5 Reasons why it is Important to Monitor Competitor Prices in Real Time

A recent LinkedIn poll by a CMO of an international company reveals that:

• 30% of businesses track their competitor’s moves and pricing once a week.
• 16% track a few times per week
• 18% track it once a month
• 24% track it every day and
• 12% hardly track it

The sum it up, around 76% of people DO NOT monitor their competitor’s prices on a daily basis.

‍Understand the Urgency of Daily Competitor Price Tracking

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!

Let Pricing Guide Your Business Strategy

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.

Why Should You Monitor Competitor Prices in Real Time?

1. Track Trends and React Strategically

Regular price monitoring helps you understand how prices are changing over time, what are the latest trends and how your competitors are reacting to them.

2. Respond to Rapid Price Changes

In certain verticals (such as air ticketing, electronics, etc.), prices frequently change throughout the day. If you track the pricing trends daily, you’ll notice that when a powerful challenger changes price, your competitors quickly follow.

3. Improve Your Pricing Strategy with Market Visibility

With an increased visibility of the market trends, you’ll be able to develop a better and more informed pricing strategy.

4. Compete with Automated Pricing Engines

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.

5. Keep Your Buyers Engaged and Interested

Today’s buyers make shopping decisions based on brand value, credibility, user experience, product pricing, promotional offers, special features, and ease of usage. Daily monitoring of your competitor’s website will help you stay relevant and competitive.

Stay Ahead—Choose the Right Monitoring Tool Today with WebDataGuru

You just have to do some basic market research and find the best monitoring tool that suits your business goals. WebDataGuru offers advanced competitor price monitoring solutions tailored to your industry needs.

Stay ahead of the curve—opt for real-time pricing intelligence that drives growth and profitability.

Book a Demo with WebDataGuru today to elevate your pricing strategy!