Cut-throat competition is one of the prime characteristics of the eCommerce market. The booming eCommerce landscape has time and again proved that competition defined by price is one of the well-established realities of this market. In such dynamism, it becomes quite tricky to keep a close eye on the pricing policies unless you are using reliable online product price monitoring solutions. As a brand, you must have pricing policies that ward off every possibility of antitrust law violations.
In the olden days when there was no online price monitoring software, brand owners had no choice except to trust their retailers to keep an eye on and discuss policy violations. In a nutshell, the exchange of this crucial information was primarily based on retailers’ monitoring infrastructure and ecosystem which wasn’t always effective.
The advent of MAP (Minimum Advertised Price) monitoring made it easier for brands to spot fluctuations in pricing across various eCommerce websites. It is the lowest price at which a reseller can sell a supplier’s product. If you are wondering about the reasons and advantages of using online price monitoring, there are plenty.
Let’s get the ball rolling and take a look at the top 3 reasons for now.
- Protect your brand imageLeveraging MAP or MAP monitor scraping helps you protect your brand image in the market. It is a widely known fact that luxurious or premium products are priced higher in the market due to the quality they offer. Price is a quality indicator and hence MAP price monitoring helps brand prevent their products from being sold at a price that doesn’t justify their quality.
- Margin protectionWhile it is pretty much a reseller’s right to decide the markup they want to add to the product’s actual price, it is essential to not go below the bare minimum to keep your brand image consistent in the market. Given the number of small and big resellers in the market, it is no less than a herculean task to keep track of them all to protect your margin. This is where MAP monitoring or scraping comes into the picture. It makes scanning the mammoth internet landscape a breeze to keep you updated about the mentions of your product and pricing.
- More than just MAPIf you think online price comparison software is just about the minimum advertised price, you couldn’t be more wrong. That’s because it is just the tip of the iceberg. MAP is just one of the aspects of price analysis. Price analysis also involves getting an in-depth understanding of the ideal consumer price, competitor prices, the latest market trends, and changes in product demand. Having robust eCommerce price comparison software helps you create a rock-solid strategy by acknowledging the market sentiment as far as pricing is concerned.
Conclusion:
Price monitoring for the marketplace is no longer a luxury. In fact, it is a must-have tool in your arsenal that not only protects your brand image but the vested interests of all stakeholders including the resellers. If you need more information about our best price monitoring software, feel free to connect with us.
Also Read: Price Monitoring for Products in Retail and E-Commerce