With millions of eCommerce startups coming to life, it is necessary to maintain healthy market competition. Moreover, when we say healthy competition, it should not be just in pricing but in features, offers and services as well. Not to forget, this helps in having good market growth with a customer-centric approach. Furthermore, for every e-commerce brand, competitive price monitoring can prove to be extremely beneficial. It is an important prerequisite to stay competitive and update the prices from time to time. This blog will get deeper into the concept of competitive price monitoring and how it can help you in growing your eCommerce business in 2022.
So, let us begin.
It goes without saying that everybody loves discounts and nothing can make a customer happier than getting a discount and coupons on their favorite products.
As per a survey, 88% of Americans used coupons in the year 2020 for shopping. Also, when you introduce promotional offers only on one channel, the customers can get upset that they paid more for a product that was available at a lesser price elsewhere.
Hence, it is the need of the hour to utilize web data solutions to monitor and sync the pricing across different eCommerce channels and online marketplaces. This ultimately helps in providing a precise data about the competitors and the market trends.
Nevertheless, e-commerce marketers must monitor the market trends with the help of competitor price monitoring software. This enables them to offer the best prices for their product assortment. After all the products that you sell might be more valuable than their offer price but marketing that value is difficult.
For instance, apple sells a product by value and goes for premium pricing whereas in the latest iPhone will be much higher than the last version. They sell the lifestyle and value of their product with a premium price, which is not affected by the competitive pricing.
The challenge is doing it all manually for medium and large e-commerce companies. It is here that business intelligence and data analytics can come into the picture. Today we will have a detailed look at the benefits of price tracking with web data extraction servicesfor automating the process.
About Competitive Price Monitoring Tracking
Competitive price tracking consists of monitoring the competitors daily for gaining insight into their prices, products, strategies, marketing gimmicks and promotions. The web data solutions by WebDataGuru, for price monitoring, can help in observing the competitor’s price as well as the availability of stock in real-time. It is important to keep an eye on how frequently they update the prices.
To begin with, each eCommerce platform has an algorithm. With the algorithm, the platform provides better user-friendly access and enhances the performance of their sites. So, with that in mind, they also ensure that the brands selling on them also abide by those rules. You might be wondering; how can you make your online store according to their criteria? So, here comes the web extraction services. You can get an exact idea about the best keyword searches, the most purchased products and reviews of your products as well as your competitors’.
Furthermore, the information gained from competitor price monitoring software helps in making accurate decisions about your own pricing strategy. Yes, you can design a pricing strategy that is relevant and finest for your business. Not to mention, these data extraction tools may be in the form of software or apps. WebDataGuru is one of the best web data extraction service providers in the country.
Benefits Of Tracking Competitors
Now that we have learned about price monitoring, it is time to have a look at the benefits of tracking competitors’ price with web data extraction services.
- Speed Up Your Price Change Strategy
Consumers love sales, special promotions, and deals that can help in buying their favorite stuff at a lesser price. The e-commerce giants try to influence the buyers by changing the price at regular intervals. To stay competitive in the market, you need to respond to to price changes quickly with the help of business intelligence and data analytics.
You can definitely monitor the price of the competitors manually. But it only seems possible theoretically. It is not possible practically and quite inefficient for any e-commerce owner to look and scan other e-commerce websites to keep a tab on the competitor’s price every day.
With the help of competitor price monitoring tools, the web data extraction from various sites becomes easy and enables you to perform business intelligence and data analytics.
The web data solutions such as scrapers and crawlers will scan the competitor’s websites along with triggering price alerts immediately when there is a change. This helps any business in quickly responding by changing their price. By switching to a competitive intelligence tool or web data extraction services, you can save as much as 92% of the labor cost. It will also help in saving production time.
- Stay Competitive In the Marketplace
Who won’t love a good deal? Everybody loves to get a good discount for their purchase. Moreover, online consumers are always looking for the best deals as they explore and shop from different websites, apps and channles. Hence, e-commerce portals have to constantly optimize the prices based on the customer’s demand and several other factors like timing, free shipping and additional services. Right web data solutions and tools can help in staying competitive on various marketplaces automatically by monitoring the competitor prices.
For instance, if you are an Amazon seller and there is a price drop by your competitor of $15. Now, you must know this tracking price doesn’t always mean you slash your prices. This means that you have an upper hand to decide whether you want to drop your prices or you want to give out some additional services or deals at the same price.
Firstly, this will not only help in maximizing sales and profit but also gain significant revenue growth. Secondly, it also helps in building a strong brand loyalty in customers.
- Outperform Competition On Holidays And Weekends
Whether it is weekends or holidays such as Christmas, New Year, etc. the sales on e-commerce portals rise during the holidays. Each e-commerce brand competes hard for getting their share of revenue during the holiday seasons. The competitive price monitoring tools offer insight into the competitor’s inventories, product assortment, as well as the competitive price strategies. For instance, you can get an idea of certain product demand in a location where your competition is not present. So, you can grab this opportunity and get the maximum revenue from that location.
The web extraction services and tools can also help in setting automation rules to change the price automatically and stay competitive on holidays and weekends.
- Get Industry Insight
Pricing tools offer access to huge data and insights. With the help of business intelligence and data analytics, you can gain a competitive advantage. These insights can help in making informed decisions. For example, if you find out that a competitor launched a new product in the market, you can get all information about features, pricing, etc. This information can help in launching something similar at a competitive price.
You will also get insight on competitive pricing in your industry and create your own strategies with the help of business intelligence and data analytics. You can compete for less on the price front and more on the quality front by providing a great experience to your customers. The web data solutions and tools can be used for monitoring historical price data as well and also discovering the changes in preferences of customers.
- Stock Availability
Yet another benefit of using competitor price monitoring tools is you get alerts when any popular product from your company has low stock. These alerts can be set with any of the inventory tools. However, the added advantage is that web data solutions such as pricing tools can inform you about which low-stock product needs to be replenished.
- The e-commerce businesses can significantly benefit from competitor price monitoring as they can adjust their price strategy accordingly.
- Competitive prices influence buyers’ decisions when shopping online. Thus, tracking, monitoring, business intelligence and data analytics can help in making the right strategic pricing decisions.
- E-commerce businesses change their prices constantly. Not keeping up with competitor prices can lead to a significant loss. With re-pricing, you can automatically respond to the price changes. When your pricing rules are well-planned, you can be competitive without losing on your profit margins.
With the help of the right web data extraction services and price monitoring tools, you can stay ahead of the competition whether you are a new business or an existing one.
Thrive With Price Monitoring
Now you have a complete understanding of the price tracking and web data solutions. Companies need a strong pricing strategy to be successful and to sustain in the competitive market. With such amazing tools, you can save a lot of resources and time. Instead, you can focus on growing your business, while you can leave the pricing worries to the experts. WebDataGuru provides the best pricing software for every industry. Take the best decision for your business by opting for price monitoring tools. Contact us today to know more!