The Internet has changed the way price information is presented. With just a few clicks, consumers are able to get price information from multiple retailers. This price transparency has caused fierce competition among online retailers and requires ongoing monitoring and adequate responses to the actions performed by the competition.
Besides being interested in price checks, Price2Spy‘s clients often want to have an insight into their competitor’s stock status and their turnover by constant price. Some clients even point out stock status information as more important than the information regarding the price change. Why stock status is so important?
First of all, you need to be aware of your own stock status. When you’re in control of your stock, you’ll have a better insight into your efficiency and clear visibility of stock value and profit margins. When a company has tighter stock control, they’re able to meet customer demand in a timely manner. Of course, as important as it is to keep track of your own stock status, it’s equally important to follow up with the competitor stock status as well.
During our visit to the NAMM show this year, we had a chance to speak with one of our clients who have priorities such as this. We had a very insightful conversation where we discussed some of the doubts that they had. For example, one of the inconveniences that clients who are more interested in stock status than in price change can face is the following: sometimes clients have an insight into how much approximately their competitor earns according to the number of products that they sell. So, when they do the sum from the stock status that they receive from Price2Spy, the figures are not the same. That’s how they come to the conclusion that Price2Spy didn’t provide them with the right numbers. However, Price2Spy, as well as any other price monitoring tool for that matter, can analyze only the information that is displayed on the website, and not the whole product assortment that their competitor might have. This is one of the most common misunderstandings that we come across when speaking to clients.
Even though there are many important aspects that you should be aware of when running a business (or monitoring competitors), price and stock status are definitely one of the most important ones. As you can see, this process can get a bit confusing sometimes, so it’s good to find a company that will be able to provide you with the right help.
If you are in the hunt for a software solution whose help you could use, you can always contact us and we’ll discuss all the possibilities that make the best fit for your business.
What information is more relevant for your business – price change or stock status? We would like to hear about your experiences! Share them with us in the comments below.