In this product price comparison guide<\/strong> for online retailers we will tell you:<\/p>\n\n\n\n Let\u2019s get started!<\/p>\n\n\n Price comparison<\/a> in eCommerce is a method of comparing prices of identical or similar products sold by your competitors. It can also include your own prices, for better price benchmarking.<\/p>\n\n\n\n It is frequently visually represented as a matrix. One axis (usually the horizontal one) represents competitors, and the vertical axis represents products. Each cell in the matrix has the price of a certain product from a particular competitor.<\/p>\n\n\n The key steps to performing price comparison in eCommerce are:<\/p>\n\n\n\n This step takes time. The good thing however, is that it doesn\u2019t require frequent revisions (with an exception, but we will come to that).<\/p>\n\n\n\n When done manually, product matching usually looks something like this:<\/p>\n\n\n\n You are now ready for the next step.<\/p>\n\n\n\n Before we continue, about that exception. Sometimes, competitors can change their URL slugs, URL structure (folders), or even the whole domain. In this case, a revision is required. You will know this is the case when you visit the market URL again and encounter an error.<\/p>\n\n\n\n If there\u2019s no error, but you still may not see the price, the product may be out of stock.<\/p>\n\n\n\n You visit a competitor’s website. Then you find the relevant product. You note down the price and you go on to the next product, until you are finished with that website.<\/p>\n\n\n\n That\u2019s the essence of manual price tracking.<\/p>\n\n\n\n One caveat here is that things can get complicated if there are parameters on the product page. Or in other words, if there are multiple products<\/a> on the same URL. For example, if you are competing with dog food sellers, you may have to note down the prices of each taste + size combination. <\/p>\n\n\n\n Depending on the scale you are doing this on, it can take a while. This is why many eCommerce professionals opt for tools that automate the price tracking<\/a> process. These tools save time overall, as the technology behind them makes it possible to crawl prices of competitor products in a matter of minutes.<\/p>\n\n\n\n Furthermore, quicker price checks don’t only free up the slots in your calendar. They also reduce the time-window in which the complete price monitoring process is finalized.<\/p>\n\n\n\n This means that, as opposed to manual price monitoring, there’s no risk of the first-checked prices becoming outdated when you finish the last ones.<\/p>\n\n\n\n Now that you have all the prices for all the competitors’ products noted down, it’s time to compare them.<\/p>\n\n\n\n The basic product price comparison in eCommerce gives the following insights:<\/p>\n\n\n\n Besides all of that, you may also sort & filter your data in different ways. You can also calculate means, modes, averages, and standard deviations<\/a> for each product or seller to better understand them.<\/p>\n\n\n\n Additionally, you may also be able to notice trends and patterns for competitors and products. For example: discounts before holidays, price increases when availability is limited, etc.<\/p>\n\n\n\n
![\"product](\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2024\/11\/Price2Spy-Blog-Product-Price-Comparison-eCommerce-Guide.jpg\")
<\/a><\/figure>\n<\/div>\n\n\nWhat is product price comparison in eCommerce?<\/h2>\n\n\n\n
![\"Price2Spy](\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2024\/11\/Product-price-comparison-Price-Matrix-1024x563.png\")
<\/a>Product price comparison in eCommerce – key steps<\/h2>\n\n\n\n
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Match products: Find equivalent competitor products for price comparison<\/h3>\n\n\n\n
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Track prices: Noting down competitor product prices<\/strong><\/h3>\n\n\n\n
Product price comparison: Performing the price comparison itself<\/strong><\/h3>\n\n\n\n
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![\"A](\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2024\/11\/Product-price-comparison-Pricing-Dashboard.png\")
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