Introduction:
It’s no surprise that a staggering 88% of American consumers utilized coupons for shopping in 2020.
However, there is a downside to offering promotions on one channel while neglecting others. Customers can become quite upset when they discover they paid the full price for a product that was advertised for less elsewhere. This presents a challenge: how can eCommerce marketers effectively monitor and synchronize pricing across numerous marketing channels and online marketplaces such as Amazon and Google Shopping?
This is where the importance of monitoring market trends and offering competitive pricing on all products comes into play. Unfortunately, manually managing this process is virtually impossible for medium to large eCommerce companies. That’s where competitor price tracking software can be extremely valuable. In this article, we will explore the advantages of price tracking and provide an overview of the top price monitoring tools that can automate the entire process.
What is competitor price tracking?
Competitor price tracking refers to the process of monitoring and analyzing the prices of products offered by your competitors in the market. It involves gathering data on competitor prices across various channels and online marketplaces. By keeping a close eye on competitor pricing, you gain valuable insights into market dynamics, consumer behavior, and pricing trends, which can guide your pricing strategy and decision-making.
The benefits of tracking your competitors?
Gaining insights into market trends and consumer behavior:
By tracking competitor prices, you can identify market trends and understand how consumers respond to different pricing strategies. This information helps you stay ahead of the curve and adapt your pricing to meet changing consumer demands.
Identifying competitive pricing strategies and adjusting your own pricing accordingly:
Competitor price tracking allows you to identify pricing strategies employed by your rivals. Whether they offer discounts, promotions, or dynamic pricing, understanding their approach enables you to adjust your pricing strategy to remain competitive and attract customers.
Enhancing customer satisfaction and loyalty:
Customers are always on the lookout for the best deals. By monitoring competitor prices, you can ensure that your pricing is competitive and aligned with customer expectations. This helps enhance customer satisfaction and fosters loyalty, as customers feel they are getting a fair value for their money.
Improving profitability and maximizing sales:
Effective competitor price tracking enables you to optimize your pricing strategy for maximum profitability. By strategically positioning your prices relative to your competitors, you can attract price-conscious customers while maintaining healthy profit margins. Additionally, adjusting prices based on market trends and competitor activities can help drive sales and revenue growth.
How price tracking tools can help your eCommerce business
Competitor price monitoring:
Price tracking tools provide real-time monitoring of competitor prices across multiple channels and online marketplaces. These tools automatically collect and update pricing data, saving you time and effort in manually tracking competitors.
Price intelligence:
Price tracking tools offer advanced analytics and insights into competitor pricing strategies, market trends, and consumer behavior. By utilizing these tools, you can make data-driven decisions and fine-tune your pricing strategy for optimal results.
Repricing/Dynamic pricing:
Some price tracking tools offer repricing or dynamic pricing capabilities. These tools automatically adjust your prices based on predefined rules and algorithms. For example, you can set rules such as matching the lowest market price or applying a percentage markup to the average market price. This dynamic pricing approach ensures that your prices remain competitive without manual intervention.
Catalog intelligence and product monitoring:
Price tracking tools can also monitor competitor product assortments and changes. This helps you stay informed about your competitors’ product offerings, identify new trends, and optimize your own product assortment and pricing accordingly.
Price history and eCommerce pricing reports:
Price tracking tools provide historical pricing data and generate comprehensive reports on eCommerce pricing trends. These insights enable you to understand market dynamics, track pricing fluctuations over time, and make informed decisions about your pricing strategy.
The best competitor price tracking software
1. Prisync:
Prisync is a widely recognized and popular price tracking and monitoring solution in the market. It offers a comprehensive set of features that allow you to track prices from an unlimited number of competitors. With Prisync, you can analyze price history, set repricing and dynamic pricing rules, and keep track of competitor stock availability. The platform also provides robust reporting mechanisms, including instant and daily price change notifications delivered directly to your inbox.
Cost: Starting at $59/month, Prisync offers a 14-day free trial and is compatible with Shopify through its dedicated app.
2. Competera:
Competera stands out for its reliable pricing comparison data and the ability to make real-time pricing changes. Utilizing Deep Learning algorithms, Competera helps eCommerce retailers set optimal prices based on demand and various market factors. The platform features rule-based repricing and provides cause-effect analysis of price changes for informed decision-making.
Cost: Pricing for Competera is custom and can be tailored to your specific requirements.
3. Minderest:
Minderest offers a comprehensive suite of price monitoring tools designed to optimize product assortment and pricing strategies for eCommerce brands. The platform includes features such as price intelligence, competitor price monitoring, catalog intelligence, repricing, dynamic pricing, and eCommerce product monitoring. Minderest also provides automatic alerts whenever there are changes in competitor pricing or inventory.
Cost: Pricing for Minderest is custom and can be tailored to your business needs.
4. Skuuudle:
Skuuudle is a cloud-based automated price tracking software that assists eCommerce businesses in optimizing their pricing strategy. With Skuuudle, you can set dynamic pricing rules, monitor competitors’ inventory, and leverage a wealth of accurate and timely data. The platform is supported by an AI-driven quality team, ensuring the reliability and accuracy of the data presented.
Cost: Skuuudle offers plans starting at $399/month.
5. Price2Spy:
Price2Spy is another noteworthy price monitoring tool that provides accurate pricing intelligence and repricing capabilities. It helps eCommerce businesses make strategic decisions and protect their brand value. Price2Spy also offers flexibility in reporting, allowing you to create custom reports tailored to your specific needs.
Cost: Price2Spy offers plans starting at $23.95/month and provides a 30-day free trial.
6. Price Glance:
Price Glance is a tool for monitoring the prices of products and services in the market. This tool utilizes artificial intelligence (AI) to collect price data from various sources, including e-commerce websites, price comparison websites, and shopping apps. Price Glance then uses this data to provide users with information on the prices of the products and services they are interested in.
Price Glance can be used to track the prices of individual products and services, such as smartphones, laptops, or airline tickets. It can also be used to monitor the prices of business products and services, such as raw materials, consumables, or professional services.
Price Glance offers several useful features, including:
– Tracking the prices of multiple products and services at once
– Receiving notifications when the price of a product or service changes
– Comparing prices from various sources
– Finding deals and discounts
– Price Glance is a helpful tool for those who want to save money while shopping. It provides users with information on the prices of products and services they are interested in, helping them make more informed shopping decisions.
Here are some examples of how Price Glance can be used:
Someone looking to buy a new smartphone can use Price Glance to track the prices of different phone models from various retailers. This tool will help them find the phone with the best price.
A business looking to purchase raw materials can use Price Glance to monitor the prices of those raw materials in the global market. This tool will help the business find competitive sources of raw materials.
Cost: Free trial $0/month, Business $99/month.
Conclution
Competitor price tracking is a vital practice for eCommerce success. By monitoring and analyzing competitor prices, you can gain valuable insights, optimize your pricing strategy, and attract more customers. Utilizing price tracking tools automates the process, saving time and effort while providing advanced analytics and dynamic pricing capabilities. Choose the right price tracking software for your business needs, and embrace the power of competitor price tracking to stay competitive in the dynamic eCommerce landscape.