Marketplace, price comparison website and online shop. How to monitor prices on e-commerce platforms?
E-commerce has been developing dynamically on various platforms. Every one of such platforms is a valuable source of information regarding prices, actions of the competition and characteristics of a specific market. Why should you monitor the platforms and how can you do it effectively?
We can distinguish three main types of e-commerce platforms:
- Online shop
Online shops are independent websites where you can purchase products. The goods are sold by only one seller, who is also responsible for the management of the ordering and delivery process. The sale and purchase agreement is concluded directly on the platform and in accordance with the law in force and the terms and conditions of the shop prepared by the owner.
Marketplaces are websites that gather many different sellers and buyers. The purchase is made directly on the platform. The transaction is done in the same way as at an online shop, except that the available products belong to different sellers. The marketplace is the place where you conclude the sale and purchase agreement, and the person who posts the product for sale is responsible for the delivery process. The statistics show that such websites are the most popular choice among Internet users. According to the Statista portal, 47% of consumers purchase products on marketplaces. The most popular players in this area are Amazon and eBay.
Check our video about TOP 10 marketplaces worldwide:
- Price comparison website
A price comparison website is a portal that puts together similar products, their prices and additional conditions of purchase, such as the seller’s ranking or delivery cost. Unlike the marketplace, its primary aim is to present a comparison of available products in order to help the customers find the best offer on the market. This way, the user saves both their money and the time they would have to spend searching for the products on many different websites. Usually, you can make the purchase directly on the price comparison website. A good example of such a portal is Google Shopping.
To fully understand the price dynamics and rules that govern a specific market, it is really important to observe all sales channels, not just online shops. Many sellers use price comparison websites and marketplaces as an essential part of their marketing strategies. This is where the customers most often obtain information on the products and make purchases. Being present on such websites allows the sellers to increase customer awareness for their shops and gain new orders. The regular monitoring of such platforms will provide you with complete information about the market and actions of your competition.
How to effectively monitor prices in e-commerce?
Firstly, it is worth using a tool that will help you gather product offers from different types of platforms – online shops, marketplaces and price comparison websites – in one place. Manual price monitoring of different sales channels is not only time-consuming but also very often impossible. Using a platform that automatically puts together all prices in the form of a clear and transparent report allows you to observe the market and the competition without having to perform manual operations. For example, on the Dealavo platform, you can enable e-mail notifications that will inform you about changes in the prices of your competitors’ products. This way, you can respond immediately, adjusting your product offers to the new conditions. It will also allow you to increase your competitive advantage, improving sale volumes, margins and profits.
You can use the Dealavo platform to monitor websites in many countries. Some platforms are more popular in certain countries than in others, and the markets also differ from one another. To make price monitoring easy, we prepared an overview of the most popular platforms in the form of clear lists:
- Price monitoring in Northern Europe
- Price monitoring in Western Europe
- Price monitoring in Central Europe
- Price monitoring in Eastern Europe and Russia
- Price monitoring in Southern Europe and France
- Price monitoring in the Balkan countries
- Price tracking in the USA
After choosing the platforms, you have to integrate them with the monitoring tool. At Dealavo, we offer customers our full support, from giving advice on which solution to choose to helping with account configuration and current reports.
Contact us if you would like to get more information on online price monitoring. Our experts will advise you on how to effectively observe your industry’s market and which platforms will be best to monitor.
Learn more about factors you should analyze when deciding about the optimal sales and promotion channels for your business: Which products to sell and promote on the most important e-commerce platforms?