According to a study, it has been found that around 94% of shoppers compare the prices online and then make a buying decision. This shows the significance of competitive prices so that you can win the race of converting a prospective lead into a buyer. It is here that the pricing intelligence Tools comes into the picture.
The software consists of monitoring, tracking, as well as analyzing the price trends. Not just that, you will also be able to get the best and most comprehensive insights from that analysis.
This helps in understanding the market and making informed decisions about pricing across different product categories efficiently. The product prices change frequently. For example, Amazon reviews the prices of its products every 2 minutes. Similarly, you should also check the prices of your products as compared to the price trends in the market.
Pricing intelligence tools allow you to adopt a proactive approach to changing online prices for all product categories to offer the best prices in the market with a dynamic pricing strategy.
Here’s a look at some reasons why retailers are using pricing intelligence tools for staying ahead of the competition. You can also derive these benefits for your company.
1. Outperforming The Competitors
It is important to know where you stand in comparison to your competitors as it can help in improving your strategies. The data you receive will help in keeping a track of the competitor’s prices, stock-outs, promotions, and more. This information will also enable you to stay on top of the product trends and stock trending items in your inventory.
WebDataGuru helps in providing the best pricing intelligence software and tools to understand the moves of your competitors. Competitor study helps in making decisions that are in sync with the current market trends and can also make you a leader if done correctly.
2. Track Trends in the Marketplace
It can help to know about the minimum and maximum prices of your product in the market as you can estimate the price elasticity. This will also help in tapping bigger opportunities and threats in the market. If you wish to stay on top of the competition, you must stay updated with the latest prices and the price intelligence tool helps in doing that!
The online marketplace changes every second. There is something new that catches your eye, there is a new brand that wants to enter the market or an established brand that wants to create a new product line that you are already selling. So, with the help of pricing intelligence, you can have complete transparency of data regarding the product sold, prices at which they are sold and the line of competition. This can push your brand to a higher spot on any eCommerce platform.
3. Refine Your Pricing Strategy
Sometimes businesses sell a product at a much lesser price and earn a lesser profit than what they could earn from the market. It is here that pricing intelligence tools can help. It helps in identifying such products in your product line so that you can increase the price a bit to maximize your profit margins in such a way that your prices remain the lowest.
Pricing is the key to changing a potential shopper into your customer. So, changing the pricing strategy that can help define your audience and will let you penetrate the market in a better way. Pricing intelligence is a process where you can understand the graphs of your pricing and also track the graphs of your competitors. You might be wondering how can that be of any help. Well, the pricing graphs can help you in identifying the key challenges and the money makers of your business. That enables you to have a clear vision for future growth.
4. Improve Customer Satisfaction and Promote Brand Loyalty
When anyone talks about the best shopping experience, it is mostly about buying more at a lesser price. Customers are happy with their purchase when it doesn’t burden their pocket. If they have a good buying experience, they are more likely to purchase from the same seller as they feel that they got value for their money. For any business, it is important to target these buyers. It is said that one high-value customer is worth 12 times more than a low-value customer.
Pricing intelligence tools can help in understanding these loyal customers better along with analyzing their shopping history and buying trends. This will help in offering attractive and customized deals so they keep coming back to you.
5. Get New Customers
It has been observed that buyers are likely to shift to another seller for getting their favorite product at the best deal. Thus, businesses need to offer competitive prices by evaluating and updating the prices constantly. This will help in converting leads into buyers without compromising on the profit margins. You will get an opportunity to settle on beneficial prices and also negotiate a better deal with the supplier. This can be achieved by keeping pace with the changing price trends.
A customer-centric approach is the only way forward. This is not a hidden fact. Every shopper has a different perspective while making a purchase. So, understanding what a customer will go for is tricky. Pricing intelligence also helps you study consumer behavior with the help of smart web data extraction. You can know how your customer will want a certain product. For instance, if a customer values free delivery or a discount, then to convert, you can provide that.
6. Improve Product Search Performance
Offering competitive prices alone won’t help much if you don’t rank high in the search results are if your customers are not able to find you. To sell your product, it should appear on the top search results. To get the product at the top of the search results you need to ensure that all the bases are covered such as optimized description, images, keywords, and positive reviews along with competitive pricing and availability of the product.
Having covered that, there is also another aspect. Each eCommerce platform also has a built-in algorithm to rank a product. So, you would want to rank higher to get an assured sale. This can be done with ample study of the platform and the way a consumer searches on that particular website. You have to provide the best photos, better reviews, and good details, respond to reviews and every other aspect on the platform as well to get a better ranking
7. Improve Google Shopping Campaigns
If one of your business aims is to optimize the Google shopping campaigns, pricing intelligence tools can help! The software automatically sends a customized feed t Google shopping depending on which products you are competing for. The remaining products are ignored by the tools. The software performs this function automatically daily.
8. Smart Data With Descriptive And Predictive Analytics
Pricing intelligence tools are the key that retailers need for staying up-to-date about the competitor moves without tackling immense data collection and manual racking of competitor pricing. Price intelligence helps in automating these processes as well as shares significant pricing analytics in the form of the interactive dashboard as well as custom alerts which saves time and effort and error-free insight in real-time.
9. Efficient Inventory Management
When the price of a specific product is reduced in the market, you would not want to be left with excess stock. When a business has excess stock, they are forced to sell at lower margins for liquidating the stock. With pricing intelligence tools businesses can offer competitive prices with pricing intelligence you can offer competitive prices by keeping a track of your competitor’s price and inventory along with maximizing stock turnover. Predictive analysis can help optimize inventory levels as per the demand and maintain the right inventory levels.
10. Boost Sales And Increase Market Share
The price of a product is the main component that customers check while buying a product. Hence, you need to choose a price that customers can’t refuse. Price monitoring offered by pricing intelligence tools can help with this. You can use the data for offering the most competitive price in the market allowing you to meet your profit goals. This way competitors won’t stand a chance against your business and you will end up with a higher market share. Smart pricing with pricing intelligence will offer profitable results.
Market share is also defined by the fact that you have a market presence on various eCommerce platforms including your website.
Correct use of pricing intelligence tools can help in improving your sales and margins.
Pricing Intelligence That Speaks Volume
WebDataGuru is one of the best pricing intelligence companies. We believe in providing the best services in the most accessible manner. Helping you reach the pricing goals is our aim. So, if you want to enhance the productivity, profitability, and accessibility of your company, then you know where to come. Contact us today!