5 Ways Price Monitoring Can Improve Retailer-Brand Relationships

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 Ways Price Monitoring Can Improve Retailer-Brand Relationships

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.

 

Grow More by implementing Price Intelligence

INTRODUCTION:

Proper pricing of a product is one of the most important factors to satisfy customer needs and to maintain a margin for the sake of the business. For consumers, getting the desired thing at an affordable price is the sole need and with a growing competitive nature of the market, deciding a beneficial price for both the consumers and the providers is becoming hard. This is where Price intelligence comes into play.

WHAT IS PRICE INTELLIGENCE:

The growing e-commerce field has positively increased the competition in the market thereby elevating the fluctuations in prices. According to reports many large brands like Amazon has to fix their prices every few minutes. Price Intelligence operates on data acquisition using automated software or data mining to determine a proper price for a product. Hence, it helps you to match consumers’ requirements and also keep your brand in the competition. So, what defines Price Intelligence? You can call price intelligence the ability to determine profitable pricing, by tracking monitoring and analyzing the prices available in the market including the prices offered by competitors.

IMPORTANCE OF USING PRICE INTELLIGENCE:

To know the importance of using Price Intelligence, you have to know the disadvantages of not using it.

• The increased competition among the brands to gain maximum profit can adversely affect the profit rate due to lowered price margins
leading to position loss in the market.
• Maintaining prices has become harder with the increase of new sellers in the market through the e-commerce platforms like Amazon, Flipkart, eBay.

Considering the above cases, we can say that, Price intelligence is important because it helps you to determine a price that will maintain the margin and will keep you in the competition.

HOW TO IMPLEMENT PRICE INTELLIGENCE BY MONITORING COMPETITOR PRICES:

Implementation of Price Intelligence follows the three basic steps that are,

• Analyzing your competitors in the market.
• Gathering data on competitors can also be done using automation.
• Analyzing the collected data, to adjust your prices.

Now coming to monitoring competitor prices, this can get carried out using the following steps,

1. By matching your price with the competitors’ prices, maintain other specifications of your business.
2. By manually adjusting the prices of your products.
3. Creating a sales strategy to compare your product specifications with your competitors
4. Using automated repricing is advantageous for larger product quantities and is easy to scale.

CONCLUSION:

If you are searching for a solution to your pricing problems, then SS Technology’s Price Intelligence Service is The Best. SS Technology’s Price Intelligence Service provides accurate and real-time pricing data so that you can strategize and act better. So, with SS Technology, bid adieu to your business worries forever.

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