The pricing and marketing strategies keep on changing in the e-commerce market to adapt to changing trends and times. It has been observed that on average, a buyer visits at least 3-4 websites before making the buying decision. In the present day and time, researching and exploring products has become effortless for customers. Most online stores and shops are just a few clicks away. Why not access easily available data on the internet to ensure that your business stands out in the competition? It can be achieved with the help of price intelligence. It is relatively a new way of keeping an eye on competitors without the stress and hassle of manual monitoring. There is several price intelligence software in the market which can help in making the job easier.
What is Price Intelligence?
Price intelligence is the process of automatic price data collection for the purpose of monitoring and analysis. The task can be done via web scraping, crawling, dynamic repricing, and competitor price monitoring. Price intelligence software can help a business survive and stand apart in the competition via product matching, price change alerts, and suggested price values.
Why Does Price Intelligence Matter?
Price intelligence benefits the business in many ways. Some of the major benefits are as follows:
- Automatic collection of prices at frequent intervals to keep the business above others in a competitive market.
- Data gets converted into a convenient format which is easy to read.
- Options for dynamic pricing enable automatic repricing on the basis of competitor activity.
- Enables the business to set new marketing campaigns such as discounts, etc. This makes the business stand out to potential customers.
- Saves significant time and effort as compared to manual price research.
- Offers a roadmap to follow while marketing any retail business.
For example, you are an e-shop that sells a particular commodity to customers in California. There are several other shops that sell the same product. With the help of price intelligence, you can monitor the competitor’s product prices and make improved business decisions. Price intelligence software will help in clarifying your position in the market and help you in offering better prices than others via dynamic repricing.
Price intelligence is not just used for monitoring the competitors but B2B also. The manufacturers might benefit from the software by keeping track of the price changes of material suppliers with no or minimal effort.
For example, you are in the car manufacturing business and wish to keep a track of the prices of the parts bought from the suppliers. With the help of price intelligence software which scrapes the pricing data from all of the supplier’s websites on a regular basis can prove to be helpful. The software helps in having a ready-made and regulated report of material prices from several sources. Thus, a business can go ahead to make a budget or supplier adjustments as required.
Why Should You Use Price Intelligence Software?
1. Outperform Competitors
The online market has its ups and downs. If you are in the eCommerce business, then competition is a package deal for you. Now, you do understand that competition is a part and parcel of every business. But when you know where you stand in the competition, it can help in improving the strategies in a better manner. You can focus on the business and have a fresh perspective for all the decisions.
So, primarily, with the help of this data, you can get the opportunity to not just keep an eye on the competitor’s promotions and stock-outs but also assortment planning and prices. It can help in staying on top of product trends and stock the inventory with products that are trending.
Price intelligence software allows organizations to conduct a thorough analysis of the market scenario and the competition. This includes pricing trends, product analysis, customer demands, pricing strategies, and marketing and promotional activities. WebDataGuru provides price intelligence software that helps you identify the gaps in the market and lets you take appropriate actions to become the market leader. Now, when we say that you get a competitive edge, we mean you will be leading a team that is capable of driving new decisions in an effective way.
2. Track Trends in the Marketplace
Tracking market trends is a crucial part of being in the business. You must learn the tricks of the trade and adapt to the change or else there is always a risk of being obsolete. For instance, when the digital camera came into the picture, Polaroid did not heed it. And the result was that it lost a huge customer base and had to shut down. So, market trends always help companies understand the changing preferences of the customers. This doesn’t always mean that you follow the trends blindly. Experts like WebDataGuru guides you in the right direction to find a path that leads to success in the changing market scenario.
With the help of price intelligence software, one can find out bigger opportunities along with threats in the market. Being aware of the minimum and maximum price of a product into the market offers significant insight about price elasticity. To stay on top of the competition, it is important to be aware of the latest prices. Price intelligence software can help in doing that!
3. Refine the Pricing Strategy
Sometimes, a business might be selling a product for a lesser price than what is capable of bringing profits than what the market can actually offer. It is here that price intelligence software comes into the picture. It help in identifying products wherein you can set the lowest prices in the market and yet maximize the profit margins.
Pricing strategies are significant for a company to make profits. Price intelligence software helps you in getting information and data in real time. That is one of the biggest advantages. So, you can make moves that helps your business to thrive in real time too. For instance, if you already have a pricing strategy of providing dynamic pricing in your platform. Then, with the software, you can make changes in your strategy for all the other eCommerce giants like Amazon and eBay simultaneously without any hassle.
4. Improve Customer Satisfaction
As a consumer, if you try to remember a satisfying shopping experience, it is the one where you spent lesser money and bought more. Also, where you had an amazing experience. It is sometimes about boosting that dopamine hormone in your customers. Yes, customers are delighted with purchases that don’t dig a hole in their pocket and are likely to repurchase from the same seller to repeat the satisfying experience. For any business, it is important to target repeat customers as well. One high-value customer is worth more than a low-value customer. With the help of price intelligence software, you can understand the loyal customer by analyzing their shopping history, and buying trends to offer attractive deals.
Customers make it easier for companies to stay in business. You need to ensure that your customer goes through the sales funnel smoothly to get the most valued customer for a longer duration. Companies want to cash in on the existing customers by providing them with privileged discounts and offers. For example, Amazon prime members get early access to the sale and can grab the best deals with the membership. This is just a way to keep customers delighted and happy.
5. Boost Sales
As mentioned earlier, price is one of the first components that customers check while buying a product. If a business offers a price that customers can’t refuse, it can boost its sales as customers are likely to choose them over its competitors. The sales graph takes a nose dive if you don’t keep your customers happy. To understand their behavior, you need to invest a good amount of time and money. That is valid. But still, sometimes you might get answers that don’t direct in the right direction. So, here price intelligence software comes in handy. To get the exact analysis and insights that can help you create better product and experience thereby boosting the sales graph of your company.
Unlock the Power of Price with Us
Price intelligence consists of many ways for online retailers for collecting pricing data from the internet with scraping and crawling for the purpose of price monitoring. Smart price monitoring plays a crucial for any business as it offers a contemporary alternative to the cumbersome and time-consuming task of manual monitoring.
Retailers can benefit from price intelligence within a short span of time. They will receive frequent automated reports and benefit from the possibility of dynamic repricing. As a result, the business can benefit from smooth workflow so that they can focus on improving the campaigns via the right strategies. Apart from that, manufacturers can also benefit from the help of price intelligence software for monitoring the price data of the suppliers in an efficient manner.
If you operate a business in a competitive market wherein there is a constant price change, our price intelligence software can be the right choice for you. Contact us for a free demo today!