To sign up for our daily email newsletter, CLICK HERE
Defining Price Monitoring Software:
Price monitoring software is a database created for most eCommerce businesses to keep track of their competitors’ product pricing. Many successful eCommerce businesses are keenly following this strategy to help their business grow to new heights. Price Monitoring software generates a list of competitors in the database and collects the prices of products over time, which helps to detect any change in price.
Purpose of using Price Monitoring Software:
It is nearly impossible for the brand owner to always manually check the pricing of his competitors. With price monitoring software you can check when a competitor has increased or lowered the price of a product. In today’s advanced world, customers can easily compare prices of a product of various brands. That is why being a brand owner to stay one step ahead of the competition, you have to look out for the pricing of your competitors.
When your competitor lowers the price of any product, the price monitoring software will show the stats of that particular product and help you to make a decision to set a competitive price for the same product. Price monitoring software also assists in managing inventory and forecasting future sales. Hence when there is a drop in the overall market price of a particular product, you can always be prepared to maintain your stock.
Significant qualities of price monitoring software:
Competitive Advantage:
E-commerce business is now an over-saturated marketplace where chances of error are very less. In order to remain in the competition, you must use price monitoring software which keeps track of data and alerts you when the prices of products are varied.
Speedy Response:
To increase the sales of your product you must check the prices of the market. If a seller is selling at a lower price compared to the price you have set, then the chances of sales of your product decrease. Price monitoring software is AI-driven. Price intelligence software will quickly respond to fluctuations in price.
Comprehension of the best or worst performing product:
Price intelligence software can be beneficial in providing you with data on a product that is performing well or badly in a particular region. In such a way, you can make an informed decision about future stocks of that particular product.
Gaining Profits:
By keeping track of the price your knowledge about the market increases and you can keep up to date. By responding to price changes and adjusting your prices, you can get good profits from your products.
Time leverage:
With the aid of Price Intelligence software, you can entirely concentrate on data analysis. By saving plenty of precious time and resources it is easy to identify:
- The life span of the product,
- Increased or dropped prices according to market
- Consistent price variations happening every term of the year
- Prospects of launching discounts & promotions.
With all this data business owners can make precise decisions for the future of their business.
Accurate insights:
Let’s keep in mind a few of the important points you require when using Price Intelligence Software:
Examine key marketplaces: It is essential to inspect your own products, but it’s also necessary to keep an eye on your competitors’ pricing, along with their products across the internet.
Checking your own products frequently: You are required to check your own pricing on daily basis, so you can distinguish if there are any differences between what you are selling and competitive products to make sure that you don’t overcharge or undercut them.
Conclusion:
Whether you are selling on Amazon or on eBay, every brand must know that in these modern times, customers & shoppers are now well-informed about product details and pricing. So they must make informed decisions and upgrade their strategies in order to keep themselves in the competitive marketplace.
