How can price monitoring software help you save big on your e-commerce purchases?
- 10 February 2023
Purchasing products and supplies for a business can be a costly and time-consuming process. With the rise of e-commerce, it has become easier than ever to compare prices and find the best deals, but with so many options available, it can be overwhelming. That is where price monitoring software comes in. In this article, we will explore how it works, the benefits it offers, and tips for using it effectively to save on your purchases.
What is price monitoring software, and how does it work?
Price monitoring software is a tool that allows consumers to track the prices of products they are interested in purchasing. The software works by automatically checking the prices of these products on a regular basis and alerting the user when the price changes, for example, when it drops or goes on sale.
The process of using price monitoring software typically involves:
- Setting up an account.
- Creating a list of products you want to track.
- Selecting your preferred price range or target price.
The platform will then continuously monitor the prices of those goods and send notifications to the user when they change.
Some price monitoring tools may also offer additional features, such as price comparisons across multiple websites, the ability to set alerts for multiple products at once, and historical data to show how prices have changed over time.
Overall, price monitoring software is a helpful tool for anyone looking to save money on their e-commerce purchases. By using it, online stores and other companies can ensure that they are getting the best deals possible on the products and supplies they need to run their operations, allowing them to focus on what really matters – growing their businesses.
How can price monitoring software help you save money on your e-commerce purchases?
Price monitoring software comes in different variants and can help you save money in many ways:
- Price drop alerts — the software will notify you when the price of a product you are interested in drops, allowing you to take advantage of sales and discounts.
- Price comparison — some tools compare prices across multiple websites, helping you find the seller offering the lowest price for a particular product.
- Historical price data — the software may also provide historical information, which will show you how prices have changed over time. This information can help you determine the best time to buy a product based on past trends.
- Avoiding overpaying — if a price increase is detected, you can either wait for it to drop or buy a similar product cheaper.
- Saving time — the software saves time by automating the process of checking prices and sending notifications. You no longer need to manually check prices on different websites, freeing up time for other activities.
As you can see, thanks to the price monitoring software you can save both money and time. It allows you to reduce costs, optimize margins, and free some working hours for more constructive duties.
Saving on e-commerce purchases — a case study
The advantages of using price monitoring software are not just a theory. This is best seen in the example of the notebooki.pl e-commerce, which used the Dealavo application. According to Artur Makowski, the online store’s Chief Operating Officer, the platform helped the company in managing everyday prices and creating a long-term price strategy.
The Notebooki.pl store operates in the IT hardware sector, which is characterized by low margins. This is why the company must constantly monitor the market situation in order to prevent money loss. Makowski points to price alerts as the most useful function of Dealavo. They allow you to respond immediately to any changes in your sector. This solution can be used, among other things, to purchase supplies when the prices are the most attractive.
Thanks to Dealavo and its price alerts, the online store can work faster and more efficiently. If the company was to perform analyses as complex as those conducted by the application, it would need a dedicated department for this. Dealavo allows the business to optimize its costs and impose the highest possible margins without the need to hire additional staff.
How to use price monitoring software to get the best deals on e-commerce purchases?
If you plan to use price monitoring software in your business, follow the guidelines below:
- Set realistic target prices — set a target price that is within your budget but also takes into consideration the average price of the product you are interested in.
- Monitor multiple websites — use the software to monitor prices on several different e-commerce websites, as values can vary greatly from one online store to another.
- Be flexible — be open to purchasing similar products if your preferred one is not available at a price that meets your budget.
- Be patient — do not rush into a purchase just because you have received an alert. Wait for the right time to buy, especially if the price has not reached your target price yet.
- Take advantage of discounts and promo codes — use the price monitoring software in combination with discount codes and coupons to get the best deals on e-commerce purchases.
While following the above rules, remember to take care of the proper organization and keep a register of the products you are interested in as well as their target prices.
Answers to common questions about price monitoring software
To explain the price monitoring software even better, we will answer the most frequently asked questions on this topic.
Q: Is price monitoring software free?
A: Some price monitoring software is free, while others may require a subscription or one-time payment. The free platform may have limited features, while paid one may offer more advanced functions, such as price comparisons across multiple websites and historical price data.
Q: Is price monitoring software safe to use?
A: Yes, price monitoring software is generally safe to use. However, as with any tool that requires access to personal information, it is important to use a reputable and trustworthy platform from a well-known company. Always read reviews and research the software before using it.
Q: Can price monitoring software be used on mobile devices?
A: Yes, some price monitoring software is available as mobile apps, allowing you to track prices and receive alerts on your smartphone or tablet.
What resources to use to learn more about price monitoring software?
If you’re interested in what price monitoring software can do, here are some noteworthy resources for additional knowledge:
- Software review websites — websites like Capterra and G2 offer in-depth reviews and comparisons of different price monitoring software options.
- Online forums — online forums such as Reddit and Quora offer discussion and advice on price monitoring software and how to use it effectively.
- Blogs and articles — many websites and blogs provide articles and tutorials on how to use price monitoring software, including tips and tricks for getting the most out of it.
- YouTube tutorials — there are many videos available that provide step-by-step instructions for setting up and using price monitoring software, such as this:
Dealavo – price monitoring software
5. Software documentation — the software itself may come with manual instructions and help resources, including FAQs, tutorials, and support forums.
6. By using these resources, you can learn more about the different types of price monitoring software available, as well as tips for using the software to get the best deals on your e-commerce purchases.
Price monitoring software is, without a doubt, a valuable tool for businesses looking to save money on B2B purchases. It allows companies to find the best deals and make informed shopping decisions. The use of price monitoring software can save them time and money while also helping them stay competitive in the market.
Visit Dealavo.com to find out more.