When it comes down to it, the way you set your prices can make or break your business. Customers always look for the best price for the value they want to obtain. If your business can’t get it right, your competitor probably will. To achieve competitive prices in the market, you have to be aware of how other businesses value their products. This is why studying the prices of other businesses is crucial.
Our job is to help you monitor your competitor’s prices through automated price monitoring. You can look at price movements from previous years up to the present. There’s no more need to wait for long periods just to know what your competitor did a month ago. You can get up-to-date information the soonest as they are released.
Furthermore, our platform allows you to compare, monitor, analyze, and workaround your eCommerce competitors — all hassle-free. We can deliver all the reports and analytics in real-time so that you can focus all your attention in making the big decisions, instead of watching your competitors 24/7. If you’re interested, fill up a price monitoring request form.
Customers buy if the price is right. Businesses thrive if their pricing is right.
Price remains an important part of the marketing mix, whether you subscribe to the traditional 4Ps or the modern 7Ps or 12Ps. Even sources citing 44Ps acknowledge the importance of pricing.
Price monitoring is an essential component of a good pricing strategy. It is vital for a brand to monitor its prices versus its competitors across different platforms and channels. This ensures that the brand is up-to-date with market changes. This enables them to adjust prices based on market-based information.
With the rise of eCommerce, retail has now become digital, massive, and real-time. Do not get left behind. Stay attuned to your market. Compare, monitor, and analyse prices. You do not have to do it on your own or manually. We automate price monitoring. We are your data provider.
Type1: You have 1 supplier and you need just add to WholesalePrice your % (simple formula)
Type2: Type1 + you have more that 2 supplier & 1 real product could be sold by more than 2 suppliers (so you need to use the best WholesalePrice for you)
Type3: Type2 + you want to use competitors prices when you do repricing.
Y – you could use it as a fixed price for shipping.
X – you could use it as a margin % or Currency Converter & margin %.
Top reasons why you should choose an automated price monitoring tool
We cannot deny the fact that the market is so competitive these days. Prices change almost every second, and this is the reason to why you should have an idea of your competitor’s prices. Online businesses have become common, and almost everyone wants to operate one.
The main question remains, how do you survive in the industry when the competition is so stiff? This is where competitor price monitoring comes in. Knowing how your competitors are pricing their good is vital. You can never do business if you do not understand what you are up against.
Reasons why pricing Brings about Competition in the E-commerce Sector
With today’s technology, it is simple to access many online businesses. Customers are always on the hunt of the best online business that offers the best price for its products. This is the reason to why many online businesses have catchy taglines about their awesome pricing plans.
The idea of coming up with an ideal price for your products is no joke. Remember, prices change every minute, and this is the reason why you should be updated about the market prices always. Considering that there are hundreds and hundreds of online businesses worldwide, you should have a smarter way of fulfilling the pricing intelligence rather than going the manual way.
Getting an automated price monitoring tool is the secret to all your questions. You are not only assured of real time results but also up to date data according to the market price changes. An automated price monitoring tool will enable the seller to adjust their prices according to market price changes. Companies that do not adapt this system tend to be missing a lot. Please do not be left behind!
Things to Consider Before Choosing an Automatic Price Monitoring Tool
Before using any price automatically, you need to give it guidance on how to work. You must have a list of your competitors so as the tool to work effectively. Also, you need also to point out your most important products or competitive products. After doing this, you will get the best outcome of automatic price monitoring.
Most cases, business owners know their closest business rivals but cannot point out all businesses that are selling the same products. In this case, use Google to know all your competitors- the top competitors will appear in the first pages of Google. After getting your top competitors, you need to do analysis and know the most effective e-commerce shop in the market. You need to compare the prices of similar products like comparing the price of apples to apples.
The power of Automation
The beauty of using an automatic price monitoring tool is that results are achieved in the shortest time possible; it regularly monitors your competitors on a regular basis d also results are in real time.
An automated price monitoring tool saves you the time to check the competitors change in pricing repeatedly. Instead, you only focus on the results produced by the tool. The effectiveness of the tool depends on;
- Number and frequency of updates.
- The size of the market it covers
- Notifications and alerts
Depending on the type of business you are doing, you will choose the best time to receive updates of price changes. You can choose to get weekly, monthly or daily updates.
It is easy to predict the outcome of using an automated tool. The results are positive and in the long run help the business to survive in the industry. Even better, more income is realized by businesses who choose to use this direction.
The automated price monitoring tools are affordable and readily available. Also, SaaS services are also available for users who do not want to purchase the tools. If you own any kind of an online business, feel free to test these solutions. For sure, you will see the benefits of using the market prices.
Every time business owners hold meetings or hold conferences, most of the times they discuss on how they will set fair prices or how they can better their pricing strategies. The answer to this question is straightforward and clear- know what you are up against. This article will help you know the basics and rules of setting up prices for your online shop.
As much as you want to set the best price for your online shop, you need also need to put into consideration of your competitors’ prices. It will make no sense to price your goods too high than the current market price. Also, as much as you want to follow the pricing rule, you also need to implement the pricing rules and strategies with the businesses’ goals.
