Price checker software for e-commerce – how to check competitor’s prices?
E-commerce gives great business opportunities these days. You can use dozens of platforms to kick off your e-store and sell any kind of products you’ve ever imagined. Sounds amazing, doesn’t it?
However, this retailers-friendly environment also has its drawbacks. E-commerce competition is extremely fierce, so even though you can easily start, it doesn’t necessarily mean you can easily grow. In this article, we’ll discuss why you should use price checker software, what are the benefits of using such tools, and which one to choose to reach your e-store goals. Ready? Let’s start!
Why you should check competitors’ prices?
Being in the lead in the e-commerce industry first of all requires a proper pricing strategy. To find one though you need to be well-informed about the current market situation beforehand. You don’t want your competitors to overtake you by a few cents, do you?
That’s exactly why you should use a price checker.
Competitors’ price checking gives you a chance to be up-to-date with price changes and provides you an insight into your competition’s business moves. Of course, you can manually check site by site, open an excel file, and put all the data there. But as there are more and more e-shops and platforms in the market this seems to be rather a mission-impossible than an effective e-commerce solution. Try a price checker software instead.
How to use a price checker in e-commerce?
Of course, the main feature of a price checker is … checking your competitors’ prices, plain and simple. The tool collects data from numerous marketplaces and delivers it to you in a preferred format, so you can examine and compare your offer to the offer of your biggest business opponent. You also don’t need to worry that you will overlook any changes – the majority of the apps can send you e-mail alerts whenever your competitors change their prices. Your response to this situation may be a price update on your side. That’s another condition when price checking tool comes in handy. Thanks to the repricing feature your prices may be automatically updated according to the pricing rules you set before. This saves you time and money, and as a result – brings you higher profits.
Learn more about Dynamic Pricing here.
Another useful feature you may find when using a price tracker are price history charts. These reports show you the price fluctuation over a selected time period, so you can spot the trends and dependency between prices and products you are interested in.
There are also other possibilities such as promotion tracking, offline price monitoring, or various reports you may obtain to make your business win. Try out Dealavo to find out more.
How checking prices can help your business grow?
Now, that you know what are the main functionalities of price checking tools, let’s discuss how they can actually help you with your business.
Stay ahead of your competition
Best prices mean the best market position. You will be the first result your customers see which undoubtedly will boost your sales volume and increase your profit. Using a price monitoring tool guarantees you being at the top of every marketplace you want to conquer. Your prices will be automatically changed according to market demands.
Monitor assortment levels
As selling products online is a highly-changeable environment, it may happen that you or your competitor will experience an assortment shortage. This information may be crucial for you as it gives you a chance e.g. to increase your margin and make a higher income. Luckily, plenty of price checking tools will provide you with competitors’ assortment reports, so you are able to control stock levels and margins without any effort.
Anticipate price changes thanks to price history charts
As we mentioned above, price history charts show you how the price fluctuates over a specified time period. Thus, you can not only notice the possible range of changes but also discover the dependency between the price change and the time it occurred. You will see on the spot what moves your competitors did during Christmas, Black Friday, Cyber Monday, or on any other special occasion.
Use AI to employ pricing strategies
Even though more and more consumers are trying to pay attention to the products they buy, e.g. by checking the resource or a company’s policy, the main trend remains the same – the best price wins. That is why what you need first is a price strategy. Nowadays, you’ll find numerous methods how to fix prices, but why not to use AI to choose and employ the best one? It’s a time & money-saving move, and, what’s more, it eliminates the risk of human error.
Get a quick market research
Market research is essential when launching new products or setting new strategies. It may also help you with managing ongoing issues and making profitable business decisions. However, using marketing agencies’ services carries additional costs and may require spending some extra money. With a price tracking app you can conduct market research right away, without any extra effort.
5 best price checker software for e-commerce
Dealavo is a Warsaw-based company known for excellent data accuracy, thanks to its double verification process. 75% of mappings are done by state-of-art Machine Learning algorithms, followed by manual verification and completion by the Quality Assurance Team.
Their software will help you gather information from every website or marketplace you need worldwide. What’s more, on account of numerous integrations you can easily check prices on the most popular e-commerce platforms such as Amazon, Google Shopping, or IdoSell.
From price automation and Dynamic Pricing to various online & offline reports – Dealavo has it all.
Dealavo price monitoring software is a great choice for both brands and e-shops which makes it a universal price-checking app.
If you are looking for an easy tool to start, Prisync is for you. A user-friendly dashboard will guide you step by step through the whole monitoring process. The app also provides e-mail alerts and repricing features, but prices are updated only 3 times per day.
Also, in case of any problems, retailers may rely on 24/7 customer support.
Prisync comes in handy when it comes to online shop owners. However, if you are looking for more advanced software, you may be a bit disappointed with Prisync’s functionalities.
Price2Spy is considered one of the most popular price monitoring tools. This cloud-based app will work especially if you are interested in monitoring websites and products. The platform includes multiple useful features, such as automatic product matching, capturing more than just the product price, or the ability to monitor the price without a URL link.
For those who would like to try it out, Price2Spy offers a free trial, but the full subscription is also available for a decent price. The tool enjoys a good reputation. However, Price2Spy is not very flexible, so it may not be fully tailored to the client’s individual needs.
Is it wiser to use Wiser? Well, at some point it is. Primarily, the tool provides Price Intelligence solutions that help you better understand your customers. So if your goal is to see how consumers react to your brand, you should go for Wiser. Moreover, in case you are not satisfied with your brand visibility, Wiser will assist you in managing brand positioning across marketplaces. It’s highly recommended for Shopify retailers, yet it doesn’t provide considerable integrations or open API.
Even though the tool includes numerous price-checking functionalities, such as promotion tracking, stock monitoring, or repricing, they are rather basic, as Wiser is predominantly consumer-oriented software.
Check also: Wiser Solutions alternative: choose the best price monitoring software.
Are you an enterprise seller offering your products on Amazon? If yes, Feedvisor is a perfect match. The app guarantees top data accuracy and meets high SLA standards. Feedvisor provides a wide range of features including promotion monitoring, banner tracking, and stock-level management, but what lacks the most is a human factor. For some that will be an asset, for others – a drawback. Nevertheless, additional QA human verification often enhances data quality and helps in detecting unwanted AI bugs. Last but not least, sometimes it’s just better to be taken care of by a competent Customer Success Team.
Read also: Feedvisor alternatives: compare and decide.
Referring to the article’s headline – how to check your competitors’ prices? Use a price checker! Though the answer is so simple, the implementation may require prior preparations. First and foremost, think about your goals. The range of price checker software available online is pretty extensive, so to become successful you need to define what success actually means for you. Would you like to become a top retailer in a particular marketplace? Or would you like to strengthen your brand? Or maybe your aim is to make more profit by increasing your margin?
Whatever you need, there is a tool ready to help you. If you still hesitate about which one to choose, check our article about the best price tracking software you need to compare in 2022.
Interested in Dealavo?