Transforming and optimizing your daily pricing management
Consumers judge products with similar characteristics by the price that retailers sell them for. A significant competition exists in today’s markets, and this makes it essential for online stores to obtain a detailed perspective on their positioning through price analytics.
The importance of price analytics
“The flexible solution offered by netRivals is crucial to control our prices in such a competitive sector such as the pet food one.”
– Albert Costa, CEO at Bilua
This significant competition makes it essential for online stores to obtain a detailed perspective on their pricing and positioning. You need to optimise the resources that your company has to make sure that price tracking does not convert itself into a burden for the team, as well as to clearly define a list of main competitors and of those emerging.
In some sectors the list of competitors can be very limited, or reach up to 40 competitors. However, in the case of retailers with diverse online shops, the number of competitors may be considerably multiplied. Analysing and comparing pricing information on those competitors becomes a critical part of your daily management, and that is why results from price monitoring platforms become indispensable in the business strategy of any retailer.
Automation: The Key to Success
In order to be competitive you have to track and compile information. If your sector has a lot of competitors it involves a high time-consuming effort and resources that you could employ in the final objective of price monitoring: to obtain an effective pricing strategy that would allow one to be competitive in the market without losing profits.
That is why; price monitoring or tracking must be done from tools which allow to obtain information automatically and in a visual manner in order to take effective pricing decisions based on the state of the market.
Manual price tracking
Long hours of manual data collection on competitors’ prices.
Incomplete view of the state of the market.
Burden for the team and inefficient use of company’s resources.
Automated price tracking
Avoid time-consuming tasks like manual data collection.
Automatically tracking stock and promotions in the market.
Scraping system to collect information without overload.
How to select a price tracking software?
In the market there are many tools employed to track prices. However, pricing managers who wish achieve effective strategies need analytical platforms which can offer them detailed results to obtain a clearer vision of the market and their performance. That is why, when looking for a price tracking platform you must be sure they include the following features and functionalities.
Checklist of the pricing software
- Automatic monitoring of prices in the market to avoid long hours of data compilation on your competition.
- Stocks and promotions tracking in competing stores in order to have a clear idea of the conditions in which each product of your catalog is competing.
- A scraping system which allows compiling information about competitors’ prices without saturating their web pages.
- An alert system based on specific criteria that automatically notifies any price changes in competitors.
- Updates on prices, stock and promotions carried out daily to obtain accurate information about the real state of the market.
- An efficient and trustworthy customer service that will help in any event or with any question relating to the software.
Price intelligence software to succeed
Gain a deeper insight into the results obtained by the tool. netRivals’ analytics will allow you to visualize the impact of price changes in your competitive status and better understand your positioning in the market.
An intuitive interface with clean charts, different functionalities and search by filters allows to tailor the analysis of your catalog against competitors according to your priorities and needs.
See how your catalog is performing against competition on the whole. You can go as general as you prefer by analyzing your entire catalog against your competitors’ products. Or, on the other hand, you can have a closer look to the details of the analysis by segmenting per rivals, brands, product categories and other specific criteria.
netRivals allows you to check your competitive status for each one of the products in your catalog. You can get to see the number of connections with rivals, as well as the history on price evolution. The software shows your level of competiveness in the market at glance: simply by checking the colors in each product detail page you can quickly see what your exact position is among retailers and to what extent you are cheaper or more expensive than your competitors.
“The tool has allowed to enter a considerable amount of products without having to manually analyse price, promotions and stock situation for each one. This has been a great improvement in terms resource maximization and time saving.”
– Javier Trias, Online Marketing Manager at MeQuedoUno
Price analytics in a business context
All features in netRivals have been developed by a dedicated team of technology and pricing experts. The main goal here is to provide companies and any of the professional profiles involved in the pricing management of products with an effective and time saving price intelligence system which will help them achieve an enhanced business strategy.
Chief Executive Officer
CEOs are responsible for determining company’s strategies to achieve greater growing and positioning within the marketplace. Such measures towards competitiveness and profitability are always justified by an accurate analysis of the sector, something which helps making the most of the resources available in the company.
The analysis and tracking of prices and competition implies, in the majority of cases, a burden for the team in terms of time and money. Through netRivals’s Big Data, CEOs are able to optimize their pricing decisions, as well as improving the daily performance of their company, all thanks to the data automatically collected and updated on a daily basis and that can be easily managed by the team.
Pricing Managers are in charge of developing effective and profitable pricing strategies, as well as spotting both threats and opportunities in the industry. Has the number of purchases decreased? Are competitors’ promotions more appealing to potential customers? Nowadays, it is very easy for consumers to check who offers the best deal and they will definitely buy the best value-for-price products.
Pricing Managers have to be well-aware of what is happening in the market in order to stay ahead of competition and increase (not lose!) customer base and volume of sales. netRivals’s software can help make the right pricing decisions so that your business acquires higher competitiveness in the fierce marketplace.
In the current competitive landscape, marketers want the products sold by their company to stand out among the very same products sold by competitors. They want consumers to buy from them and perceive their business as the one offering the best deal and, thus, being the most competitive seller.
By tracking the prices of competitors’ products, it is easier to detect what position a business occupies in the marketplace. In this respect, netRivals helps make the most of the time used in monitoring competing e-tailers and e-commerce giants like Amazon, as well as optimizing the budget invested in CPC campaigns and Google Shopping.
netRivals’ pricing software
netRivals is an easy-to-use and automatic price analytics platform of quick implementation. Once all the necessary data has been entered in the tool, the software can be quickly accessed online to start benefiting from its price intelligence functionalities.
netRivals’ software collects information that has to do with the state of the prices, stock, and promotions of their competitors. As aforementioned, such data is displayed through detailed and visual results in the tool.
The tool offers a safe and intuitive environment which enables the user to capture data about their competitors through the use of dynamic tables, rankings and graphs, which can be selected and filtered through diverse search criteria such as titles, references, brands, categories, favourite products, price ranges, stock availability, as well as specific competitors, among other points.
“We needed a pricing solution that was accurate, reliable, with good functionality and responsive customer service. netRivals best met all those requirements.”
– David Martín, CEO at Tradeinn