Know the competitionNow that you know what online price monitoring is and the benefits it can bring to your business, it’s time to look at how you can use this tool. Online price monitoring is a simple yet powerful tool. It’s easy to use and doesn’t require any technical knowledge or tools—you just need an internet connection and one of the many free services that offer this feature. Once you sign up for an account on one of these sites, all you have to do is enter the name of your product into their search bar, hit search and then wait for their results page. There will be a list of all similar products sold by different retailers (your competitors). You can then compare prices between them or check for price changes over time in order for you know if something has gone down in price or up in price over a certain period of time.