Usually, a brand is present in many a country and a large number of e-commerce stores. Thus, a brand manages a significant volume of products at the same time in different channels. If this is your case, controlling the price of all your products can be a harsh, tedious task since you have a large amount of data to manage. Nonetheless, thanks to price monitoring tools, you can successfully and optimally keep track of your products.
The market does not behave the same way in all countries. Despite the worldwide upward tendency, the number of users who buy over the internet is not the same in the United Kingdom than in Italy, for instance. If we take a look at the European Union members, there are many differences in the buyers’ profile, the volume of online buying users, or even in the internet penetration rate of those countries.
All these social factors, plus the own market factors such as existence (and preference) of different brands and competitors, make it indispensable to study the markets individually and adjust your prices according to the situation of that particular market.
Knowing how to detect the minimum price and the maximum price of a product
By managing several distribution channels, the amount of data to be analyzed increases considerably. Depending on the country you are working in, the prices of your products will most probably change according to the living cost life of that country. Thus, monitoring your competition’s prices turns out to be a helpful and efficient way to estimate the actual market price for a specific product and to adjust your prices according to that average value.
Nevertheless, the monitoring process is best done automatically rather than manually. This way, it will not only provide you with updated data of each market, competitor, and product, but it will also let you save both money and time.
By using these automated monitoring tools, you can keep track of your products in the different distribution channels, as well as keep track of the products of those competitors whose data might be relevant for your brand.
All this information will allow you to detect the minimum price of your products inside the different markets and, at the same time, detect the maximum price of them. Besides, you can also identify how your brand is perceived in the market and improve your branding strategy by detecting these minimum and maximum prices.
Furthermore, you can also watch the minimum and maximum prices of your competitors in different countries and resellers. The goal of watching your competitors’ prices is to identify the actual market price for a product and to be able to reprice your products optimally.
Personalized alert systems
Another excellent way to control your prices in the different distribution channels and through several countries is by using price alerts. You can set alerts according to several parameters. Whenever your prices are under those specific parameters, you will receive a notification. This is a useful way to control your products and keep up your branding through all your resellers in the several countries you are working in.
This way, you get to control your products and identify those that do not meet your alerts’ criteria. Furthermore, your branding will not be affected by the pricing movements of the different distribution channels, and you will make sure they meet your pricing expectations.
Thus, controlling your prices in different e-commerce stores and countries is much easier and more efficient if you use automated monitoring tools.