In terms of e-commerce business, most sectors work under harsh competitiveness, where the small digital stores fight to attract the attention of users and lead them to buy in their websites in the end. A powerful tool that will help you gain more traffic and offer more competitive prices is a price comparator.
Why should you use a price comparator?
So, online price comparators are tools that continuously scan and keep track of the price changes of your competitor’s products in real-time.
Depending on which sector and vertical you work in (although usually in the majority of industries it is like this), there is a considerable number of competitors who offer the same products at the same price or a very similar one. That means:
- For users, price is a critical factor when it comes to choosing where to buy a product. There is no doubt about this.
- The volume of prices you need to scan is very high due to the significant number of competitors. Therefore, you have to invest way too much time and money.
Here is where internet price comparator comes into play. As it compares prices and offers on the internet in real-time, it provides you with high competitiveness in relation to your digital rivals.
So how does it work?
First of all, you have to keep in mind who your direct competitors are. Understanding such rivals as those who offer identical products at similar prices to the same type of customer.
Once you have identified them, the price comparator will execute a constant monitorization of your rivals’ products. Thanks to this sort of platforms, you will obtain detailed and relevant information that will help you achieve the competitive advantage you need for your store.
Internet price comparators not only report you on real-time price changes but also allow you to adjust your prices automatically if specific commands apply. Besides, in case some prices change in a particular way, or there is any stock change, the software will alert you. This way, you can take advantage of lots of opportunities.
In addition, you can receive reports, speed up your searches by adding filters, and execute segmentations in your catalog so you can focus on those products that you can truly optimize.
All of this will help you improve your digital performance and competitiveness, as well as adjust better prices that will attract more traffic and increase your conversion ratio.
Do price comparators work only for retailers?
The truth is that both retailers and brands can take advantage of comparators of internet offers if they know how to.
Thanks to ratings and reviews, brands can keep up with the positioning of their products online and find out how the customers perceive them. This helps brands detect possible weaknesses and strengths inside their products range.
Meanwhile, retailers can take advantage of these online price comparators to negotiate better conditions with brands and distributors. Moreover, retailers can improve their conversion rate thanks to an improved pricing strategy.
However, before using this internet price comparator tool, make sure you have carefully investigated your market and have a full understanding of the situation in your sector or specific vertical.
To sum up
Remember that potential customers will base their buying decisions mostly on price, as long as there is no other element that differentiates your product from your rivals’. Thus, you may need to know which factors to potentiate in order to optimize your online profits.
By using these price comparing tools, you will save a considerable amount of time as well as money in human resources. Besides, your competitiveness will increase for sure, given that you will be capable of offering updated prices based on the current market situation.