What is price monitoring?
Online price monitoring tools use crawlers and machine learning to locate, collect, and present competitor pricing parameters. Retailers may use these tools to collect public information on their market’s competitors for better-informed future business strategies. Price monitoring encourages decisions driven by data and facts.
How does Price Intelligence work?
Price intelligence follows a similar routine as general web crawling and scraping; Crawlers search and find the websites that match the given parameters. Then, they use artificial intelligence to determine where the relevant price data is located on each web page. Once the process collects enough data from numerous web pages, the information is then structured into a custom format for the client.
The monitoring can be scheduled to suit each industry or market’s specific demand.
Importance and uses of Competitor Price Monitoring
Examples of potential clients
In the dropshipping industry, marketing is the key to success. Keep yourself updated on the prices of the goods you are marketing from sellers and their competitors
Purchasing raw materials for mass production is a unique experience because a small price change can significantly affect total expenses. Having price change alert notifications on essential goods enables you to take timely action and avoid any unwanted extra fees and confusion.
With online retail making up a massive part of the internet, a Google search for a product usually brings back countless listing results from different websites. The best way for you to stand out is by having the best prices and marketing strategies amongst the sea of e-commerce.