A price searcher is a useful price monitoring tool that shows you the different prices a particular product has in several e-commerce stores at a specific time.
Nevertheless, is a tracking price tool really worth it? Honestly, there is the possibility to make a research of products’ prices manually, but the ability to detect changes in the market situation and sharpen up your pricing strategy will be significantly affected by the lack of automation.
In the US, according to US Census Bureau, sales from e-commerce were 461$ billion in 2017, an increase of 16% regarding the passed year 2016 (397$ billion). This means that the number of internet-using population in the US that buys over the internet has increased and still keep increasing.
However, that means that the number of competitors in digital environments has also risen accordingly, and that rivalry among them is quite significant. In this case, price searchers are useful tools that will help your e-commerce to:
Improve your competitiveness: the more you know your market, the more chances you have to stay ahead of competitors and offer prices that catch the attention of potential customers.
Reduce costs: having a price tracker extension checking prices of your competitors in a continuous and automatic way can save you important amounts of money. As having someone manually checking such information would be a high cost of money.
Save time: Along with reducing costs, your time investment in price monitoring will be considerably reduced when automating these processes.
Improve your positioning: when you can offer more competitive prices according to the real market situation, you can improve your positioning in platforms like Google Shopping, for instance. To do so, you may take into account the three principal indicators of any e-commerce business: price index, profit margin and conversion rate.
But why should you try to improve your positioning? A proper positioning online is essential to be perceived by the users as a more competitive retailer with better prices inside your vertical. This way, your website can obtain more traffic, and your conversion rate can be improved.
Using price monitoring tools, thanks to price tracker extensions, you will be able to optimize your pricing strategy: detect any possible pricing trend, find out future opportunities for sales, and implement discounts and promotions to maximize conversions on your site.
Besides, price searchers will give you some clues on what pricing strategy your competitors are applying as well. Foresee possible movements and opportunities in order to improve your positioning.
Depending on what type of product or service you are offering, your potential customers will be influenced by several factors. However, these are in broad strokes the three main important factors:
Users look for the best price. As there is so much supply on the internet, potential customers care a lot for the price, discounts and promotions.
Users want to have an excellent pre- and post-sales experience. Make sure you have a responsive website, well designed and easy to go through. Don’t let visitors feel lost.
Users look for quality products. Even though this is the less decisive factor, users use to consider products’ quality by checking the ratings and reviews. Study what brands you want to work with and which are the most demanded products.
When deciding where to buy online, potential customers can feel influenced by these three factors at the same time or at least by only one of them. As explained before, this is going to depend on what type of good you are working with.
Using price searchers, you will be capable of adjusting better prices according to the real market situation and offering really competitive prices that catch the eye of more users into your e-commerce store.