With so many available features, it can get hard to make the most of it. On the other hand, Price2Spy is built in a modular way, so users can define their own best way to use it.
Here are some main suggestions, based on experience of nearly 300 clients:
- Use price change alert emails for quick insights. Make sure you react fast! However, if you're dealing with 10 000s of SKUs this may get inefficient;
- Define automated Price Matrix report, to be delivered in your mailbox at the time of your choice. Consider having full Price Matrix, or just the products with recent price changes;
- Identify most important brands / categories / competitor sites. Based on this define various widgets (pricing dynamics, stock dynamics, price below mine, products violating MAP) to be placed on Pricing Dashboard. Saves a lot of time when analyzing recent price changes!
- Analyze historical price charts for key products in order to identify which competitor was the first to lower (or raise) the price;
- Use Price Change Dynamics chart to identify key moments (for example, when your competitor got a better deal from the manufacturer, resulting in many products getting price cuts). Use this to re-negotiate pricing with your suppliers;
- Use Price Matrix (segmented per brand or category) to quickly identify competitor positioned on lower / upper end of the market;
- Define your own pricing strategy, so Price2Spy can advise potential turnover / profit gains;
- For larger stores, dealing with 1000s of SKUs or more - make use of Price2Spy API in order to integrate pricing data directly in your own software. Some of our clients have even gone one step further: based on purchase price / desired profit margin, and coupled with competitor pricing (data coming from Price2Spy) - they have setup automated price change rules.