It has been an age-old quest of beating the competition. There was a time when men used to physically fight for a small prize like being the leader of a group. Now, big companies compete to become the best-bought product of the year. And the competition has only gotten stronger with the onset of online shopping.
In this competitive era, where every business needs to stay ahead of its competitors to sustain itself in the market. Higher competition is leading to low margins and the number of competitors makes manual analysis next to impossible.
Tracking the competitor activities becomes necessary. Now, you might be wondering how to do that. Well, WebDataGuru provides the best price monitoring software there is in the industry.
Price monitoring software is the need of the hour for every business. More and more businesses are realizing the significance of price monitoring and investing in the required tools. However, the pertinent question is which software is the best for e-commerce business.
WebDataGuru offers latest competitor price monitoring software with a wide array of features. Taking into consideration the needs of e-commerce platforms we have designed a dynamic pricing platform for integrating internal data from ERP along with competition and behavioral data.
Price Intelligence And Competitor Price Monitoring Software
Why is it so vital to have a completely automated system in place for pricing? To answer that, we would like to elaborate on the concept of pricing software and its benefits.
To begin with, businesses need competitor price monitoring software when they are building, applying, and controlling their online platform’s pricing strategy. As we all know that online market is always skimmed, tracked and compared by every shopper before making a buying decision. Now, competitor software will help you become aware of the ongoing trends of the market and also the consumer behavior.
Owing to the market data, decision-makers are aware of how attractive their offer appears to the consumers. However, the situation can differ based on the e-commerce platform, product line, and more. Therefore, it’s important to track the differences between channels.
With the help of a price monitoring software, one can compare the prices of products at various marketplaces, as well as specific online shops and websites.
Our software covers the following:
- With competitor price tracking the online stores can have access to data about the offers made by various stores.
- The data on product availability enables you to analyze whether competitors have a specific product in stock.
- Our software offers competitive analysis to check with which competitor you have most of the products in common.
- You can receive alerts on possibilities of profit increase. In the e-commerce market, a quick reaction to price changes can lead to an increase in profit margin.
- With the help of competitor price monitoring software, it is easy to filter the products for which one can increase the price yet not lose clients.
Advantages Of Automated Tools For Price Monitoring
If you want to perform thorough research to make data-based decisions on pricing your products, you need to analyze enormous data. The manual price monitoring can be way too complex and time-consuming. It can take you hours to visit the websites of competitors or e-commerce platforms of competitors. The data will become irrelevant even before you reach the analysis stage.
It goes without saying that most of your competitors might already be using the competitor price monitoring software for automating the entire process and saving significant time. That also means that every strategy you go for is being closely observed by the competition. Automation also allows reacting instantly to the price change by competitors. If you perform manual price monitoring, you won’t be able to keep a track of the price change till you visit their site the next time. This way you won’t be able to understand consumers’ take on your pricing.
You will only be able to gauge the consumer response to your pricing at the specific moment when you are checking the website. You will have no clue about the response a day before or after. Also, manual work always has chances of human errors.
What Information Does Price Monitoring Tools Offer?
Price monitoring tools have made it easy for companies to keep a hold of the constantly changing market dynamics.
The price monitoring tools will offer you access to information on retailers’ offer, product information and the lowest prices in the market. With the help of our software, you will be able to see a panel with a list of all retailers that offer similar products. It helps with the constant process of price monitoring so that you will always have an idea of how competitive your offer is and if retailers are offering discounts on the analyzed products.
Moreover, finding out what is the current graph of the market is very crucial. You must be ready for any kind of contingency. For instance, the pandemic has made companies switch to absolute digitization in operations and sales. Now, if your company is not at par with the pace then there are chances of becoming obsolete. And price monitoring software will help your eCommerce business in ways that you would have never imagined.
1 You will be able to know with which retailer you have products in common
Often you might have noticed that there are similar kinds of products out in the market with a slight difference. Well, this also makes it difficult for companies to monitor that they are selling similar kinds of products. With the help of the software, you can know the similarities and the differences and focus on making yourself stand out for the target audience. Now, that’s an amazing strategy for every business.
Furthermore, when you set online stores prices, one needs to understand the competitive scenario. Using the software and tracking the websites and marketplaces will get information on retailers with whom you have most products in common. This will help in finding the relevant competitors. You can track the activities of competitor stores to understand how you are different than them.
2. You will get an insight on what position you stand on marketplaces and comparison engines
Market soars on the rankings of distinguished companies. It is called out and gets a good shout-out for being in the front running position. Now, every business wants that attention on their brand. So, it has become all the more important to track prices in the e-commerce arena as most customers explore comparison websites and marketplaces. Which position your online store occupies on such websites is crucial. The customers don’t usually scroll to the bottom and generally, pick from the top offers. With the help of software, you will be able to see your position for each of your products. And you can optimize your position with the help of better insights and offerings.
You will also remain informed about the price reductions of the competitors as well as their promotional activities.
Also, you can know about some new demand in the market with the help of the software. For example, you sell sweaters. And you don’t know about a location where your sweaters might be the perfect fit. You are losing an opportunity. So, here a software can extract data from such places and give you insight into such demands that could mean an expansion of your client base.
What Actions Can Be Taken With Acquired Data From Price Monitoring Tool?
- The acquired data will help the online shops in deciding which of their products are worth promoting.
- The prices of your popular products can be lowered to reach the numero uno position. Such a change can bring traffic to your website.
- You can also increase your profit margins without losing your consumers to competitors.
- The web data extracted can be used to take bigger business decisions that lead to growth.
- You can take action towards entering the market with complete knowledge.
- Data can enable you to understand the consumer preferences and you can offer them the deals they actually want.
- You can have a good future trend prediction and be prepared for events like sale season.
Compare Prices With Competitors
We have a free shop analysis feature which helps the online stores in getting instant insight on the price positioning as well as compare it with that of competitors. It helps in understanding your competitiveness, your competitors, and relevant opportunities for increasing the profit margins.
WebDataguru’s competitive price monitoring software offers high quality competitor data owing to a combination of manual verification, advanced algorithms, and unique tools developed by our experts.
Setting the right prices in e-commerce arena is important as attractive prices influence consumer decisions. Also, price comparison has never been this easy as it is with the help of software.
For staying competitive one needs to be well acquainted with the market situation and thanks to our software the online stores can implement their pricing strategy in an effective manner.
So, what are you waiting for? Contact us today to track your competition and take the first step towards the better future.