The Internet keeps changing the world. Companies are constantly emerging to expand themselves globally. It’s hard nowadays to sell exclusivity and highlight over other brands. Competitors are natural and irremediable actors if you are an ecommerce, that’s why it can be overwhelming losing the notion about who is selling similar products to yours and to what price they do. Price is one of the key factors for a customer when deciding to buy one product or another, therefore one of the essential strategies as a brand or a retailer is implementing a competitor price comparison. We are going to give you some tips and real examples on how monitoring your competitors can be the change your company needs to stand out over the rest.
1. Get to know your competitors
The first step in order to start a competitor price comparison is to know who your real and direct competitors are. They can be brands or retailers, and they are those ones that sell the same or products with almost the same characteristics as yours. In addition, they are directed to your same audience and establish very close prices to yours. That’s why the decision-making of the customer can be tough and establishing the right price at the right moment can be decisive when the customer is comparing you with your competitors. This constant battle about reaching the most competitive price can be challenging as a brand and as a retailer, and manually watching all your competitors price changes is an impossible mission but also a waste of time and money. Competitor price comparison is a laborious process and crucial when considering the growth of your profit, therefore knowing your competitors is the first step when thinking about implementing a competitive price strategy to monitor your competitors.
2. Identify your problems and preferences
As a brand or retailer, It’s important to know which your main business obstacles are and what is making you stay less competitive compared to your competitors. Identifying those problems is going to make it much easier to choose the right monitoring tool. There are different ways to beat the competition. Dynamic pricing is going to reprice your products based on your competitors, you will be able to set your own rules and preferences by saving a minimum profit margin for each of your products. It’s up to you to decide if you want to be cheaper or equal to your competitors at certain moments on the market. Another useful way is to monitor the stock availability of your competitors and take advantage of that when being the only store with stock of a certain product.
3. Success stories
As you can see there are different solutions for boosting your ecommerce, each business is different and can implement its own strategy. Competitor price comparison is definitely going to help you to stay competitive in the market. If you want to see it on your own, you can take a look at our case studies, where we analyze some success stories that made our customers grow.