Industries : Tools, Machines

Construction, materials and tools - efficient price monitoring techniques

Versatile and demanding that's what we reckon of tools / construction / machines industry. It's often characterized by very versatile requirements, making it very difficult to identify what we'd call a 'typical client'. In most cases, we're dealing with products that do have MPN (manufacturer part number), but the websites we're trying to monitor either do not make good use of these, or use them inconsistently.

This leaves very little matching options except for manual product matching. Some of our clients do it themselves (supplying us regularly with Excel sheets containing URLs), while others have hired Price2Spy to do both one-off checks for new SKUs to be added, and regular monthly account checks.

In quite a few cases we have coupled standard Price2Spy price monitoring service with crawling / scraping competitor website product content. In order to provide our clients with a source of structured product data - typically containing product name, description, image, and individual product attributes).

The exception to the abovementioned rule are situations when our clients are brands / manufacturers who want to achieve better market pricing overview. Since brands are always able to supply product MPN / EANs, Automatch approach is possible (though not cost effective when needed on more than 20-25 sites)

No matter if you're a retail site who needs to watch its competitors, or a brand / manufacturer - Price2Spy will enable you to identify your competitors' pricing policies (which probably differ from one brand to another, from one product category to another), and to swiftly react to important price change alerts (for example, when a competitor lowers the price below a certain threshold). In case MAP-enforcement is needed, Price2Spy will indicate the MAP-pricing violations, so you can quickly determine what actions to take.

Best price monitoring practices

Here is how Price2Spy can help product managers from this industry

  • The number of competitors depends on market coverage ambitions. Most of our clients monitor 30+ (in some cases more than 250) sites
  • Marketplaces like Amazon / Ebay are typically not monitored;
  • Number of individual products (SKUs) monitored is usually well over 2 000;
  • Product matching is performed manually, except for cases when clients are brands / manufacturers.
  • Price change alert emails are used, carefully segmented by category or brand (depending on the client's internal organization)
  • Use Pricing Strategy module to identify products with price increase / drop opportunities - it will result in a clear and interactive list of products and suggested pricing changes which will hopefully result in turnover / profit increase
  • Most recent price changes, as well as stock movements (per brand or category) can be spotted via Pricing Dashboard; the same goes for the share of cheapest products per site. In most cases these reports are segmented by categories / brands / suppliers;
  • MAP (minimal advertised price) violation module is used as a reliable tool when it comes to spotting competitors who are playing against the rules, and for documenting such occurrences.