Price monitoring is a concept that cannot be taken lightly. In order to stand out as one of the best
ecommerce development company or the best Magento ecommerce agency etc. , your price
monitoring must be efficient and effective. Price is a critical factor to stay in business as
consumers always want to make purchases and need competitive prices to entice them. Data can
easily become obsolete quickly so price monitoring has to be efficient in order to make sure an
ecommerce site has competitive prices all the time. How can you ensure that your price
monitoring is efficient? Let's show you how.
1. Recognize Your Competition
E-commerce portals are actually competing with others and that definitely has an iota of truth but
however, you will be competing with a set of e-commerce sites at a time. This why ensuring you
are able to recognize your competitors in the e-commerce market is important to know what you
are up against.
To do this, you can deploy the services of top search engines to enable you stay on top of your
niche. Put in the products in your niche that is currently driving your focus on your e-commerce
site, add your location to narrow down your results, and you will discover who your direct
Website analysis tools are also very helpful in locating your top competitors. Sites like
Buzzsumo, SimilarWeb, and SEMrush can provide insight on your competition. To double
check, search their social media handles and websites to be sure they are in the same line of
business as you. Knowing your competition is a crucial step in this regard.
2. Know Your Most Attractive Range
This is a pretty simple concept. You should be able to identify which of your products have the
highest returns in comparison to that of your competition. It does not need to be all you sell on
your site. When you're constructing your plans, select the products that have ranked high on your
data sheets. Which includes:
– Your best selling products
– Products that are currently in high demand
– How many of these items comes up on a keyword
– And a lot of other factors that are niche dependent.
Usually 80 percent of your profit comes from 20 percent of the products you sell. That 20
percent is what you should identify with as your competitive range.
3. Decide On How Often You Want To Monitor
You have to choose on your own how often you want to be monitoring the prices of your rivals
and track the web data. Most companies especially those with a large number of customers opt
for daily or weekly price monitoring. Depending on what you sell, how many customers you
have and who your rivals are, you could monitor your prices hourly, weekly, monthly or yearly.
Whichever you feel is right for you is good but keep in mind that the more recent the data is, the
better for your business outcome.
4. Compile The Links
The next step in your plan should be to compile the necessary website addresses and links from
your rivals' digital portals and store them on your computer with your scraping tool. You can
also gather the whole website's data. That is subject to how much products they sell which you
would like to monitor. You just need to drag and drop which part of the website's data you
require and leave the ones you do not need.
5. Inspect the Data
Run the data you have gathered through any trusted analytics system and you will easily know
what is trending, make informed decisions, pitch them against each other and measure how
competitive your prices are with the data before you.
You can also create automatic schedules that will be able to take on more than one business at a
time or monitor more factors like reviews, product information, etc. You need to also know when
stock is about to be exhausted, check how trends have progressed in the past and have reminders
that let you know when a new thing pops up or lets you know anything that has changed.
About the author
Junaid Ali Qureshi is an ecommerce entrepreneur with a passion for tech and marketing. Some
of his current ventures include Progos Tech (ecommerce development company ) ,
Elabelz.com , Titan Tech and Smart Marketing ( Magento ecommerce agency ).