Price monitoring
Price monitoring has become an indispensable activity for every business, especially eCommerce ones. All businesses, regardless of their sector, need to know what is going on with the prices of their direct competitors.
Without that information, setting the right pricing strategy would be a mission impossible.
What is price monitoring software used for?
What is price monitoring software used for?
You’ve probably noticed that price monitoring has become so complex that trying to do it manually is almost useless. That’s when price monitoring software comes into the picture! Price monitoring software will allow you to follow the evolution of prices which will result in obtaining a full pricing analysis!
Who should be using it?
If you are a part of the eCommerce industry, then price monitoring is just the solution you’ve been looking for! Regardless of your company size, or the fact that you are a brand or a retailer, your path to success will be much easier with the right price monitoring software!
Price monitoring for Retailers
Price monitoring for Retailers
Price monitoring for Brands
Price monitoring for Brands
In case you are a retailer, price monitoring will serve you to gain better control over the market. If you are a part of a competitive environment, you would need to know how competitive your products are, and how the actions that your competitors can reflect on prices and sales growth.
Price2Spy offers the best solutions for retailers as well!
- Product price monitoring
- Reporting mechanism
- Clear price history that will allow you to see when and who started to lower prices
- Tracking promotions and stocks
If you are a brand, you would need to know how your products are positioned on the market. Do retailers adhere to agreed prices? How the competitors are responding to market changes? Which competitors are the closest to your price? Who is the furthest from that price?
Price2Spy provides the answers!
- Detecting any price change
- Suggesting price changes – Clever drop/Clever raise
- System of alerts and notifications
- Detecting price violations – MAP monitoring
How to start?
How to start?
Identify your competitors
You probably already have some basic information, but here is what you can do to find additional competitors:
- Get to know your industry (Google yourself, the competitors, industry news, etc.)
- Use social media (Facebook and Linkedin groups can help you discover new competitors)
- Talk to customers (maybe they weren’t so satisfied with one of your competitors so they ended up reaching up to you)
- Monitor your brand reputation (be present in social media groups, and on different listings and review platforms)
Identify the products you want to monitor
- You might have a similar product assortment as your competitors, but not all the prices need to be monitored. Define what products you find the most important.
Define the monitoring frequency
- You need to define how frequently you need to monitor your competitors’ prices. Depending on your products, market situation, competitors, you can decide to perform the price monitoring even a few times a day, or less frequently.
Gather the URLs
- Once you have decided on the competitors and products you would like to monitor, you need to provide product URLs from your competition’s website. Those URLs will be imported into the price monitoring tool, and the process can start.
Analyze the data
- Price monitoring tools such as Price2Spy will provide you numerous reports that will make the data analysis easier and more comprehensive.
Set yourself for success with Price2Spy
Set yourself for success with Price2Spy
In the sea of price monitoring tools available on the market, the million-dollar question is how to choose the best one? Easy! Nowadays it is not so difficult to start a business, but to survive AT THE TOP in the sea of competition is much harder. Therefore, you should allow the experience and success to speak for themselves.
Put your trust in the hands of Price2Spy and set yourself for success! More than 700 clients are already using it!
Sounds interesting?
Sounds interesting?
You’re not sure if price monitoring is the solution you’ve been looking for? No worries, you can always test it!