Competitive Pricing Intelligence QuellsBusiness Rivals by Evaluating Your Market Position and Avoiding the Drudgery of Complex Data. Here’s how you can earn Handsome Profits in Markets with a High Level of Competition…
The growth of online retail, powered by a massive number of customers has made competitive pricing the need of the hour. Competitor-based pricing: a dynamic retail strategy, takes into account the competitor’s inventory data, prices, and promos to set retail prices.
Transparent e-commerce policies allow customers to see the lowest price offered on a product in the market. Nonetheless, retailers live under constant pressure, as they have to regularly monitor their opponent’s prices to keep their price tag at the lower end. There wasn’t any substitute to this traditional method until recently.
Most buyers nowadays use a competitive pricing intelligence tool that keeps them up-to-date with competitor prices, without using time-consuming methods.
How Competitive Pricing Intelligence helps you Outcompete your Business Rivals
A smart pricing strategy offers real-time market visibility, as and when you require. Using this technology, you can:
- Comprehend your competitor’s strategy by monitoring his alliances, partnerships, products, and announcements.
- Boost your market share by collecting all pricing data.
- Detect supply problems and observe the inventory level to strengthen your distribution channel power.
- Improve your pricing strategy by assessing customer reviews and reaction online.
- Keep an eye on flash sales and discount offers to stay ahead in the rat race.
- Manage your market reputation by smartly dealing with negative reviews and ratings.
Before you go ahead and embrace this new technology, there are a few things that you must consider.
The Do’s and Don’ts…
- Depending on your products and preferences, define the number of competitors you have to set a benchmark.
- After you’ve determined the number of products that you need to monitor in your niche, find an appropriate tool that thoroughly examines the market.
- Investigate the scraped data to find out what is vital for your success and define your goals. What do you want to do– Be a price trendsetter, build a loyal customer base, earn a handsome profit or outsmart your competitors?
- Accordingly, implement the best ideas by using smart re-pricing strategies.
Implementing these ideas will help you increase your sales, grab a larger share in the market and improve your relations with customers and suppliers. We hope that this write-up will help you formulate a successful pricing strategy.