As consumers are becoming more aware of an ever-growing number of brands, eCommerce players need to jump through new hoops to retain their clients. When it comes to buying online, the majority of customers — 81% — agree that price remains a major factor.
What does it mean for e-tailers?
To succeed on a highly competitive market, a company requires an effective pricing strategy. The latter can make a business both profitable and competitive by helping to quickly respond to market changes and competitors actions.
That is when software for competitive analysis jumps in: it allows adjusting the cost of products and product categories according to the pricing strategy and business goals of a retailer.
To conduct an eCommerce price analysis and repricing properly, a company needs to determine its goals and objectives. Besides, it will be necessary to counteract the strategies of its competitors willing to:
There are passive and active types of Competitive intelligence (CI). Passive, or defending, means using technical solutions to protect business from competitive forces, e.g. securing a website from a competitor’s web crawlers. In this case, eCommerce price analysis will help identify which data is competitively sensitive, how to protect it, and what type of information competitors may be looking for.
What about active CI?
Competitor pricing analysis constitutes the “active” part of competitive intelligence. Aimed to collect and analyze data, it is also used as an input to improve decision making.
The analysis has several cycles, namely constant data collection and processing, goal setting and strategy building, automation, and — last but not least — performance optimization and prediction.
Active competitive price analysis should be:
Timely data delivery (if data is required by 9 a.m., Competera delivers it at 9 a.m.), notifications on price changes of the competitors, history analytics, as well as SKU-level price monitoring.
that does not trigger traffic overload
and client assistance
Up-to-date competitive data is a major pillar of competitive pricing strategy, which will help a pricing manager to set profit-generating prices.
Below is the list of data necessary to achieve the highest level of CI:
Why not automate data collection? Competitive pricing analysis software is one of the most efficient tools to build a comprehensive pricing strategy for a performance-driven online store.
The solution uses real-time data about competitors' prices and allows a pricing manager to efficiently analyse pricing and make well-informed pricing decisions. Thus, a retailer can easily boost its performance on the dynamic market.
Market leaders seek to know everything about their main competitors and market changes. We are offering a competitor intelligence instrument at a competitive price.
Regular competitor analysis is a necessary step in building, implementing, and maintaining a successful pricing strategy for any online store. Our fully automated online competitor price tracking tool saves days of manual work and eliminates the risk of a human error
Tailored to a retailer’s needs, it provides necessary market updates as often as required.
Effective pricing managers use the most advanced competitive intelligence tools to increase profits and gross margins of online stores, as well as to gain a complete and definitive view of the market.
Competera’s offer helps to analyze competitors' cost changes and gives access to a changelog for each separate product.
Through competitive benchmarking algorithms, Competera compares product categories and highlights products that need attention. Besides, it provides category and pricing managers with a set of actions.
Developing and implementing a proper pricing strategy becomes easier and more efficient with Competera.