How to Avoid Competitive Price Monitoring Complexity

E-commerce sales are projected to exceed half a trillion dollars

52% of the U.S. population shopped online in the past year (compared to 51% in 2016)

When shopping online, 79% of Americans report to “actively” searching for the lowest price

This infographic shows to what extent the ecommerce market is large, and that price greatly influences those who shop online. What should a retailer do about it? Monitor the prices of her competitors!

Price Monitoring Helps to Manage Demand

If you’re managing an online store, one of your biggest challenges is keeping up with your rivals:

What prices are they offering?

When are they doing promotions?

Are their prices lower than yours?

Are there any markdowns?

Using this data, a retailer can stay away from overpricing their items, react immediately to alterations in prices, and prevent losses by monitoring the prices of their competitors!

The most successful online stores—retail winners—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 for them to identify specific market trends. It also helps a retailer figure out his exact company positioning to understand what the next best steps are to take.

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

competitive price monitoring

How to avoid difficulties when monitoring prices?

Hire advanced an solution that gives you the following benefits:
Price Monitoring Time Saving

If you were to track your rivals’ prices on your own, you’d waste so much precious time that you could’ve used to focus on other important findings that can’t be automated, e.g. pricing strategies.

However, with competitive price monitoring tool, you get all information that you need with a few simple clicks thus giving you more time to work on marketing or pricing strategies, for example.

monitoring prices
It Equips You With Real-time Data

With online price monitoring software, you’ll get as close as you can to real-time competitive data. You receive all data you need about rival’s activities to quickly reprice your products, thus getting ahead of the competition.

By using competitive price monitoring software, you’ll get real-time data about rival prices, items, promotions and all important changes, which are monitored 24/7.

Competitive Data Processing

After you upload the information on your assortment into competitive price monitoring tool, the software collects prices of competitors and gets raw data which needs to be processed. As a result, you see clear visualizations which help you compare your rivals’ framework with your own. On this basis, you will develop and improve your pricing strategy.

online price monitoring
Agile Configuration

A good competitive price monitoring tool should be easy to adjust according to your pricing strategy and general business strategy.

E.g., if your shop works as a discounter, the discount rules can be configured by category manager or automated in order to follow your strategy and make the right price changes. To get to know more about agile configuration and agile pricing, read our ebook.

online price monitoring
Compile, check, and analyze your exact market positioning with accurate, real-time data, thus it’s easy for you to make the right move in order to maximize margins and boost turnover.

Competera Pricing Platform
Powerful solution that automates collection, processing, and analysis of data; reduces technical effort and human error
Request a Demo