What is competitor price tracking?
The biggest thing that can attract customers to your competitor is the price they offer. Make sure it is lower than yours. The problem is – they might change their prices at any time. If you monitor and control your pricing policy, you will be able to respond quickly to price changes and have an advantage over your competitors.
You check to see how your competitors are navigating the market and what prices they’re setting for themselves. This way, you can stay legitimate in the marketplace and maintain or compare your prices. You also follow their latest deals and offers in mind, so that you don’t miss out on anything. You can see how often they add new pricing, as well as any trends over time
Tracking the prices of your competitors just got a lot less time-consuming and tedious. All you need to do is connect the software to your feed, tell it what items or keywords you want them to track, and then sit back and relax while waiting for them to notify you of any changes that happen. They study changes in the prices of goods sold on eCommerce sites, as well as markets and other platforms. Competitive pricing monitoring tools help you to detect price changes without needing to check manually. This prevents you from missing out on the latest changes that are happening and alerts you in real time.
With a price monitoring tool, you can have peace of mind knowing that you will be alerted if a competitor decreases prices or increases their prices.
These solutions can help you set the right price for your products, which will provide a major advantage when it comes to your competitors so that you’ll have a more predictable business.
What is competitor price monitoring software?
Price monitoring software is a unique SaaS tool designed for a sales team to get trustworthy and up-to-date information about prices, product assortment, stock availability, customer reviews, and other related data valuable to e-commerce companies. Thus, based on all these market insights, you determine your positioning and guide your marketing strategy in the right direction.
The importance of competitor price monitoring tools lies in staying afloat under the influence of other companies. No business operates in isolation but interacts with other retailers in one way or another, so it is essential to track prices and include this process in your business strategy.
Undoubtedly, online shoppers take many factors into account when choosing a product. Still, pricing remains one of the top ones. Therefore, to increase the chances of becoming a buyer’s choice, monitor competitors’ prices on a daily basis.
Why is it critical to track e-commerce competitor prices?
First of all, it is worth noting that if price management were not so important, there would hardly be a high demand for software such as price monitoring tools. Moreover, some tend to believe that the price in online stores attracts more attention from buyers than in physical stores. The reasons for this are as follows:
First, when people shop in physical stores, they are usually influenced by the level of service, music, scents, cleanliness, etc. Since all these factors are absent on online trading platforms, the issue of price becomes more significant.
Secondly, comparing prices in physical stores requires more effort and takes a lot of time. At the same time, for online retailers, the process takes a few clicks. Therefore, they can monitor price evolution, track thousands of products and price updates, do deep analyses, allowing them to stay competitive and adapt to the changing marketplace.
And finally, clients of marketplaces are well aware of the prices for most goods and services. And if they don’t know something, they can check the price in different online stores in a few seconds. Therefore, sellers must keep a close eye on changes to be the best deal for buyers for higher sales and profits.
Tracking prices with web change detection tools
Web change detection is the most cost-effective solution for businesses that want to keep tabs on their competitors. This service detects website changes, giving you the data you need to stay ahead of them.
Let’s talk about the benefits of using web software. Besides being cheaper than price monitoring software, it also has a lot of other advantages:
- ulti-scenario: Besides price monitoring, a web page detection tool can also be used as a general multi-purpose competitive intelligence tool. This includes things like online reputation monitoring and monitoring your competition’s websites for changes. It can also be used as a Twitter monitor, to keep tabs on what people are saying about you.
- Multi-industry: Such web monitoring tools can be used in various industries. In law, they can be used to monitor regulations and how they are implemented. In finance, SEO – to track SEO changes on your site or your client’s site.
Below you can find the best tools for monitoring. This list is not exhaustive, but it’s a great place to start.
How price tracking tools can help your eCommerce business
Competitive intelligence tools can be helpful to most businesses. Here are some of the advantages they offer:
1. Competitor price monitoring
One of the useful ways to employ competitive price monitoring is to keep an eye on your competitors’ prices. This enables you to price more competitively and never miss out on a sale!
Price tracking software makes it easy to see all your competitors’ prices at a glance, so you can offer the best price possible to stay ahead of the market. It monitors and analyzes competitors’ prices, notifying you of changes.
These software tools can send you automated alerts for price changes as well as a comprehensive list of the most up-to-date product prices. You can always count on them to offer the most accurate data. You’ll also get notified if your competitor matches or beats your price when you see it happen. This will help you react to these changes faster and most importantly, ensures that you don’t miss the opportunity to get a sale.
2. Price Intelligence
In the survey, about 70% of respondents said that an attractive price for the buyer has the greatest influence on the purchase decision. Especially when purchases are made in online stores. A good way to do that is to use competitors’ insights in your strategy and serve the customers accordingly.
Competitive intelligence tools that use AI and data mining are the ones most likely able to answer whether your products are priced right or not. Aside from the other benefits mentioned, one of the best reasons for using AI writing assistants is that you can keep tabs on your competitors and improve your strategies to get ahead.
One of the many benefits offered by AI copywriters is their ability to monitor and track competitor prices in real time so that you know when you should compete on certain products. You gain a competitive edge by analyzing your competitors, so you can tailor campaigns accordingly to their strengths and weaknesses.
