically prefer to track a product that carries the bulk of their online sales and working out the price index. However, their assortment does not finish there. They also need to select the competitors that they are going to monitor and track. They can keep track of them and make the forecast with the assistance of a price monitoring software. By using data such as the prices of products from their competitors, sales patterns can be found and then the prices are tailored.

When companies begin tracking, they require looking at many criteria prior to setting up the price structure like

  • The accessibility of a product;
  • The products seasonality;
  • The price suppleness;
  • The exact demand of probable customers;
  • The margin sought after;
  • The competitors’ prices; and
  • The markdowns and promotions of major players

Each time something alters, in spite of whether they’re in an industry with modifies that happen on a regular basis, the amendment must be placed on their own prices on the site. Therefore, having alerts and notifications are critical for setting the best possible price.

An additional part of price monitoring and tracking is detecting market trends and finding key insights out of them. By looking at the way a competitor’s distinctive pricing strategy is a precise product or category, companies will have an improved indulgent of what they are attaining themselves into. A great way to do so is by generating visuals like charts.

Acting in near real-time with E-commerce price comparison software

The Competitor Price Monitoring & Tracking Software has the capability of tracking prices intelligently. It uses data to find intelligent patterns and then it changes its behavior to generate programs that regulate to the data.

The software tracks information automatically so that they can optimize not only the product prices but also help designing business and market strategies to boost the efficiency of pricing managers. As a result, professionals can utilize their time for strategizing new things.

Retail pricing intelligence is more than just pricing

With the help of retail price monitoring software, dynamic pricing can now be done successfully, with bare minimum effort. Therefore, managers can spotlight their attention on developing healthier strategies for competition. They can analyze their target audience to measure out whether they are going to use a price strategy that is competitor-based, customer-based or cost-based. Although pricing is one of the key components to increase an upper hand on the competition, to be at the top, company require a unique and cutting edge strategy.


Companies that are looking for ways to gain a well-built position in opposition to the competition require taking everything into account and get rid of any possibility of error. With the assistance of price tracking tools, they can get a sense of what their target consumers need and how to set the prices in relation to their competition automatedly and in real time. So pricing is an immense part of the way consumers are drawn towards E-commerce or online operating companies and powerful plans around it are necessary to continue this flow of customers towards them.

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Steps to boost your Ecommerce sales

To boost profit margins, a company calculates the ideal price point based on the in-house costs, market value, and what their competitors are pricing. If offered competitor price monitoring it earns you that actual money with precise ecommerce strategies.

But why is competitor price monitoring or tracking so essential? Why not to concentrate more on decreasing the internal costs? The reality is price tags persuade shoppers more in online shopping than conventional shopping, as you can check out the product prices of another Ecommerce store like amazon, ebay in just seconds.

Make no delay in deciding about the Ecommerce price monitoring software; if your competitors are flourishing enough to be a threat, they already have got an eye on your product prices as well. In this blog, we are going to discuss about competitor price comparison tools, tactics and strategies to boost your Ecommerce sales.

Also Read: How to Manage Competitor Price Monitoring for Ecommerce Product Variants?

Strategies to boost your Online sales using Competitor Price Monitoring

 1. Spot the Precise Competitors

Take enough time at the start to classify your closest competitors so you don’t throw away time in the stretch run monitoring opponents that don’t matter. The process of identifying the closest targets for competitor pricing monitoring isn’t as tough as you might think:

Round up the Customary Suspects: Select and make a list of all your probable competitors. You want an extensive pool to draw from to make sure you put down no stone unturned.

Use Social Media and Research Tools: Your prevalent threats may be ones you’re not even conscious of. Perform added research to add more competitors to your prepared list by checking brands that use similar keywords and hashtags on social media sites, use search engines to search them. You can also use software tools like SimilarWeb and BuzzSumo.

Reduce the List in terms of relevancy: Classify the list of competitors by concentrating on the ones with the –

  • Most similar pricing
  • Most similar products
  • Target similar niche groupings

As your company grows, your competitors will also increase. So choose software which is scalable like DataCrops Competitor Price Monitoring & Tracking Software as by using it you will be able to monitor all your competitors.

2. Pick the Right Pricing Strategy

In spite of all the quantitative information collection, if you’re pricing strategies are not in the place you will not be able to win in the Ecommerce marketplace. As business decisions on your product prices aren’t always so white or black.

As settingTo boost profit margins, a company calculates the ideal price point based on the in-house costs, market value, and what their competitors are pricing. If offered competitor price monitoring it earns you that actual money with precise ecommerce strategies.

Make no delay in deciding about the Ecommerce price monitoring software; if your competitors are flourishing enough to be a threat, they already have got an eye on your product prices as well. In this blog, we are going to discuss about competitor price compar product price also depends on cost-orientation, consumer-orientation and market-orientation. So your strategy should cover all 3 aspects as well as your competitor pricing. Moreover, competitor pricing intelligence also assists in figuring out what customers expect and are ready to pay for products in the marketplace.

So you can’t use one or two strategies to get it right, you have to opt for a combination of diverse tactics in varying degrees on dissimilar products.

3. Deal with Ecommerce Trends

The different types of weekend sales, Christmas offers and summer clearances all are a type of key trends for Ecommerce business. Timing has a vast effect on online shopping and ecommerce trends. Setting product prices is a persistent procedure that has to be modified as per the market conditions and scenarios.

Ecommerce trends are dual systems that comprise of not only monitoring what your competitors are undertaking, but also observing your own store.

Also Read: How to Increase Ecommerce Sales on Amazon & eBay?

On top of that, you want to consider when your competitors alter their pricing strategies and hold up sales. It may be possible they know something about appropriate trends that you haven’t comprehend yet. The other benefit is putting them off from undercutting you. If they are holding a sale at a tip of a key shopping time period, your most excellent defense is to lessen your own prices too.

4. Use Data Intelligence to Negotiate Improved Supplier Prices

If you have the precise tools in place, you’ll be able to classify whether or not your competitors are getting improved deals from suppliers. The subsequent step is to show your facts to suppliers to negotiate the similar deal. More often than not, they will give you a similar price cut rather than misplacing your business entirely. But without the accurate data analysis, all you will have to negotiate with is a guess.

5. Find the Precise Competitor Price Tracking Software

If you have sufficient free time and you don’t mind munching numbers, you can manage all of your monitoring manually however for most of you; it’s healthier to take the assistance of software.

DataCrops competitive price monitoring software removes human error, saves time and offers real-time alerts. Our software continuously tracks your competitors and their product price changes.

Monitoring prices manually make you vulnerable to notice price alterations late or not in all the possible scenarios wherein a software solution can do.

Key Takeaways

With E-commerce, it’s good to read between the pricing numbers. What it all matters, in the end, is one immense equation where your price directs the maximum profit margins. But to weigh up this.

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