Price Tracking for E-Shops
The competitors' price analysis with price monitoring
The e-commerce branch operates online. It gathers a lot of e-shops that sell online – producers, providers, online shops, individual retailers, and price monitoring platforms owners. Websites that provide tools for price monitoring also measure the market situation of products and services from their own and competitor’s offer. The constant control of what competitors do is important to online companies. It makes daily analysis possible, leads to the right conclusions, and e-commerce companies can implement solutions that improve the marketing actions and pricing policy. What are the most popular platforms on the market? What functions do they offer? What factors are important when choosing the platform? Let’s start.
How to choose the right platform?
When choosing the right platform to price monitoring take into account:
How features of the platform are tailored to your company’s needs. Take into account the size of the company and the type of business. Larger companies need more advanced and comprehensive solutions that include the exchange of product’s prices to a different currency, the ability to create personalized views (that are adjustable to a certain employee’s role).
The quality of the data the platform gathers. The bad quality of data (e.g. mistakes, inadequacy) might negatively impact a company’s policy and strategy. As a consequence, the harmful solutions and modifications can cause a decrease in sales but also a decrease in client’s satisfaction. This leads to a drop in revenue but also contributes to a worse reputation of the company. Or worse, some of the company’s brands that are in the offer.
The effectiveness of the cooperation. In this situation, consider platforms that offer dedicated and experienced customer success managers who know the branch specification and can take action, prioritize, and answer the client’s needs. The person in this role stays in constant touch, advises on the onboarding and implementation stages, and solves difficulties effectively.