3. Repricing/Dynamic pricing
Most often, prices are changed by representatives of e-commerce. Their prices can change several times a day, especially during discount periods. Most companies should keep a close eye on their competition and be prepared to adjust prices when the demand is high. Of course, not every type of company has the same customer base so some things may not apply.
You can use competitor monitoring tools to track new prices and adjust your own accordingly. This makes it possible to set rule-based prices.
For example, you can set up rules like:
- My product price should be $5 higher than the lowest price in the market.
- My product price should be near the current market average of [% 1.125 %]
If you have systematized and planned basic pricing rules, you can be sure that your business will remain competitive and profitable.
There are benefits to competing amongst large companies. But to stay competitive, you need to set the quality of your product and service as high as possible. People are often hesitant to buy goods that are too cheap. However, many times the quality of these products is comparable to other goods. Finding the right mix of rules is tough sometimes.
Dynamic pricing software is used to price items at the best possible price. It’s up-to-date and responds to your percentage margins for each product. With AI tools, pricing can be customized based on previous trends and what current conditions are like like that- this is why a lot of companies are now starting to invest more in them.
4. Catalog intelligence and product monitoring
If you’re a growth-minded entrepreneur, you should be keeping track of your competitors’ inventory. When you sell items that are popular and in demand, it helps if you can identify what sells best. Sometimes your stock levels get depleted when there’s a sale, due to hot products flying off the shelves. The software can analyze your available inventory and recommend things that customers would like to buy.
Turn on catalog intelligence and your job gets easier. You’ll be able to analyze the entire catalogs of all your competitors. This can help you stay ahead of your marketing efforts. You can see what your competitors are selling on other eCommerce stores.
Maintaining an accurate and up-to-date product inventory can be a chore, but with the right tools, it’s easy. Creating a dashboard will allow you to see everything at once and will make it easier to keep your prices, descriptions, and MPNs in check. This will help you determine the best pricing strategy for each product.
5. Price history and eCommerce pricing reports
Done right, a price history report can give insights into your competitors’ pricing, so you can adjust accordingly. You can easily see how prices have fluctuated and compare historical trends from the last few years.
Checking for changes hourly is not pragmatic. Get your price alerts delivered straight to your inbox by grabbing a pricing report.
What are the benefits of tracking your competitors?
Here are some benefits of tracking prices against competitors:
1. Accelerate your pricing changes
Deals, sales, and special promotions are always great ways to drum up some interest and get consumers excited about your business again. Today, larger eCommerce companies and brands can change their prices to respond to external changes. Now more than ever, it is crucial that you stay on top of these changes and make sure that you are working quickly to keep up.
Is it possible and convenient to monitor competitors’ prices manually? It is possible. But for those working in the world of commerce in sales or research, it’s nearly impossible to monitor dozens of sites a day. These tools can help you analyze and understand your competitor’s pricing changes and how they might affect your business
A price monitoring tool is a great way to get this data and give you an advantage over competitors. Using these web scraping tools, you can get alerts whenever your competitors’ prices change. Using these algorithms, you can set prices more easily and update them as needed.
According to a recent study by Price2Spy, firms can reduce their labor cost by up to 92% by switching over to competitive intelligence software.
2. Stay competitive in every marketplace
Customers always want the best deals. They spend a lot of time browsing online to find the best deals. Marketplaces set their prices based on how customers behave, as well as other factors.
Optimize your selling strategy across different marketplaces with the competitive pricing insights that software provides. AI tools can help you achieve your desired sales and profit levels with minimal effort. This will result in increased revenue and sustainability.
For example, a Cyber Monday sale might help increase retail sales for some businesses. Consider offering a one-day sale and see how they compare. If your competitor is running low on stock, that can be an opportunity to make sales and gain access to new customers. You never know what might happen!
3. Outperform your competition on weekends and holidays
Be it Christmas, New Year, Black Friday, or Cyber Monday — It’s always a good time to sell.
Competitive intelligence provides valuable insight into how your competitors operate to stay ahead of them. Most of these tools allow you to automate portions of your pricing, which saves time and helps you stay competitive.
4. Gather industry insights to increase your revenue
Pricing tools make it easy to find the data and insights you need to stay competitive. With this data, you can make more productive decisions.
One thing you may end up noticing is that your competitor has launched a new product. You can read more info about it.
Tools like Google Trends provide you with insights into the current market prices. You can find out when you are too pricey or not competitive enough by checking what the other websites around your industry are doing. Going more into product quality and fostering a customer experience that is out of this world might be good strategies to do when you don’t want to compete with pricing.
This tool can also research historical data and monitor changing customer preferences in terms of what they buy or how much they spend. Try to spot trends quicker so you can make a stock of the items that are in high demand before your competitors do.
5. Get a better handle on stock availability
Another benefit of using dynamic price software is that you’re alerted when your popular products are running low. You can establish these alerts using any generic inventory management tool. The nifty thing about this is that a pricing tool can tell you which products need to be replaced immediately due to the lowest in-stock inventory.
