What are the most significant benefits of using an online price monitoring tool and a competitor price tracking tool?
What exactly is an e-commerce price monitoring system? How can small businesses use this intelligence tool to compete in a competitive business environment?
While it is true that unique features can help you stand out from your competitors and make your price more attractive to customers, if you want to make your business the best in everything you do, you should also be aware of how much your competitors sell similar products to yours.
Small business owners used to have to visit the e-commerce websites of their competitors and navigate from one product page after another to compare prices. To monitor your competitors’ prices and track their progress, you can now use an intelligence tool called an E-Commerce Price Monitoring Tool and a Competitor Price Tracking Tool.
Before we understand the importance of using price monitoring software to monitor competitor prices, let’s first discuss price monitoring and how it works.
What is price monitoring?
Retail monitoring is also known as price monitoring. It involves analyzing the prices of competitors to optimize one’s pricing strategy. These prices include both external and internal variable prices.
Price monitoring is done by who? A team of qualified staff auditors performs price monitoring in a short time. Although they can manually do it, it is possible to save time and use the most cost-effective price monitoring tool. All of it is automated.
How E-commerce Price Monitoring Software works
In recent years, the retail market has changed dramatically. Modern pricing tools will allow you to save money and time, which will enable you to stay ahead of your competition. However, you can’t do this if you don’t know how retail e-commerce price monitor software works.
Modern price monitoring and tracking software work in two phases. The first phase is data collection, while the second is product matching.
Price monitoring software collects random data, such as product name, price, promotion, taxonomy, and more, directly from competitors’ websites or marketplaces like Amazon.com, Walmart. Target.com, eBay.com, Google Shopping.com, or Alibaba.
The price monitoring software provides data that can be used to analyze the data or for product matching.
Product matching refers to the process of matching data from competitors with the right product in your catalog. When choosing the best online price monitoring tool, it is essential to check if the tool works with Amazon.
7 Benefits of Using E-Commerce Price Monitoring Software in 2021 & Beyond
According to Google Insight, 87% of shoppers say that knowing they got a great deal is crucial when choosing which retailer or brand to purchase.
60% of US internet users “agreed” (or “strongly agreed”) that the price is more important than the brand name when purchasing a product.
These statistics reveal what? It’s simple! If you don’t keep an eye on your competitors’ prices, you will set your retail ecommerce business up to fail in the post-pandemic era.
Although there are many challenges to using retail price monitoring, comparison, and tracking software, the benefits outweigh them because it allows you to create a competitive pricing strategy.
These are the top reasons to use price monitoring and competitor price tracking software over Excel.
- This online price monitoring system is entirely free of human error.
- All data and analytics collected are kept in one location.
- It is entirely cloud-based so that you can access it anywhere on the planet.
- This price intelligence software solution will notify you when it is due.
- It allows you to establish your business reputation as a low-cost vendor in your product category.
- This price monitoring tool will let you know when your competition is to increase the product’s price and make more profit.
- This price intelligence software tool allows buyers to make savings by purchasing from the lowest-priced seller.
An online price monitoring system is essential for improving your ecommerce business’ pricing strategy and increasing your ecommerce conversion rate.
Disclaimer. The opinions and views expressed in this article are the authors Andrew Napolitano.
