Price Monitoring And Competitor Tracking - A Crisp Overview

Introduction

Today's world has cutthroat and entrepreneurial competition. As a result, staying ahead of the curve takes work. Statistics show that there could be as many as 24 million online stores.

They are rapidly increasing daily. Thus, such jarring numbers are a testament to the fact that staying ahead of the curve is challenging. Every eCommerce venture is a concerted effort. This is to stand out and make a distinguishing mark. You must be prepared to go the extra mile. There is a foolproof way to excel as an eCommerce marketer. It is to monitor market trends and offer competitive prices. But how? Let us find out!

What Is Competitor Price Tracking?

Competitor price tracking can be defined as monitoring your business competitors regularly. It will help to gain invaluable insights vis-à-vis products, prices, strategies, promotions. Various tools and software programs are specially designed. Moreover, there are competitor price monitoring services available that can help you in your pricing strategy if you are an online store owner. It is to help eCommerce ventures. It will help keep a watchful eye on their entrepreneurial adversaries. This will be regarding prices, real-time stock availability, discounts and offers, and more.

Here is one of the most distinct aspects of competitor price tracking. Many eCommerce marketers are yet to co-opt the technology. There is a recent survey we need to discuss. It illustrates that 75 percent of retailers need to track their competitors' prices. They need to do so daily. Well, if your business is among that '75 percent,' there is always time. You can gain a first-mover advantage. This is by investing in a price-tracking tool. It will explicitly cater to the needs of eCommerce ventures.

Top Five Merits Of Monitoring Your Business Rivals:

Opting for competitor price tracking gives you the first-mover advantage. However, there are other pertinent pros of regularly evaluating your arch-nemesis. What are they? Let us find out!

1. Pioneer the 'Price Change' Policy

As an eCommerce venture, you must remember that it is not about offering the lowest price. It is about the right price at the right time. The eCommerce giants influence online shopping. It is by changing prices, announcing sales, and surprising customers. This is possible with flash sales and customized discount coupons. In the 2020s-decade, online shopping is trendy. It is because of its convenience and the lucrative offers and discounts offered by sites. Thus, consumers are always on the lookout for better deals and sales.

So, how do you stand out in such an undulating domain? By swiftly responding to price changes. Taking the manual route to monitor constant price changes is not possible. However, with web scraping tools, data extraction becomes much more manageable. Such innovative software programs automatically invigilate rival websites. It will alert you about real-time price changes. Thus, you can respond quickly by updating your prices.

2. All-encompassing Competitiveness

The 21st-century online shopper is intelligent. They scour through multiple eCommerce sites before making a purchase. Thus, marketplaces also optimize their prices per customers' demands, occasions, and likewise. The right web-scraping tools can help you remain competitive in multiple marketplaces. They also facilitate sales maximization and profits. Moreover, they enable your business to experience meaningful revenue growth. For instance, a special Flash Sale on 'Valentine's Week.' It can boost sales for retail companies.

3. Outperform Your Opponents on Special Occasions

It is common knowledge that eCommerce sales skyrocket during special occasions. Whether it is Christmas, Black Friday, New Year's, etc.

Thus, the competition among online sellers is tough. They will struggle to get their share of the 'sales pie' during such opportune times. Using high-tech web scraping tools gives you a peek into your competitor's products. You can also check their inventories and pricing strategies.

Preemptive knowledge helps you stock up on the items. They are the ones that could increase customer demand. The most innovative competitor price evaluating tools automatically set up criteria. As a result, your prices change without needing manual intervention. In addition, you can also leverage such technology. It will help to conduct a historical analysis of pricing data. Moreover, it can understand customer preferences during special occasions and weekends.

4. Reap Revenue Benefits via Industry Insights

Pricing tools are a Pandora's Box of data, information, and invaluable insights. They can provide your eCommerce venture with a competitive edge. For instance, do you see your 'arch nemesis' launching a flash sale? You can get all the information about the sale and consider flagging off your Flash Sale. Similarly, competitor price-tracking tools also help you introspect as a business.

You can get insights on how competitive your products' pricing is. You can also track the changes that need to be done immediately. There is another way pricing tracking tools enable your enterprise to increase profits. It is by saving labor costs. You can save up to 92 percent on labor charges and several human hours. This is possible by transitioning to a competitive tool. A study by Price2Spy shows that. Well, it is an absolute win-win.

5. Better Grasp on Stock Availability

There needs to be more than just focusing on prices to stand out as an eCommerce bigwig. You also need a firm grasp on your stock and inventory. The right price-tracking tools notify you when a popular product is running low. The devices will intimate which low-quality products should be prioritized. It is in terms of restocking. Thus, investing in the right web scraping technology gives your business an edge. It is in price change, industry insights, comprehensive competitiveness, and stock availability.

The Benefits of Price Tracking Tools for Your Online Store:

You have analyzed the comprehensive benefits of competitor price tracking. Now it is time to gauge some specific merits of opting for the right price-tracking tool.

Competitor Price Monitoring : You no longer have to spend hours. No need to crouch down in front of MS Excel. No need to strive to compare and understand competitor price change. The right tool will do the needful automatically, and all you have to do is adjust the pricing strategy. One pro tip is to choose a price-tracking tool. It gathers data from hundreds of thousands of eCommerce sites. It then presents them on a single dashboard. Automatic and real-time are also a feature to look out for. It will be useful whenever a competitor updates their product pricing.

Price Intelligent: The right competitive intelligence technology will use AI and data mining. It will help you pioneer price intelligence. It is a mechanism through which you can understand how consumers react to price changes. You can also know what your rivals are doing. It will help you determine the ideal product price.

Dynamic Pricing: The best competitor price-tracking tool will help your business stand out. It will be during holidays and special occasions. It has features like dynamic pricing and repricing. With this, you can automatically respond to the alteration. They are those made by your competitors during special events.

Product Monitoring: Competitive intelligence tools have features like catalog intelligence. It helps make a businessperson's life easier. They help identify profitable products. It helps to maintain a decent stock during sales when others are out.

Price History and Reporting: A competitor-pricing tools provide a price history report. With this, you get insights into how your competitor's prices. You can check how they have fluctuated on different occasions over time. Such a report helps make comparisons. It helps devise creative pricing strategies, and understand the consumers' needs.

The Value Of Accurate Pricing Strategies And Product Pricing For Your Online Store

Accurate pricing strategies have immense value for any online shopping venture. They help in –

Techniques For Top-Tier Product Pricing:

You should invest in the right competitor-pricing tool. You can pioneer the art of perfecting your products' prices. It is by using the following techniques –

Conclusion

So, here is a crisp overview of the importance of price-tracking tools for businesses. In all honesty, competitive intelligence programs are a marvel of modern marketing technology. They help businesses of all scales and types stand out and make a mark.