How Competitive Pricing Analysis can boost your Revenue in 2018?

Competitive Pricing Analysis

Transforming Data on Competitors’ Prices into a Competitive Edge for Online Stores

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.

Competitor price analysis

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Defining the Goals of Competitive Price Analysis

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:

  • increase their long- or short-term revenue
  • increase or maintain their market share
  • launch new products
  • become the market leader
  • in case of intense competition — protect their market share
  • discover new markets for the products which already exist

The Two Parts of Competitive Intelligence

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?

Establish Needs
Collect Data
Analyze Data
Communicate Intelligence
Take Action
The CI process

Source: The Managers Guide to Competitive Intelligence. John J. McGonagle, Carolyn M. Vella

Active eCommerce Competitor Price Analysis

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:

  1. Strategy-oriented, to support strategic decision making of the management of a company. It will ensure better understanding of the competitive environment and competitive advantages of the company (promoted categories, marketing strategies, etc.)
  2. Tactics-oriented based on a company’s current activities. It provides a detailed report on costs, sales and marketing events to optimize pricing and fine-tune marketing efforts. The data should be delivered and analyzed as fast as possible to:
    • identify competitive promotions and the company’s response
    • get early alerts on competitors moves and market changes
    • improve offered products, develop service and message targeting
competitor pricing analysis

Here is the screenshot of Competera Price Index dashboard. It shows the costs of different products at competitive websites and illustrates how their activities influence sales.

With Competera, Retail Businesses Will Benefit from:

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.

Smart scraping/crawling
Smart scraping technology

that does not trigger traffic overload

Smart scraping/crawling
24/7 technical support

and client assistance

Smart scraping/crawling
Email notifications

and reports

Competitor Price Intelligence: How to Conduct Competitive Pricing Analysis

We Are Maths- and Performance-Addicted

Since its inception, Competera has been driven by the idea of helping its partners perform better.

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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.

Data crawling

Where to Find CI Tools?

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.

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The process of developing and implementing a proper pricing strategy is easier and more efficient with Competera
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