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
Uses:
Update pricing strategies
The monitored data can be used to understand your competition’s changes and implement new pricing strategies of your own.
Update marketing strategies
Additionally, you can alter your marketing strategies with the given data by twisting the spotlight to your advantages and highlights. Staying updated on market research is ultimately related to your conversion rates.
React to competitor behaviour
In general, your competitors’ behaviours directly affect your business. If you are kept in the loop of their activities (offers, events, deals), then you can ensure that your business is always one step ahead.
Examples of potential clients
Dropshipping businesses
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
Manufacturers
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.
E-commerce retailers
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.
1 Comment. Leave new
Thank you for sharing depth knowledge about Price monitoring tool and how it works. It is very helpful to manufacturers, Online Retailers and also dropshipping businesses.