Category: Price Intelligence

The online world is quite dynamic and things change at a rapid pace when it comes to the eCommerce universe, things are even more dynamic. Cut-throat competition keeps you on your toes at all times. Finding out the right price for your products when pricing is the key differentiator that influences purchasing decisions the most isn’t that easy at all.

So, how do you deal with this herculean problem?

How would you entice a customer who is just a few clicks away from getting the best product that fits his bill at the desired price? An ultra-modern online price monitoring software is the panacea for all of these problems that might add to your woes. As an eCommerce business, the right competitor price monitoring software can truly be a game-changer for you.

How? Let’s dive right in and find out.

• Define your main competitors

Having the best price monitoring software will solve almost all pricing optimization problems. Keeping track of price changes manually is simply not possible and this is where eCommerce price optimization for the marketplace turns out to be the secret sauce that makes selling your products at optimal prices a breeze.

The first step is defining your main competitors, but how do you define who your main competitors are?

Your main competitors will be the ones who are selling the same or similar products and are most likely to pull the customers away from your brand. It also makes sense to define your key products and more often than not these products are price-sensitive and the best-selling products.

• Identify product variations

Identify product variations and try grabbing product details as much as you can. The best online price monitoring software will help you find the right direction, but at the end of the day, you would need to have a good strategy at hand. You can perform product matching using ultra-modern software customized to your needs.

Being a leading price comparison software company based in India, SS Technology offers bespoke competitor price monitoring software that would make the entire complex price optimization process a breeze for you. As a pioneer in the domain, we have seen eCommerce enterprises scaling newer heights of success by leveraging price monitoring.

• Track competitor product URLs

Just defining your main competitors and key products isn’t enough as you must also know the product URLs on each of your competitors’ websites. This will help you strategize price optimization and make price changes, especially when they run out of stock on certain products.

Also Read: 3 Reasons to Use Price Monitoring Software for Price Policy Violations

The Bottom Line:

A robust competitor price monitoring software can fully automate the price monitoring process and owing to its accuracy, you’d see results in a very short time span. If you are looking for the best competitor price tracking tool, You can easily plan price monitoring and make the necessary adjustments in a jiffy. SS Technology will be more than glad to help you out. Drop us a line or call us and one of our price monitoring software experts will connect with you in 24 to 48 hours.

Do you often wonder how big retailer brands improve their bottom line and sustain themselves in the ever-competitive eCommerce industry?

It is no secret that in eCommerce retail pricing is the most important aspect and if you intend to be at par with your competitors, you need to have a good price monitoring strategy in the first place. It is extremely important to leverage price monitoring for the marketplace to keep track of your competitor’s moves including their pricing and promotional offers they roll out from time to time to entice new customers and retain the old ones.

Let’s get started and find three surefire ways to create a winning strategy with competitor pricing analysis.

1. Don’t indulge in a price-drop warEasier said than done; however, it is of utmost importance to resist the temptation of getting indulged in a price drop war. Yes, it is a fact that pricing is one of the decisive factors in retail eCommerce, but the lowest price doesn’t always carry the bell. Use comprehensive online price comparison software to create a robust strategy. It will help you find out the perfect price your products must have.Combine two products or provide offers that end customers cannot resist. Client acquisition becomes more important even if the profit isn’t quite what you should be making.
2. Realize your USPsAs an eCommerce brand, you must know your unique selling proposition. In other words, what’s that one quality that differentiates your brand from the rest? That quality is your USP or unique selling proposition.Like price, customer loyalty is also a key factor in eCommerce retail as it results in recurring business. Your USP could be product quality, quick one-day delivery, or prompt customer support. Also offering rewards from time to time to your loyal customers is a great way to acknowledge their patronage. It is all about thinking differently and coming up with innovative ideas.
3. Find out which products offer the best data pointsAs one of the leading companies offering cutting-edge online product price comparison software, we highly recommend you to go through your past data and trends apart from of course external key data such as competitor pricing, holiday season, and offers to find optimal price points. It will help you position yourself better in the competitive market.

By accessing and assessing data, you can easily change the pricing of your products according to a disciplined strategy and systematic approach. You also need to find out which products offered by your brand render the best data points. Automatic price revision suggestions become a breeze when you use customized competitor price monitoring software equipped with the price index, pricing analysis, and cutting-edge algorithms.

Conclusion:

In the eCommerce world, data and pricing are everything and if you have the right price comparison software at your disposal, you can create a winning strategy and position your business by responding well to price changes.

SS Technology is a reliable online price comparison software company in India offering bleeding-edge and the best price monitoring software for eCommerce. If you have any questions related to online price comparison software, feel free to touch base with us.

Also Read: Price Tracking in the age of eCommerce

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.

1. 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.
2. 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.
3. 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

As a business owner, who is trying to survive in a saturated market, price monitoring plays a crucial role whether you are in retail or eCommerce business. The technique of price monitoring involves an ongoing process of keeping track of price fluctuations across different retailers and e-commerce platforms, both online and offline. Keeping track of market and pricing trends helps both consumers and business owners make informed decisions before purchasing a product or staying competitive in the market.

