Competitor Price Monitoring Software you will actually use

Competitor price monitoring software – tool you need to have

What is Competitor Price Monitoring?

Staying competitive in today’s world of transparent pricing and highly competitive and fragmented market is not an easy task for retailers. High competition is driving margins down and sheer number of competitors and frequency of changes makes reliable manual analysis impossible.

Acquiring reliable competitive intelligence data in turn may be a daunting task with rising costs of IT maintenance and unreliable vendors providing data with to high error levels to base decisions on.

Dealavo provides you with high quality of competitors data thanks to leveraging it’s algorithms, streamlined processes and manual work of QA and Data Cleaning operators supported with semi-automatic tools.

Dealavo is more than just data. Thinking about e-shops, we have created a unique Dynamic Pricing platform that integrates internal data from ERP with behavioral and competition data. Learn more: What is price checker (price monitoring tool) and how to choose the right one?

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Can you do price intelligence with competitor price monitoring software?

Competitor price tracking is essential when building, implementing and controlling e-store’s pricing strategy. Currently most of the online shoppers compare product prices before the purchase. Thanks to reliable market data, decision-makers know how attractive the store’s offer is and how customers perceive their offer. The situation may differ depending on the sales channel (e.g. Amazon, eBay) – that’s why it’s important to track differences between different channels, product groups and over time. With a price tracking software, you can compare product prices across different marketplaces, price comparison websites and specific e-shops.

The Dealavo price monitoring software covers:

competitor price tracking – in the web-based platform, e-stores get access to data about different stores’ offers,
product availability- you can analyze whether your competitors have a product in stock,
competitive analysis – you can check which retailer you have the biggest amount of products in your assortment in commonalerts about profit increase possibilities – a quick reaction to changes in the dynamic e-commerce market can lead to a significant profit increase. In the price monitoring software, you can filter out products for which you can increase prices without losing your clients to competitors.

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Automated competitor price monitoring software – what is their advantage over manual price tracking?

If you want to research the market thoroughly and make data-based decisions about pricing and assortment, you need to analyze a huge amount of data. It results, among others, from:

a large number of competing stores (this number grows from year to year);
wide product assortment;
promotional activities carried out by your competitors and frequent price changes.

The manual price monitoring is simply too time-consuming and slow. If you compare prices by visiting e-commerce platforms, data collection can take hours. It means that the data might be outdated even before you start analyzing it. Most likely, some of your competitors are already using price automation (repricing) tools, so they are able to react instantly after your change, and you won’t be aware of it (until the next time you visit their site). Hence, you aren’t able to understand the customer’s perspective on your pricing well – you only know how compelling your offer is in one specific moment you check the websites but not one day before or after. Additionally, manual work is marked by the risk of human error.

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Competitor price monitoring software – what information does it provide?

Why should you use a competitors’ price tracking software?

You will be able to see which retailers offer a specific product and who offers the lowest prices on the market.
With a competitor price monitoring software, you will gain access to the panel in which you will see a list of all the retailers that offer products from your assortment. It enables a constant process of competitor monitoring – you always know how competitive your offer is and whether other retailers currently offer discounts for the analyzed products.

You will see with which retailers you have the biggest amount of products in common.
When defining online store’s pricing, it is important to understand the competitive landscape. If you use a competitor price monitoring software and track websites and marketplaces, you will get information about retailers that you have the biggest amount of products in common with. You can check the overall situation but also – check specific sources only (in the example below, only Google Shopping is included). Thanks to that, you will know which stores are the most relevant competitors. You should track their activities in marketing and e-commerce to understand how your store differentiates from them.

You will see what positions your e-commerce occupies in price comparison engines and on marketplaces.
Price tracking in e-commerce is getting more and more important as customers are more prone to using price comparison websites and marketplaces. On such websites, it is crucial which position your e-store occupies for the key value items. The reason is that customers usually don’t scroll to the bottom of the website but choose one of the top offers. With a competitor monitoring solution, you will see your position for each of the products. You can check it by product categories as well.

You will be constantly informed about competitors’ price reductions and their promotional activities.

You can learn more about the key data to analyze and track from our article: What is price checker (price monitoring tool) and how to choose the right one?

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Competitor price monitoring software – what actions can you take with the acquired data?

MARKETING ACTIVITIES

Thanks to the price monitoring tool, online shops can determine which products are worth promoting. An online store can easily check which products from its assortment are unique on the market, and promote them.