Price monitoring is vital for companies depending on their type. For example, at the micro-level, this data is valuable to retailers, which are highly competitive. The advantage is that tracking prices and promotions enables them to change the market strategy reasonably.
In addition, price information is also valuable at the macro level. For example, tracking a particular basket of products provides insights into changes in the market or inflation, which may entail the need for action.
In more detail, price monitoring software may help your company in the following ways:
- Pricing policy improvement. Special automated tools for getting reliable information about the market help make informed strategic decisions in the pricing process. Thus, you always stay ahead or keep up with the competition.
- Increase in conversion. If you have excellent pricing strategies, you have a broad understanding of the current market situation and price trends. Therefore, you can offer promotions or discounts at the best time.
- Pricing optimization. Some price monitoring software offer customers dedicated tools for pricing optimization. In short, by collecting data on competitors, the program can determine the best price for your product through the rules based on this information.
- Competitive edge. A thorough understanding of how the competitive price monitoring software works gives you a competitive advantage over your competitor’s pricing strategy, so the program gives you valuable data after web scraping competitor sites.
- Brand creation. Many buyers depend on specific brands, which determines their choice when shopping. Therefore, keeping track of competitors’ prices helps build your own brand based on market trends, but you should not forget about the quality and durability of the product.
- Always in the know. E-commerce platforms are characterized by frequent changes in the cost of goods. That is why it is essential to monitor changes in the market. Fortunately, the software provides up-to-date information 24/7.
In addition to the described ways to support business with software, read about the tool benefits in a nutshell:
- monitoring prices and their optimization in real-time
- always competitive prices
- enhanced conversion rates
- increased profits
- error-proof and automated analysis of competitors’ offers
- accurate matching of product and price
Find the best competitor price monitoring software for your business
You certainly have the skills to monitor prices and thorough knowledge of your industry’s market. However, price monitoring software can make all of this even more helpful by providing relevant information on trending products, demand, and cost.
So, having decided to install the solution, customers are faced with choosing the best service for them. Fortunately, some specific criteria and guidelines may give you valuable knowledge regarding this issue right now. So here are a few things that the platform should offer.
Historical data tracking
Before launching a product, retailers have an assortment and pricing plan. For this, the software should help you determine the right replenishment point, optimal prices, and the best launch time through competitors’ historical data. So, give preference to a solution with this feature.
Determining cost frequency
A good e-commerce price monitoring platform determines the cost frequency of services and products based on an analysis of competitors’ prices. For this reason, look for software with the right ways to determine cost frequency.
Easy competitor price monitoring
This option is one of the most critical when choosing a platform since the software clients receive lots of real-time data on prices non-stop. To ensure that this tool is useful, check the clarity and readability of the information.
Thorough competitor analysis
Before buying, check if the competitor pricing tool offers insights about price monitoring, descriptions of competitors’ and bestseller products, customer reviews, etc.
Tracking the most important sites
The tool should make it possible to monitor the most significant marketplaces, online stores, and price comparison sites. For example, one of the most relevant resources today is Google Shopping, which allows you to compare the prices of different suppliers.
While using the price tracking tool, you may encounter difficulties. And since errors in price monitoring and management can cause financial damage, a provider should offer you a professional team of experts to quickly adapt and help you through difficulties.
Various data format
Price information can be displayed in several ways. For example, some solutions offer an Excel format while others provide a web application. Therefore, the best solution for you should be accessible in various forms, including application, Excel, API, and email notifications.
The price monitoring software should only provide accurate supply chain and price information.
Administering a project seamlessly requires the use of software with the right price monitoring tool preinstalled. Without one of these, there is no way to track pricing restrictions in your project without it being impeded during the process.
There are many prices monitoring tools available online, including one of our competitors. Some programs come with built-in features that can help reduce time by automating pricing tweaks or additional content analysis. AI assistants are becoming more popular in the workforce. They can save you time and effort by providing high-quality work with similar word count levels as professional human copywriters. They become even more valuable when they’re designed to perform other monitoring processes for you and give you devoted space and freedom to make your own decisions.
Using competitor price tracking can help you figure out your competitors’ pricing and plans, which may give you a leg-up on their market. For a business owner, it’s important to stay competitive on pricing. This can be done by using pricing tools to generate more sales and grow your business, increasing market share, and brand positioning.
The best way to start monitoring your competitors is to conduct a pricing analysis. Based on all the competition on the various marketplaces and sales channels where you sell, it’s best to figure out just how much you need to track your progress. To set up automated pricing rules, first, decide which pricing tool you want to use (ex. manual, percent change, etc.) Then create the rules for your algorithm based on that tool.
Why you should use competitor price tracking software?
You can use the different features of this software to automate multiple processes. From tracking hundreds of products on sales channels and marketplaces to generating reports that allow you to manage your inventory. Improve your price management, increase your sales & revenue and become more competitive in your industry.
Running an analysis of pricing on your own will give you an idea about the options available for your industry. Take this time to compare, contrast and adjust- and in the end come up with a personalized pricing strategy that works best for you. Then set up automatic alerts to notify you of changes to the content you submitted. The final thing to consider is setting up rules that change your product pricing throughout the week, weekends and holidays.