If you are an eCommerce player selling multiple brands that are extensively accessible in the retail marketplace, you would have undoubtedly felt the bitter taste of price comparisons.
With so many ecommerce players with all the competition in the market, which further includes sites like Amazon, eBay or Flipkart, consumers are substandard for picking their products by going where the price is the lowest or equal.
Now the question is how do you respond to this? Don’t Worry as you can now track competitor pricing automatedly and work on it in real-time.
How to compete and challenge a market of 15+ million Etailers!
The world-wide eCommerce market now comprises of more than 15 million etailers (online retailers) and this number is still mounting rapidly. Not only developed markets, A but developing markets from all around the globe are also flagging their way in the direction of creating a rock-hard eCommerce set-up.
With the growing online retail market the competition is already build up. Businesses now need to gain a control on this market, which comprise of knowledgeable and conversant consumers.
So, eCommerce players of all the sizes should feel the need to persist a step ahead of this tough competition. There are quite a lot of competitive elements that comes into consideration, and in this blog, we will be going through one of the key and the most operative force – Pricing. There are numerous pricing strategy approaches in the market. However, all these strategies should be used smartly and with collaboration to right competitive intelligence.
Importance of Price Competition
Due to the swift use of comparison shopping websites, people can now find the finest deals on the required products in just few clicks. This has upsurge price vitality and struggle in the market, and transformed the way people buy products.
However, utmost eCommerce businesses have been unsuccessful to familiarize to this revolution. Stereo typically, businesses would have to manually trace the price changes in their target markets but this is both unsatisfying and laborious.
To solve this issues, we now have software solutions offering end-to-end automated competitor price intelligence. These solutions help eCommerce businesses extract and track competitor prices automatedly, as an alternative of depending on manual operations.
Benefits of Competitor Price Tracking and Intelligence:
Just like any other commercial strategy, there are benefits for tracking competitor prices.
A) Benefits of Competitor Price Tracking and Intelligence
In the first place, tracking everything would not be a right strategy. You essentially require to prioritize specific products to standardize against your competitors. Select a product segment which gives you the major chunk of your sales, so those should be lined up first for competitive pricing intelligence to give you best sales numbers.
B) Pricing Updates and Stock Obtainability
After planning all products for every competitor, the price monitoring is applied. Fetching or tracking only the price details can be miss leading as retailers even list the products that are out of stock. So product availability is also important.
The frequency of data fetching is also key. As if your competitor pricing change on a everyday basis, you will require to track it very recurrently.
C) Benefits of Competitor Price Tracking and Intelligence
To enable price tracking, you will require to set up alerts or notifications whenever there is an alteration in price on a competitors website. Data reports help you do deeper analysis considering a specific period of time. You can find details like which were the most profitable products or optimize product variations with these analyses.
To conclude, competitor price & product comparison and tracking is no longer a bother for eCommerce businesses. With advanced automated solutions like DataCrops, you can save man hours and safeguard that your target consumers do not leave your website because of pricing.