With the rise of eCommerce businesses in the last few years, it has become an important aspect for business owners to consider price monitoring as an inevitable part of their marketing strategy. If you want to keep up with the constantly changing prices and stay ahead of the game, you cannot ignore the importance of price monitoring.

How can retailers benefit from price monitoring?

If you own a retail business, whether it is an online or offline business, you stay competitive in the market only if you are two steps ahead of your competitors. Your product pricing plays an important role in determining how you are attracting customers to your business. If you want to provide competitive prices in the market, price monitoring is your best friend.

As a retailer, it is crucial that you are aware of the prices of similar products offered by your competitors. This information will help you set your own prices accordingly. It will also help you make an informed decision in changing your price and not pricing it too high. If you are selling a product at a certain price and your competitor is selling it at a lesser price, you can figure out which business customers would flock to.

How can eCommerce business owners benefit from price monitoring?

For eCommerce business owners like yourself, price monitoring is an indispensable process for making informed buying decisions. Whether you are adopting price monitoring in your business or not, you can be assured that your customers are. And if your customers are embracing it, you cannot fall behind and expect your business to grow. As an eCommerce business in the online space, it is your duty to be aware of the prices of the products you are selling in order to set the right price and make a profit. Various price monitoring tools will allow you to keep a close eye on what your competitors are pricing for similar products and find a way to reduce your product price without undercutting your own profits.

Price monitoring tools

If you are new to the industry and you do not know how you can keep track of your competitors’ product pricing, you can get help from price monitoring tools. You can use these tools for manual price tracking and for receiving alerts whenever other businesses are making any changes.

Why Choose SS Technology For Price Monitoring Data Scraping?

Limitless Scalability

At SS Technology, you can serve unlimited requests and extract an infinite amount of records; there are no limitations on how much data you can access.

Limitless Customization Options

SS Technology Platform is designed to meet the exact specifications of our clients, no matter how specific the requirements may be.

Guaranteeing Excellence

Ensure the accuracy of your Price Monitoring data scraping with a guaranteed 99.9% precision and consistency in quality.

Steer Clear of Blockages

To ensure optimal performance in price monitoring scraping, utilize multiple proxies and set appropriate delays to solve the captcha quickly and accurately.

Also Read: Price Tracking in the age of eCommerce

No matter in which industry you have your business, there is always a market leader occupying the top spot. The business industries are becoming more competitive, and if you want to stay ahead of your competitors, this is high time you should start price monitoring. When it involves the retailer-brand relationship, the importance of price monitoring for the marketplace cannot be overstated.

Today when the internet is so widely used by businesses and consumers, if you are not focusing on price monitoring and expect people to purchase your products/services, you would see huge losses in no time. Information is readily available, and you cannot expect your customers to stick with your business if other businesses are providing the same services or products at half the price. With 70% of retail sales happening online taking the route of third-party sellers on marketplaces, it is important for prices to be constantly monitored.

5 Benefits of Price Monitoring in Ecommerce

If you are wondering how to price monitoring can help you improve the retailer-brand relationships, here are five things you need to remember:

1. Transparency:

   As a business owner selling your products and services online, you should always consider that your customers are smarter than you. With how tech-savvy everyone is becoming and the various tools available, people will always find the best deals online. So, if you want to stay ahead of your competitors, there is no other way but to keep your prices in line with your competitors. The transparency that you provides builds a trusting relationship and helps you improve retailer-brand relationships.

2. Tracking:

   Price monitoring also helps a brand keep track of its sales. They can see how often people are buying their products at full price, at discounted rates, and on sale. As a business owner, it gives you an idea of how you can adjust your pricing strategies, to improve the retailer-brand relationship and be more competitive in general. It is also helpful when there is an exclusive agreement between the retailer and the brand.

3. Use of Past Data:

   When you allow the use of past data while building strategies, you can get an idea of how your consumers reacted to any price changes and whether you had seen an increase in business when your products or services were on sale. You can use this data to target a specific group of consumers for who you can be sure that the custom pricing meets their requirements. In addition, you can use the price monitoring practice to keep an eye on the competition and understand the strategies that are working for them.

4. Building Trust:

   All retailers know that brands are trying to provide quality products and services at the best price. So, brands can and will track the prices of their products at retailers, and price monitoring makes it easier to do so. Such transparent practice builds a trustworthy relationship between the retailer and the brand.

5. Saves time and Money:

   Price monitoring is, in a way, beneficial for both the brand and retailer, as they can keep track of changes in prices automatically. Since it does not require any manual intervention, it can save a lot of time. Automating the process also means you do not need to hire someone to keep track of price changes, thus saving money too.

[ Don’t forget to check – Price Monitoring for Products in Retail and E-Commerce ]