eCommerce Price Tracker – What It Is and How It Works

Reading Time: 4 minutes

Working in a fast-changing and competitive environment like eCommerce is becoming more and more difficult. It’s hard to keep pace with all the competitors out there trying to sell as much as they can and using many different ways to do so. You have to prepare and arm yourself with powerful tools and weapons if you want to survive. Trust us, a reliable eCommerce price tracker is the first thing you need to consider. 

Let’s imagine you are participating in a race. You can run without your sneakers, for sure, but most likely you will not finish first. If it is a long-distance race, you may not even finish it. It’s the same with your eCommerce business. You can try and compete with others but without an eCommerce price tracker, you might end up falling behind.

eCommerce Price Tracker

What is an eCommerce Price Tracker?

A price tracker is any software that is used for monitoring prices on the internet. So, a tool that you can use to track prices, compare or analyze them, can be considered a price tracker. 

However, not every price tracker can meet your actual needs. If you are an online retailer, you should definitely consider using a price tracker specialized for eCommerce businesses. In other words – first, you need to understand that there is a difference between price trackers for consumers and B2B price trackers.

Price trackers for consumers are meant to be used for personal purposes. For example, you would like to buy a purse online, but you want the best offer. So, you can use one of the apps to track and compare prices of that specific purse in more online stores, so you can see which one has the lowest price and finish your purchase there. 

On the other hand, eCommerce price trackers, although they relying on similar technology, have a much more robust interface and their purpose is to gather a huge amount of data by monitoring a larger amount of products on many competitors’ websites. This is the eCommerce competitor price monitoring tool we will be talking about and this is the one you

eCommerce Price Tracker

Why you Should Use a Price Tracker

You will sell more

Setting up the right price at the right moment is a one-way journey towards success. If you have the most competitive price, and you beat the competition in that sense, consumers will most likely go for you instead of anyone else, since the price is one of the most important factors when a consumer is deciding.

You will determine the maximum profit margin

Having information about your competition’s prices is the first step to creating a good pricing strategy. You always need to be able to see where you stand in comparison to your competitors, are your prices lower or higher. The question you will need to answer is – do you have room for rising your prices and staying competitive. The answer comes much faster if you know what is the cost of the product on your competitors’ websites.

You will save time

If you get a good eCommerce price tracker you can count on a lot of time-saving features. For example, if you start using Price2Spy, you will be able to get instant notifications on your email whenever a price change occurs. So, you won’t be having to check manually, you can relax and revisit the tool only when something important happens. Furthermore, you can also use dynamic pricing to make your life even easier.

The Best eCommerce Price Tracker

Of course, we understand that it is a hard and ungrateful task to name the best eCommerce price tracker. After all, it depends on your needs, and on how ready you are to deal with this part of your business. However, to make your choice easier, we’ve developed a list with a few important features a good price tracker for eCommerce should have.

Important features for a price tracker:

Dynamic pricing and repricing

You won’t get far if you only gather some information and then do nothing about it. If you already know your competitors’ prices, why not use this and adjust your prices as well.

Product matching

This can be very time-consuming. so you should consider using a price monitoring software that offers an automated solution.

Monitor marketplaces

The share of online purchases on online marketplaces is getting bigger, in 2019 it has passed 47% and in the next few years, it will most likely go over 50% This is why you should pick a price tracker that can monitor marketplaces like Amazon, Idealo, etc. And this can be a hard task, considering the fact that those marketplaces are always location sensitive

Customer support

you already know how frustrating can communication with bad customer support can be, and you want to avoid it. This is why you need to pick software that has reliable and fast support.

Conclusion

Our list of important features is rather short but this is a good start. Price2Spy has all of the above features and many more. If you want to rule the pricing game and beat your competitors, you should have the best ally possible on your side. This is why we recommend you to try Price2Spy free for 30 days and see all the benefits it has to offer.

We would like to hear your opinion. What are the most important features for an eCommerce price tracker? If you would like to see some new features that we don’t have yet, feel free to reach out to us at support@price2spy.com

 

About Price2Spy

 

Price2Spy is an online service that provides comprehensive and suitable solutions for eCommerce professionals including; retailers, brands/manufacturers and distributors in order to stay profitable in the current competitive market conditions. If you want to learn more about what Price2Spy can do for your business, please get a personalized free demo or start your 30-day free trial.

About author:

Leave a Reply

About Price2Spy Blog

This blog is a place for eCommerce professionals to discuss ideas, methodologies and strategies to compete more effectively in the ever more tightening world of online retail. We explore things like competitive price monitoring, competitor business intelligence, competitive pricing, and counter-intelligence in general.

Archives

Categories