Everybody wants to make their business run in autopilot mode. But, is it easy to achieve? If your answer was no, then you are about to be surprised in this blog.
To begin with, in a fiercely competitive market, it is essential for a business to keep an eye on the market trends and competition. And one of the most important aspects is to monitor the competitor’s pricing. It also helps in deciding your own pricing for attracting the customers. In the present day and age, it is easy for customers to have access to the alternatives which makes them look for better deals. They can easily compare prices of similar products across various brands, channels, and platforms.
Thus, it is essential for a business to stay ahead of the competition which can be accomplished with the help of price monitoring. However, manual price monitoring can be challenging and time-consuming and lead to errors. An effective solution is taking resort to automated price monitoring. The software will monitor the price movements in the eCommerce landscape.
What is Automated Price Monitoring?
Tracking all the competitor prices for several products all the time can be troublesome and nearly impossible for a business. It is here that automated price monitoring comes into the picture. The software enables retailers and brands to monitor their competitor’s price movements across the world. It offers real time insight and helps understand the level of products that compete and how the pricing-related actions of competitors can affect the sales of a business.
The best automated price monitoring software is able to monitor the price changes automatically in real-time. They present the data in a simple and easily understandable dashboard. Essentially, the software formulates data depending on the price points. Investing in an automation tool helps businesses save time as one doesn’t need to manually check the prices of the competitors. The tool produces incredible analysis reports for guiding your pricing decisions. The data helps in winning more and more customers.
How to Automate Competitor Price Monitoring- Putting Your Business on Autopilot
1. Shine in Competition
Price monitoring is a good way of gaining a competitive edge. But retailers have several players in the market which can be overwhelming. It is best to automate the tracking process. Conducting competitive analysis is one of the major aspects of price optimization. Automated price monitoring of individual products in the market can optimize your placement on the digital shelf. It also helps compare the prices in the category and brand level so that you get a deeper insight into the competitive outlook.
2. Better Market Insights
Successful pricing strategy works with in-depth knowledge of the category, channels, and shoppers. Price monitoring at a category level helps the retailers get an insight into where they enjoy the pricing power and position them as premium brands across different verticals. For example, a retailer might be selling a laptop at a higher price, but they might be competitive in the electronic arena as a whole. WebDataGuru’s automated price monitoring tools help you bring the best in your business without your involvement of time. Isn’t that the whole point?
3. Precise Brand Positioning
Brands can alter their value proposition based on the items that shoppers prefer the most. Comprehensive pricing strategies consist of price positioning not only by item but also by category and channel. Investing in the categories where the brand can position itself as premium can boost the growth level in highly competitive categories.
4. Price Testing
Yet another technique is frequent price testing of the products that can sustain price elasticity. Tracking the shopper response and sales data helps in optimizing the prices for products, categories, channels, and geographies.
In areas where a brand has strong affinity and price positioning, it enables a business to test the related products for cross-selling opportunities.
Benefits of using Automated Price Monitoring
Over time, automated price monitoring for competitors has emerged as a need. It has become an industry standard and is no longer considered a luxury. The effective, quick, and accurate results eliminate guesswork from the process. It leads to an arena wherein competitors in any given product niche can operate at a higher level than ever before. Also, to sustain itself in an ever-changing market and stay relevant, is good to invest in an automated competitor price monitoring software.
1. Real-time Updates
Tracking price movements of the major competitors in the market helps a business get the latest data at the moment. It offers an opportunity to adjust the strategy in a timely manner. You no longer need to wait for months or weeks for the latest data. With the help of the latest automated price monitoring software, a business can get access to high-level and actionable analysis in no time.
2. Creating Brand Loyalty
Brand loyalty needs time, consistency, and patience. And garnering loyalty is a huge task as there are many options available in every segment with the same price points. What can be done then? So, that’s where automated pricing can help you draw some vital lines. As we all know that pricing is a crucial part of creating positive customer relationships. Price monitoring and the changes made to own strategies can help improve the rate of customer retention. It offers the business a chance to maneuver the way a brand is being perceived. Lower prices might undermine and affect the perceived value of a product. It might do more harm than good.
3. Expose Grey Market
Now, from the time of the existence of trades and businesses, there has been a grey market. And eCommerce market is also no exception in that. Price monitoring can also help in locating the unauthorized sellers of the product, often termed as the grey market sellers. Your approach to them is a personal choice but the software can help in easily identifying them. It is a smart way of controlling the position of the product in the market.
4. Develop Stronger MAP Policies
With a lot more data at your disposal, the company can find itself in a better position for analyzing the market and developing stronger MAP policies with its distributors. This knowledge enables a business to enforce agreements as well as control the price points of the product.
Automation has become indispensable for improving the efficiency of any business operation. With streamlined systems for monitoring the price, a business can focus on other areas of the business and increase their ability to sustain the competition. Though automated price monitoring is not the answer to all concerns about staying ahead of the competitors, it is an essential part of the overall strategy. Getting your business, a competitor price monitoring software is a smart way to leverage the latest innovations and engage with the customers on a deeper level.
As you decide the right price monitoring strategy for growing your retail business, start looking for technologically advanced software that can simplify the job for you.
Gear Up Your Business for the Future
Innovative ideas take time to accept but soon gain momentum when people get the best of them. Don’t be left behind and get your business on a fast-track mode with WebDataGuru’s automated pricing tools. By harnessing the power of automation, companies are not just keeping pace; they’re surging ahead, armed with real-time insights and strategic advantage. Request a demo today!