The cost of price monitoring is a variable attribute, as it will change according to the needs and characteristics of your company. Gathering all the information about competitors’ products (price, stock availability, etc.) manually is impossible, it would mean a huge expense in human and economic resources for your business, that is why there are automated options for compiling information.
This software is an indispensable tool for any business, since product monitoring provides you with essential market knowledge, as well as allowing you to know the price of the products that your competitors are selling.
Price monitoring tool
This software allows you to monitor the competition in a very simple way. How? You must provide the necessary information to the module to start working. You can share your catalog from an excel or .csv file. Afterwards, you will have to choose your competitors. Once you have chosen your products and the competitors, the application will proceed to make connections to link those identical or very similar products between your shop and the competition. These connections will be made in three different ways:
- Automatic: They are made when the labeling codes (EAN) coincide. These connections will be made instantly.
- Semi-automatic: They are made when the labeling code cannot be found on the competitors’ products. Then, the software will link items according to the level of similarity, which can be similarity of title, photographic similarity or by references such as the manufacturer’s code. The system will suggest the links but you must accept them to add the competing product to your list.
- Manual:To register a rival product manually, you must copy the URL of the page of the product in question and paste it where it indicates the application.
When you have all the products of your competitors, you will be able to track the prices of the competitors’ products, know where your items are in relation to the market and even perform pricing strategies based on the situation of the competition. The price monitoring software will send you reports on a daily basis that will show you the status of your competitors’ prices in relation to yours.
Using the price monitoring software
The daily use of the price monitoring tool will give you a key advantage when designing a pricing strategy, since knowing in detail the price of the competitors’ products and their evolution will allow you to have more competitive prices and improve the conversion rate, without giving up the important profit margins.
This tool can be combined with other software that offers dynamic pricing, thus creating an important partner for your e-commerce, with which you will be able to update the prices of your products taking as a reference the competitors in your market.
Therefore, the monitoring tool will help you get optimal prices for your online store to be more competitive and report more sales of the items in your inventory. You can also use this efficient software to manage campaigns in Google Shopping to get the best prices, a fact that will lead you to have the buy box, which will be an incredible boost for the sales of your e-commerce products.