Price Tracking Software
Competitor price monitoring enables you to get full 360* market view and enhance your competitiveness. Competera platform helps to stay ahead of the competition with:
- smart scrapping based on real competitors and true KVIs’ identification
- up to three times faster price monitoring
- automated pricing rules fueled with high-quality data
What is competitor price monitoring software?
Price monitoring software is used to get fresh and correct information about prices, promos, availability, product visual representation, customer reviews, and other technical data from competitors’ websites.
Comprehensive retail price monitoring enables retailers to grow by further implementation of automated pricing rules and price optimization. In most cases, competitor price monitoring is used to implement competitive pricing strategy. At the same time, the data collected via a competitor price tracker is often used afterwards to implement advanced strategies, e.g. demand-based pricing strategy.
Subsequently, advanced price monitoring is an essential capability for every business eager to grow and develop strategically and use a blend of pricing strategies depending on particular product type or market segment. That’s why the earlier the business starts to implement advanced price monitoring software, the earlier and smoother it will transform to the next level of pricing maturity.
How can competitor price monitoring software benefit you?
Advanced competitive price monitoring software enables companies not only to gain an upper hand on the market, but also leverage the strategic growth potential. Better decision-making is definitely one of the most important benefits associated with retail price monitoring.
Using competitor price tracking software retailers can identify the upcoming trends and market landscape changes proactively. For example, the smart use of competitor price monitoring tools reveals which competitors are either enhancing their market positioning or, vice versa, losing market share or consumer trust. Price tracking tools can register the slightest changes in the competitors’ policies which enables retailers to predict how the market will change tomorrow. This is how retail price monitoring software contributes to strategic wins.
At the same time, compared to human-centric approaches, tech-driven competitor price tracking also means better decisions on operational and tactical levels. For example, Competera provides category managers, pricing analysts, and other pricing stakeholders with market insights and custom analytical reporting on MAP policy execution, stock available, promo, credits, and other crucial variables helping to outperform rivals and enhance competitiveness.
Competera’s platform is a great tool for price optimization and price management. As a user, I really appreciate the Competera dashboard which gives me the opportunity to work on any level — from the portfolio level to going as deep as the SKU level. With Competera, we know which strategy is gonna benefit us the most and go from there.
As the business was scaling, it was important for us to base our pricing decisions on market trends, website analytics, and other crucial data points that a pricing manager can hardly embrace all at once. Competera’s smart algorithms made our price management data-powered and proactive and saved the team 50% time from routine tasks. Competera has shown how AI is revolutionizing the traditional pricing processes and strategies, so we look forward to adopting the technology for other regions.
We believe Competera is the best in the industry. Their platform provides a set of tools, including market-based pricing and AI-driven demand-based pricing, that offers solutions to an immediate need, as well as our long-term plans. They have quickly become a strategically important player that we entrust with enabling a core element of our business.
Time was an issue for us, as we didn't know when exactly Amazon was about to launch in Sweden. Nonetheless, our key requirement from a data provider was to receive Amazon Sweden and its sellers' prices within 24 hours after the marketplace launch. Competera did the job within 8 hours, and that was a great success.
Why Do You Need competitor price monitoring software?
Competitor pricing monitoring software is essential for every retailer willing to stay ahead of the competition as well as reinforce its market share and consumers loyalty sustainably. Having a 360 market view, companies can both identify the new competitors right after they enter the market and always stay updated on the pricing policy of every rival retailer.
In the time of price transparency and highly competitive markets, it is no longer possible for the business to grow sustainably without tracking the changes on the competitive landscape. Regardless of which price positioning model you choose, a competitor price tracker is necessary to sustain the right positioning against competitors.
At this point, it should be added that competitor pricing monitoring is not a conventional technical process. In many cases, retailers might appear to have dozens of competitors selling particular products.
The true fact is that there are often only a few 'real’ competitors that are really worth following. The trick is to identify these competitors quickly and accurately. An average assortment intersection with other retailers is 35%. With Competera, you can identify your real competitors with no risk of being misled by irrelevant data.
The proof is in the numbers
Each of Competera’s clients receives 8% average uplift in revenue and 6% average uplift in margin.
accuracy of short-term forecast
product matchings quality
of revenue under management
annual optimal price recommendations
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Outperform your rivals with Competera Pricing Platform.