What is competitive price monitoring software?
Competitive price monitoring software is a program designed for businesses to track their market competitors’ product or service prices. The primary client base for these programs is businesses in the eCommerce industry. It works by giving your list of competitors to the system, which then gathers the prices and products over time, detecting and alerting you of any changes.
What can competitive price monitoring do for you?
1. Stay relevant
Keeping tabs on your competitors’ market activity helps you to act and react to ongoing business strategies. Let’s say your direct competitor implements a 20% discount on a selection of products. The monitoring software can collect this information and directly inform you of the products in question and their discounted prices. Furthermore, the system gathers product images and descriptions, giving you a complete view of your competitors’ products side-by-side with your own. The data that you receive is ultimately designed to help you take control and update your competitive pricing and marketing strategies.
2. Product comparisons
Competitive price monitoring software usually includes direct pricing comparisons where the software matches your products with your competitors and compares their prices side-by-side. The ability to quickly and directly compare the prices of thousands of products on one platform is a potent tool for you to reconsider the retail prices of your stock.
A study by Acierto.com in 2020 found that 93% of online customers compare the prices of a product several times before buying. You can use the price comparison feature to ensure that your prices always stand out to customers looking for the best deal in the market.
Additionally, specific software, including DataSearch, can provide users with suggestions based on the highest and lowest prices in the market, making your workflow even more streamlined.
3. Supplier tracking
Apart from your product competitors, you can track the prices of suppliers you buy products from (outsourced or raw materials). For example, if you own a bakery and buy your flour from an external company, you can monitor the flour prices of that company and other flour suppliers to compare price changes and swiftly keep track of the best deals in the market.
4. Charts and Visualisations
You can benefit from valuable insights and analysis from easy-to-read and digestible charts showing price changes over time. Looking at a visualization of data is a lot easier for us to understand and react to changes rather than a text document of raw data – price monitoring software does this all automatically for you.
Moreover, automatically generated price change graphs can also be automatically integrated into your regular business reports.
5. Fill the gaps in the market
By keeping a close eye on your competitors’ pricing strategies, you have the chance to learn from any mistakes they make. This allows you to detect missed opportunities and fill the gaps in the market that others aren’t.
6. Discover new products and competitors
Price monitoring software assists you in upgrading your selection of products/services by tracking the new products/services that pop up over time from your competitors. You can even identify new competitors you were unaware of and actively put them on your radar.
7. Save time, money, and effort.
Digital automation saves you and your employees from having to perform the tedious and repetitive process of manually monitoring your competitors. Automation is especially beneficial for businesses dealing with mass product retail, such as supermarkets and electronics retailers. Instead of your team going through hundreds of thousands of products one by one, comparing prices with your competitors, the software does it for you in minutes.
Furthermore, the price monitoring software does the pricing comparison process frequently, automatically detecting new changes for you.
With streamlined monitoring software, you can eliminate the human errors of the manual monitoring process while getting more than triple the amount of data in half the amount of time.
8. Price change alerts
Price monitoring software provides you with automated price change alerts to your email or directly to your phone. Being notified of the latest real-time market changes keeps you up-to-date and ready to respond to competitor behavior as quickly as possible.
Price change alert features are also very beneficial for businesses who want to track their suppliers, as the slightest change in price can cause a more significant ripple effect when buying supplies in bulk.
9. Dynamic repricing
New technology comes with new solutions. Regarding price monitoring, dynamic repricing goes a step further. Dynamic repricing systems can alter your company’s prices according to competitors’ price changes. Repricing ensures that your prices are always lower than your competitors, which can be crucial for retaining customers who do product research across different companies selling the same products.
10. You can get creative with it
A crucial part of innovative competitiveness is creativity. Clients of price monitoring receive their competitors’ pricing data, but it doesn’t end there. Various ways monitoring software users can take advantage of the swift collection of data include: improving brand health, inflation tracking, compliance analysis, and international price verification.
At DataSearch, we encourage our clients to express new ideas and solutions that we can develop for them.
Interested in competitive price monitoring?
Our sub-brand DataSearch is a specialized price monitoring software capable of swiftly gathering and matching thousands of product prices. Contact us to learn more about our services.
2 Comments. Leave new
You provide beautiful article on competitive price monitoring. This content helps with what competitive price monitoring can do for you. Keep up the good work and let’s continue to closely track competitor to ensure we remain competitive and profitable.
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