Innovation is always very difficult when it comes to pricing and eCommerce. But we can’t ignore the fact that there has been explosive growth in eCommerce and the way startups are getting the boost it needs. So, having competitor price tracking is the need of the hour. Having said that, monitoring and analyzing prices is a tedious task. And manually conducting this exercise can be costly and time-consuming. An automated solution can tackle too many strategic priorities at the same time. You can keep your customer-centric approach at the core and build a brand that is long-lasting.
While running a business, one needs to consider several aspects and pricing is one of them. For determining the prices of their products, monitoring the competitor’s prices and their strategies is the need of the hour. They need to be considered for succeeding in today’s competitive era. Irrespective of your location or the product you deal with, competitor price tracking is important. Today, in this blog you can get all your queries addressed regarding price monitoring.
When you track competitor pricing, it enables you to set such a price point for your product which helps you get a good customer base and not lose them to your competitors. When you compete with others online, it is as good as competing with the globe as online shopping has eliminated geographical barriers.
Let’s have a look at the significance of competitor price tracking:
- Higher Conversions
With an increase in online shopping, there has been a shift in the priorities of the average shopper. The brands are facing tough competition as buyers compare prices of products at various portals before buying. This makes it important for a brand to update their prices as compared to competitors’ prices. Competitive pricing will ensure that you don’t lose your customers to your competitors. When you constantly offer competitive pricing, you will be able to keep the customers glued.
Now, let us elaborate. Making a new product is not enough in 2022. You have to stand out and also communicate that to your customers on time. Making that very clear by adopting the best price tracking software you could have in this digital era. WebDataGuru is one of the leading companies providing tailor-made solutions to all types of industries.
- Maximize Profits
Every business wishes to make the most of its sales. How to know if your price is close to the perceived value of the product by customer? The answer is to track competitor pricing! You are aware of the wholesale cost of your product and when you track the prices of competitors you will get an insight into what other businesses are charging at present. This will help in charging accordingly and maximizing your profit margins.
Tracking prices doesn’t mean only getting real-time competitor prices, but it also helps you gain a perspective of the complete market trend going on in the industry. Dealing with price changes is difficult, but imminent. The market gets a reading of the consumer’s buying pattern and that can help you in getting a better idea of all business strategies. And price tracking does all that for you in just a few clicks.
- Increased Sales
There are different types of customers such as high spenders, low spenders, and average spenders. Software to track competitor pricing can help in understanding which strategy will work for which client. The data gained from competitor price tracking will help you collect information and analyze how competitors are marketing their products.
Marketing helps in selling better. It is an agenda that gains more eyeballs for the business and brand. Sales are the ultimate motive for every business out there. Moreover, price monitoring has specific goals for marketing objectives also. You can not just collect information, but forecast the changes in prices, build a hypothesis about competitors’ pricing, and develop a strong pricing strategy.
- Build Your Brand
Customers visit other brands before they make a buying decision. With the help of software to track competitor pricing, you can build your brand. Whether your goals are developing an economic pricing strategy or a premium pricing strategy, you can build your brand as per your needs. If you are selling an affordable product, you can fetch customers by focusing on affordability, On the other hand, you can focus on creating an identity of a high-quality brand by selling at premium prices as it gives an impression that the products are of more value.
Just like Rome was not built in a day, brands also need years of brand-building exercises. For instance, if you sell your product and market them on an electronic platform. But you got your hands on the best price tracking software like WebDataGuru’s, then you get an idea about other mediums that your competitors are doing ads and bidding on the ads. This helps in saving costs and investing that in the right direction.
- Stay Updated
E-commerce giants such as Amazon change the price of their products every 10 minutes. Thus, you need to stay updated with the price changes made by your competitors. Competitor price monitoring can help in achieving the goal. Manual tracking of competitors is not feasible and automation is the key!
Benefits Of Price Monitoring For Manufacturers
- Track Resellers And Distributors
It can be challenging to stay on top of resellers and distributors. With price tracking tools you can keep a check on the prices and keep an eye on the resellers. You will receive alerts when the resellers fall out of line.
- Understand Competitor Strategy
It is important to learn about what products your competitors are pushing and at what price they are selling them. Monitoring the closest competitors and identifying the pricing strategies and trends can prove to be helpful.
Brands often make mistakes in attempting to implement a multitude of strategies all at once. You need a more driven way to approach strategies that is effective and relevant at the same time.
You need not rely anymore on word docs, spreadsheets, or screenshots. The software to track competitor pricing will offer all the pricing information that you require in one place. Most of the software store data in the cloud and the team can enjoy access to it from anywhere.
- Strengthen Market Position
When you have the right data in hand, it can be used for making decisions. Price monitoring software will offer everything on a platter, you just need to analyze it and make rational decisions for the benefit of your business. You can increase margins, run promotions, and create pricing strategies with the help of competitor price tracking.
Top Companies For Competitor Price Tracking in 2022
WebDataGuru offers top website scraping and competitive price tracking software. It can help in fetching the right data at the right time. Several industries have benefitted from WebDataGuru’s services such as Retail, Automobile, Manufacturing, and more. You get quality data that is reliable and has passed multiple quality checks. We deliver the best results with our price-tracking software.
- Luminate Market Price
It is a SaaS application which tests as well as measures the relationship between price and demand change. The software enables optimizing prices for hundreds of products every day. It enables operational stability, offers accurate predictions, automates forecasting as well as price adjustments and increases competitiveness.
It is a competitor price tracking software which caters to all sizes of e-commerce companies. It helps with tracking competitor prices and your stock availability along with alerts, API, and other reports. It also sends a notification when there is a change in the market. It allows for increases sales and profit margins with help of dynamic competitive pricing.
It offers cloud solutions for Increasing sales, creating successful pricing strategies, and aligning products with demand and availability. It offers solutions which help the customer is experiencing significant revenue growth, modernize the business process, and sustain profitability. It offers great insight into pricing practices and helps in revenue management.
It offers selling and pricing solutions that will help any business in combating decision complexity. It makes the sales guidelines easy and makes use of sophisticated data science for offering the right solution at right time. It enables better decisions with access to various features.
It enables businesses to track competitor prices for increasing profits. It offers competitor price analysis along with Amazon price monitoring. It helps you identify how competitive your prices are and how to adjust them based on your competitors.
These are some of the best software to track competitor pricing. You can make the choice based on the features you are looking for as well as the cost of the software.
Get the Top Competitor Price Monitoring
Allocating and prioritizing the investments ahead of the curve is the real trick. You need to get all your ducks in the row to deliver what’s best. A company not only needs to attract new consumers but also retain them for a longer time. That makes sense, right? Connect with our multiple products and see how they make a difference in your company’s growth trajectory. Transform with us today. Contact us to know more!