How to Avoid Competitive Price Monitoring Complexity

Forrester forecasts that by 2020, ecommerce sales are projected to exceed half a trillion dollars. An annual survey conducted by comScore and UPS found that 51% of the U.S. population shopped via an ecommerce platform in the past year. In other words, it’s safe to say that the market is pretty big. What do those who shop online claim has the biggest influence on their decision to make a purchase?

The answer is the price.

In fact, when shopping online, 79% of Americans report to “actively” searching for the lowest price.

Why should you monitor prices?

If you’re managing an online store, one of your biggest challenges is keeping up with your rivals. What prices are they offering? Are their prices not so high as yours? When are they doing promotions? Getting that type of infomation manually is tedious work, especially when you’re in a competitive niche.

Competitive price monitoring can aid you in reacting immediately to alterations in pricing and to prevent losses. It can assist you with pushing more sales into your online store since you’ll be able to stay away from overpricing your items. However, few online stores are monitoring prices. They don’t understand that they may be selling their product for too low, thus getting a narrower margin than their market allows.

A few of the most successful online stores use competitor price monitoring to find opportunities to take advantage of in order to increase their sales. When the data is collected and analyzed, it’s easy to identify specific trends. It also helps you figure out your exact company positioning to figure out what the next best steps to take are.

The process of price monitoring gives you the data that you can depend on to make critical decisions that impact the success of your ecommerce store. You can make decisions knowing that you have credible data to support your decisions, thus reducing risks.

What kind of difficulties do retailers face when monitoring prices?

If you monitor without a proper solution, and on the contrary monitor on your own with, for example Excel, the process is never-ending and monotonous. You have to constantly look over websites, emails and other various marketing materials, just so that you can get a better idea of your market position. Afterwards, you constantly need to monitor the prices of your rivals on specific items and continuously alter your price based on your market strategy. On top of that, each time you alter the price, you need it to echo both online and in store. In other words, you have to go through this continuous cycle of checking and making alterations over and over again because today, prices are fluctuating faster than ever. In addition, there’s always a chance of making a human-made error in your calculations, which could result in a costly mistake.

Why should you get a competitive price monitoring software?

With an online price monitoring software, you’ll get accurate, nicely displayed, as close as you can get to real-time data scraping, processing, configuration, as well as delivery. It’s flexible, flawless and you’ll get full stack coverage. Rival prices, items, promotions as well as perceptions are monitored 24/7 and you’ll be notified immediately whenever a change occurs. You can compile, check, as well as analyze your exact positioning, thus it’s easy for you to make the right move in order to maximize margins as well as boost sales.

Monitor your prices today with Competera Competitive Data.