Admin
|
7.8.2018
A recent LinkedIn poll by a CMO of an international company reveals that:
The sum it up, around 76% of people DO NOT monitor their competitor’s prices on a daily basis.
In case you didn’t know, the e-commerce industry is growing at a steady rate of 23% every year, which means the competition, is steadily rising day by day. Every day the reputed brands are branching out and new entrants are moving up the ladder. If you think competitor price monitoring is irrelevant because you have an effective business strategy to sell your products and services then you are wrong!
Everyone in the market follows the same pricing model and analytics to compete against the entrenched market leader. Therefore, ‘pricing’ must guide even the best business strategy. This is precisely why you need to monitor competitor prices in real time. It will help you accomplish major goals—squelch competitive threats and maximize your sales.
You just have to do some basic market research and find the best monitoring tool that suits your business goals. It will ensure that you are ahead of your competitors all the time.
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