Nowadays, you need to optimize the performance of your e-commerce business with data-driven insights. This is crucial if you want to develop a business model that truly works and drives conversions to your online store.
As the owner of an e-commerce business, you probably need to keep a good track of extremely relevant KPIs like conversion, competitive status, and profit margins. In order to examine the latter and find ways of improving them, you need to have a solid data foundation. You simply cannot risk the profitability of your business by making decisions blindly. Data, once again, becomes king in this respect. That is why you need to get an accurate picture of how your competitors’ online performance.
Surely, working in this department, you need to review a lot of prices on a recurring basis. In many cases, these types of tasks are still linked to a large amount of manual work, if you do not have the resources to automate this type of management. On many occasions, due to the large number of price changes that occur daily in e-commerce, the dynamism of the market, and the lack of human resources, it is very difficult to validate this large volume of data, and what ends up happening is that decisions are made based on impressions and assumptions.
For this reason, apart from information such as price or stock availability, Netrivals keeps the history of product price changes online. You have access to the price change history for each of the products you monitor. On the other hand, thanks to our conversion script you can see the sales that have been generated for each product and brand, and cross-check this data with the data considered appropriate to develop predictive demand models based on price competitiveness.