An online store can easily check which products from its assortment are unique on the market. If no other retailer has the product in the offer, it is worth promoting in social media or on the website.
If the online store offers a product at an especially low price, it should highlighted.

LOWERING PRICES

Lowering prices can be optimal, especially when the product is popular (so-called traffic generator) and the shop’s offer is just slightly higher than other retailers’. In such a situation, sometimes lowering the price by just a few cents can lead to jumping to the first position. On the price comparison websites, prices are a key element and hence such a change can drive more traffic to your e-shop.

PRICE INCREASE

Optimizing your pricing policy does not necessarily mean lowering prices. You can increase profits by raising prices. This is often possible without losing even the most price-sensitive customers. When does this happen?

When the product isn’t available in competing stores;
If after increasing prices, your offer is still the cheapest one. Then you can raise your price without losing your position on the e-commerce platforms and marketplaces.

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Free shop analysis – compare your prices with competitors

To help online stores get an instant overview of their price positioning and compare it with competitors, We’ve introduced a free Shop Analysis report. It helps understand the store’s competitiveness, key competitors and the most relevant opportunities for profit increase.

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Monitoring competitors’ prices with Dealavo

Dealavo is a price monitoring tool that delivers. Thanks to our twofold structure, for brands and e-shops, as well as double verification we guarantee up-to-date & accurate data you can use to maximize your profit, and employ the right pricing strategies.

Our tracking software may provide you with multiple e-commerce solutions such as:

tracking competition prices to stay competitive, increase the brand value, and maximize the margin,
real-time data collection and frequent updates,
getting access to various free reports, e.g. Free Shop Analysis Report & Product Analysis Report,
easy integrations – you can trouble-free share and collect data from various marketplaces thanks to our integrations e.g. with WooCommerce, IdoSell, and API,
price optimization and real-time tracking thanks to Dynamic Pricing.

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Ecommerce price monitoring & Competitor price monitoring software: Summary

Setting the right prices in e-commerce is extremely important. “Attractive prices” is one of the key factors influencing customers’ decisions when choosing an e-store. At the same time, price comparisons has never been as easy as they are today, with multiple platforms and marketplaces available.

To stay competitive, e-shops have to be well informed about the market situation. Thanks to competitor price monitoring software, you can implement ecommerce pricing strategy effectively.

FAQ

How much does Competitor Price Monitoring Software Dealavo cost?

At Dealavo you pay just for the price monitoring of the products you follow. Our service prices are discussed individually, as it depends on the volume of your assortment and the monitoring range. There is no universal price, but don’t worry, you will not be disappointed. We offer a 7-day trial, and after handing over the product feed to us, we will set up your account immediately, so you can start your first analysis on the spot.

How often the system can update the prices in my shop according to the price rules?

Thanks to the Dynamic Pricing platform and all the collected data, our algorithm can recommend a price that will attract the client, as well as guarantee you optimal profits. The system update may occur even a few times a day.

What input does Dealavo need?

Essential parameters are:
– product name,
– EAN (CounterPrice products only),
– product ID.

Gross purchase price is also highly recommended, as that enables the user to set limits of suggested prices based on a minimal margin or markup.

Additional parameters that Dealavo may use include:
– gross retail price,
– minimal gross price,
– maximum gross price,
– catalog gross price,
– gross crossed-out price.

Where does Competitor Price Monitoring Software Dealavo share price recommendations?

Dealavo generates gross retail price recommendations according to the price rules set by the client, and share them in a gross retail price for the shop column. As the user has an option to set the price for various channels, recommendations may be shared in a column assigned to the chosen channel.

We ensure a successful cooperation

Kasia, Customer Success Manager
I believe that better relations with clients equal a greater success for both sides. It’s very satisfying when I can help a client to maximize his values with Dealavo and achieve his long-term goals.
Ola, Customer Success
When it comes to contact with clients, the crucial part is kindness and an individual approach – an attempt to build a strong business relationship based on the client’s needs. At Dealavo we care for our clients success, that is why we do our best to make their work easier, by providing accurate data to simplify decision making process.
Kasia, Customer Success
In my job with clients, the most important factors are good relations and trust so I can show them the actual benefits of the cooperation. It’s hugely satisfying to implement solutions together and assist the clients with their daily work as well as their business development. It’s amazing to watch them growing.
Monika, Customer Success
The favorite part of my job is contact with people. It’s satisfying to help the clients and meet their needs. I enjoy being the client’s “voice” at Dealavo and taking care of the constant growth of our product. Happy client = happy me 🙂