Essential to the success of your e-commerce business is the effective execution of a carefully planned pricing strategy. To achieve this, using advanced price monitoring tools is crucial. Let’s explore why these apps are indispensable.

Why is price monitoring so important?

Undoubtedly, you’ve likely found yourself using the filter by price feature when browsing through online shops. It’s very common practice. Many e-commerce customers act in the same way. If you run an online store and customers use such a filter, they will choose your offer only if it’s the most competitively priced. 

Obviously, setting the lowest price on the market isn’t the only reason why it’s essential to monitor prices. In many other cases, price analytics can be valuable, but often more advanced actions will require getting for professional price monitoring software — such as netRivals. 

Strategically monitoring current market prices not only allows you to understand your competitors’ product offerings, but is also crucial in shaping your pricing decisions. It’s essential to stay informed about the pricing strategies used by your competitors, as this information significantly influences your pricing choices. 

Additionally, it’s important to note that during peak sales periods, such as the period leading up to Christmas, prices can change up to several times a day. Responding promptly and effectively to these fluctuations is key to optimizing revenue during such times. When you want to remain competitive during sales peaks, reaching for price automation tools is a must. 

Price automation based on tools such as netRivals

Once you know the potential of price monitoring tools like netRivals, it’s time to delve into their capabilities more comprehensively. 

The primary purpose of retailers embracing price monitoring and automation software is to analyse the market data as a foundation for making well-informed pricing decisions, ultimately aiming to boost sales and maximise revenue. 

When opting for tools such as netRivals, you gain access to a range of functionalities, including:

• Searching for the most competitive product prices among your competitors;
• Monitoring prices on various platforms such as Amazon, eBay, Google Shopping;
• Obtaining insight into the competitiveness of a specific niche, including the characteristic features of price lists within that niche;
• Receiving timely notifications about changes in your competitors’ price lists;
• Establishing rules that automatically adjust prices in your shop based on predefined conditions;
• Presenting data in the form of customizable reports to extract the most crucial information;

Now let’s explore netRivals stack up in terms of these functionalities.

Features of netRivals

netRivals proves to be a valuable solution appreciated by retailers managing their own shops, as well as those operating on Marketplaces and Google Shopping platforms. 

One standout feature of netRivals is its repricing module, allowing automatic adjustment of prices based on crucial data points like competitor prices, ongoing promotions, and product availability.

The user-friendly interface of netRivals is a notable advantage, ensuring seamless price management in your shop without complications. 

Regarding the tool’s pricing structure, it hinges on factors such as the number of pages under monitoring, the quantity of analysed products, and any associated expenses related to individualised software implementation in the shop.

Advantages:

• Diverse functionality, covering aspects like price monitoring (lowest, average market price and so on), and automatic price adjustment based on predefined conditions;
• Inclusion of a tool for analysing shop competitiveness against other market players;
• Monitoring product availability, providing insights into stock status in selected shops;
• Intuitive application interface for user convenience;
• Export data to spreadsheets in CSV and XLS formats;
• Automatic integrations with popular shop platforms like Magento, PrestaShop or WordPress;

Disadvantages:

• Price list updates once every 18 hours;
• Complex pricing structure for application usage;
• Limited support options from the service provider;
• Implementation of the software in the shop comes with an additional fee;
• The perceived cost of the software may seem relatively high;

Dealavo – valuable alternative for netRivals

As we’ve discussed previously, it’s important to note that there are several applications in the market designed for managing and automating prices. Another notable tool is Dealavo, which proves to be suitable for both independent online shops and businesses operating on the marketplace and Google Shopping platforms.

One of the standout features of Dealavo is its robust repricing module. This system allows you to designate specific shops as benchmarks for product pricing. Through careful consideration of various variables, the pricing can be dynamically adjusted to ensure it remains the most attractive to shoppers.

Dealavo offers seamless integration with a wide range of shop platforms, including popular ones like WooCommerce. Even if a particular integration is not readily available, the application can be integrated via API.

Advantages: 

• Convenient monitoring of an unlimited number of shops and marketplaces;
• Advanced capabilities of the dynamic pricing module;
• Dedicated agent support from the software provider;
• Access to numerous training courses on tool usage and a knowledge base on e-commerce and online marketing;
• Multiple options for contacting technical support;

disadvantages:

• The initial use of the software me appear complicated;
• The API integration could benefit from improvement;

netRivals vs Dealavo – a side by side comparison

netRivals An application for price monitoring and controlling of a stock in online stores.	Dealavo A comprehensive tool designed for price monitoring across online shops, marketplaces, and price comparison sites. The company provides continuous support to shop owners at every stage of their collaboration.
Well-performing dynamic pricing module; Wide range of applications: e-commerce stores, marketplaces, and Google Shopping; Application access management with specific roles of users; Availability of trial version; 6 language versions: English, German, Spanish, French, Italian, Dutch.	Extensive repricing module to change prices automatically based on multiple variables; Advanced price management capabilities specifically tailored for Google Shopping; Alerts for seizing opportunities to boost revenue; Dedicated technical support offered by the shop’s assigned agent; 7-day trial period to explore all software features;

netRivals – review and alternatives – summary

With the information provided above, we trust that we’ve emphasized the importance of incorporating tools like netRivals into your operations. Equipped with an understanding of the key functionalities of such software, the next step is in your hands — initiate your own price monitoring activities.