Rule 1 #: Profitability
The main reason for setting up a business is to make profit. If your business is making a negative profit, you may consider closing it down since it will become an expense. When a business operates while earning negative profits, it will at some point lose its current assets. Therefore, it is vital to price your commodities being guided by your operating costs- purchasing costs, salaries, marketing costs. This approach is known as cost based pricing strategy. Even if you are using a price monitoring tool to know your competitor’s prices, you must use this rule in one way or another.
Rule #2: Flexibility
As much as you want to use cost based pricing strategy to price your commodities, this will only limit you to set prices in a way they cover your costs. This pricing strategy is not the best as it’s not flexible. A flexible pricing strategy combines value based and cost based pricing strategies. This helps to regulate the sales and the costs hence taking the company’s profitability to the next level. For a business to successfully adopt this pricing strategy, they need to reduce their operating costs and also look for market segments that they will operate at low costs while making good sales.
Rule # 3: Value
A good pricing strategy helps to maintain the value of the business. Lowering the prices of your commodities too low is not healthy for the business and do not always promise the survival of the business. Don’t focus on what the customer is willing to part with for the product rather than its value. Sometimes lowering the prices too much may make the customers feel like it is low quality. When this happens, you might lose so much on the sales.
Rule #4: Competitiveness
When pricing your commodities, always remember that you are not alone. Many other businesses operate online. If you choose to use a price monitoring tool to peep the prices of your competitors, you need to;
• You need to react immediately in case of a price change.’
• Make profits without dumping or give discounts.
• Win the loyalty of customers.
Rule# 5 Analysis
No matter the size of your business, you need to analyze the effectiveness of your current pricing strategy. Does the strategy cover all costs? If not, your store will not last soon.
Remember the above pricing rules are just a recommendation that will help you with your pricing. The best way to survive in any online business is to understand what your competitor is up to.
All online sellers do all their best to attract more customers. Most of them have made use of price monitoring tools that help monitor the prices of their competitors. The advantages realized from price monitoring are an increase in sales and also increase in profits. This is the reason why businesses should adopt this new technology.
Businesses that choose to use price monitoring tools will not only get to know how prices of products change in the market but also prevent loss of sales. Here are reasons to why most business chooses to invest in web scraping services for their businesses.
Research shows that most online customers make decisions on which online to buy from based on the price. Customers always narrow down their buying options by considering the prices offered by different online retailers. Through price tracking, the retailers can compare, analyze and track their competitor prices and use the results to their advantage. Even better, automated price monitoring tools help the retailers to get real time updates of any changes of prices of their competitors.
Adopt Alternative Marketing Strategies
Other than increasing sales and obtaining market price information, price monitoring tools can help retailers adopt effective marketing strategies. For example, a retailer may choose to lower the price of a commodity slightly by 1% thus increasing the sales. Increase in sales will translate into an increase in profits. The slight decrease in price may not make any big difference but will increase the sales.
Understand the Market
Price monitoring tools are used by retails to monitor and understand the market. It is next to impossible for retailers to do a market research if they do not know the prices their competitors offer on similar or related goods.
Online businesses have become common, and competition is stiff. Pricing your products around the market prices always helps retailers to increase their sales volume.
To become successful as an online retailer, you need to adopt web scraping services and price monitoring tactics. Offering low prices to your customers is not the answer to your success but adapting web scraping services will help you learn new and unique tactics to run your business. When operating a market that has heavy competition, it is vital to set up a unique business even if your prices are similar or almost similar to market prices. Always keep in mind, effective business strategies are not the only price based.
The fact is that selling online is difficult especially when pricing strategies are ignored. Know your competitor’s prices will not only help you be I a better position but also be a head of the game. Price monitoring tactics will help you get the right pricing information of products on the market. Make sure to use a price monitoring tool to help you get the pricing information of your competitors. To succeed, always make sure to know the prices set by your close competitors.
We prepare reports on price comparison. You can see your prices together with the prices of your competitors. You can also compare your prices across different online retail shops.
Some brands do it manually or just check retail websites from time to time. Imagine having detailed price comparisons ready for your use. It makes it easier for you to decide whether to increase, retain, or decrease your prices, and by how much.
When prices change on the websites of your competitors or on other retail websites you are tracking, you can instantly know about it, since we provide price change alerts.
Prices change real-time in the world of e-Commerce. Customers can see it real-time. Thus, you should know price movements instantly, too. You do not have to constantly refresh websites. You do not have to wait days, weeks, or months to detect price changes. We can do that for you — right here, right now.
Sometimes, it is only when we look back that we get to see patterns and trends. For this, you need historical data.
We provide data for price analytics. You can have access to price movements over the years. With this, you can easily analyze historical data of price changes to look for patterns and trends. This knowledge can arm you on how to effectively price your products, or when and where it is fit to offer promos.
Sometimes, it is not possible to extract data from some websites using general data extracting systems. This is because some websites block crawlers that eat up their bandwidth.
We can help you here. We offer customized solutions such as smart IP rotation.
Request Repricing & Price Monitoring for your business