In a fiercely competitive business environment, companies need to stay ahead of the curve by closely monitoring their rivals. You might need to be aware of your competitors if you operate a retailer, brand, or eCommerce firm. Competitive pricing monitoring is a practical tactic for doing this. The modern consumer is known for shopping about and has easy access to your items and those of your competitors.
You can track in real-time when a competitor has changed the price of a product by using competitor price monitoring software. Additionally, you can always be sure that the price information you receive is precise, allowing you to make judgments supported by data that is 100% true.
What exactly is competitor price monitoring software?
You can track the cost of your rivals' items with competitor price tracking software. To stay ahead of the curve and keep a competitive reputation, you may utilize this data to modify your rates accordingly. You may follow competition marketing efforts and find new market possibilities using the program.
Features to Look for in Price Monitoring Software
Stock movement visibility:
Tracking rival stock movements, in-stock and out-of-stock items, and product demand are all desirable features of a pricing monitoring program. The price and promotion approach that merchants use can be influenced by this information. It may be necessary to raise prices for items that are out-of-stock on rival websites, lower prices for items that are in high demand, or take advantage of competitor stock-outs.
Easy Integration:
An essential characteristic is the ease of integration. It implies that it must be able to interface with other platforms and systems. Especially your ERP, inventory management system, and other systems. It will guarantee that all of your data is current and correct. It will aid in streamlining your business processes.
Analyze and interpret data effectively:
The first stage in price monitoring software is data collection, but for organizations to make wise decisions, the data must also be analyzed and interpreted. It may entail spotting pricing trends, patterns, or anomalies and ascertaining the reasons behind them.
Matching Accuracy:
An AI-assisted price monitoring system's matching accuracy is one of its characteristics. It is nearly hard to track thousands of product prices. For your business to be profitable, you must react quickly to your rivals' constantly shifting prices.
On the other hand, accurate matching offers several benefits that will make your company stand out:
- Assortment gap,
- Dynamic pricing,
- Stock status checking
The correctness and freshness of the prices getting tracked gets ensured by a high matching accuracy. High matching precision also minimizes the requirement for manual tracking process intervention. You can work more quickly and effectively.
A high matching accuracy might result in improved business success and consumer satisfaction.
'Data as a Service (DaaS):
You may more affordably and for a vast period with the help of a DaaS service watch the websites of competitors. Every area is covered with a comprehensive solution, guaranteeing you a hassle-free experience. It takes care of everything, including finding servers and proxies, carrying out effective scraping, and doing thorough quality checks. You can be confident that you'll get accurate information that's current and trustworthy promptly.
In-depth competitor tracking:
In addition to monitoring pricing, smart pricing software's other vital function is to evaluate rival items based on factors like product visibility, customer feedback, product descriptions, bestsellers, etc.
Accurate product matching ability:
Your price monitoring tool must have accurate-smart-matching capabilities to match products and prices accurately. For branded and private-label products, it needs to be able to compare the same and comparable products. It will guarantee that your items are appropriately compared to comparable products from competitors to obtain a thorough pricing profile of your rivals.
