10 Best Price Monitoring Tools for Ecommerce
- 24 May 2024
In order to stay on track for success, you should track the pricing and offerings of competitors. The best way to achieve that is to automate this process using price tracking tools. This article presents an overview of the best online price monitoring tools available and outlines the features that make them so useful.
Why Is It Good To Use Price Monitoring Tools?
The world of e-commerce is constantly shifting. If you wish to be successful with managing your e-commerce business, you should remember how dynamic this environment is. To stay ahead of the fierce competition, you would definitely need some support. This is where a good e-commerce price monitoring tool kicks in. Let’s see why it’s so important.
Competitive insights
Price tracking can yield invaluable information about competitors’ pricing strategy. Identifying competitors and analysing their prices show how your products compare. For example, when selling sneakers, you could use an e-commerce price-monitoring tool to track shoe prices with rival retailers and see the price changes of the different models. With this information, you can adjust your pricing strategy to maintain competitiveness. The ultimate objective of e-commerce price monitoring tools is to enhance sales outcomes and augment the consumer base.
Margin optimisation
Price monitoring tools help you optimise your profit margins by ensuring your prices are competitive but still profitable. By regularly analysing market trends and competitor prices, you can adjust your pricing strategy to maximise your margins. This helps prevent underselling and overselling, ensuring your business remains profitable.
Time-saving automations
Manually tracking competitor prices is time-consuming and prone to errors. E-commerce price monitoring tools automate this process, saving you valuable time. Thanks to the fact that these tools automatically collect and analyse pricing data, you get all the up-to-date information without much effort on your side. This allows you to focus on other critical aspects of your business.
With accurate, real-time data at your fingertips, you can make more precise pricing-related decisions. E-commerce price monitoring tools provide detailed reports and analytics, helping you understand market dynamics better. This enables you to set prices that reflect current market conditions, customer demand, and competitor actions.
How To Use Data from Ecommerce Price Monitoring Solutions?
Once you have collected data using an e-commerce price monitoring tool, the next step is to use it effectively. Automated e-commerce Price Monitoring of Online Shops, supported additionally by our skilled specialists, delivers daily data on competition prices, which is available for refresh within 24 hours. The software is designed to track prices on ecommerce sites. Start a free trial and gain a good reputation.
There are a number of aspects you should consider regarding leveraging the data you receive. First, you can use the insights gained from the data to make informed pricing decisions. This might involve lowering prices to attract more customers or increasing prices to improve profit margins. The data you get should also let you identify which of your products are performing well and which ones need price adjustments to improve sales.
Apart from the above, you can consider several other ways of implementing the information your e-commerce price monitoring tool collects into your pricing strategy. It is up to you to make a good use of it to attract more customers to your e-store.
What are the benefits of price monitoring tools?
Now that we know what are the main features of using an e-commerce price monitoring tool, let us see what may be their potential advantages and disadvantages for your e-store.
Price monitoring tools for e-commerce are pieces of software that give you a set of services and solutions for better e-commerce pricing management. Such tools scan various places on the web, such as marketplaces or e-store websites, to get back to you with all the vital information you may need to grow your e-commerce business with success. Let’s see then what advantages and possible disadvantages may come from leveraging e-commerce price monitoring tools.
As for the advantages of e-commerce price monitoring tools, the first one is surely increased efficiency of your e-store. Using such tools can greatly reduce the likelihood of errors in price monitoring, and it also simply lets you (and your team) do more in less time. Another important thing is that leveraging data collected by price monitoring tools may give you better understanding of the market dynamics. Regularly analysing market trends and competitor behaviour makes you understand the complexities of the e-commerce world. Last but not least, a good price monitoring tool can also increase your e-store visibility because it will let you craft more attractive offers and campaigns that will bring more customers to your e-store.
There are few disadvantages of using price monitoring tools for e-commerce, but the ones that may actually appear are definitely high costs and relative complexity of the user interface. Some of those tools may be quite costly, especially for smaller e-stores, and they also may charge you additionally for some “extra” features, so it is wise to think about it when picking a price monitoring tool for your business. The UI issues can also be bothersome, so consider user-friendly dashboards and the overall design when making your choice, too.
Our Top 10 Price Monitoring Tools for E-commerce 2024
Here, we’d like to present our Top 10 Price Monitoring Tools for e-commerce so that you can compare and decide which one would be the best choice for your e-store. We’ll start with our own solution, Dealavo, an advanced price monitoring and competition tracking software for e-stores and brands.
Dealavo
Dealavo’s Dynamic Pricing feature
Dealavo works internationally across 30+ markets to deliver only the highest quality of data. With AI-powered solutions, it lets you track your competitors and plan efficient pricing strategies to stay ahead of your rivals.
With Dealavo’s capabilities, you can not only track your competition and adjust your prices automatically with the support of AI-powered algorithms, but also integrate with several marketing and e-commerce platforms such as WooCommerce, Shopify, Shopware, and others.
These are ones of the main features of Dealavo that can greatly help you on your journey through the fiercely competitive world of e-commerce:
- advanced pricing automation functionalities (including robust Dynamic Pricing with repricing),
- integrations via API and directly into ERP systems (eg. Subiekt GT),
- matching process supported by advanced machine learning algorithms,
- insight-rich data visualisation,
- Competitor Assortment Report for better understanding of your rivals
On top of that, using Dealavo also means that you can be super-sure about the precision and accuracy of the data collected. This is because in Deleavo we offer you a double data verification process. First, the information we gather gets analysed by our machine learning algorithms. Then, Dealavo Quality Assurance team conducts manual checking of that data before it finally gets delivered to you. Thanks to that, you have 100% certainty that what you get is genuinely and authentically what you pay for.
We suggest you try out our free 7-day trial, with which you can see for yourself if Dealavo has what it takes to satisfy your needs.
Dealavo’s pros:
- double verification of the data collected,
- Dynamic Pricing with the advanced repricing feature,
- integrations with several marketplaces and e-commerce platforms.
Dealavo’s cons:
- some integrations may need some tweaking,
- UI might seem a bit complex (especially for the new users).
Repricer.com
Repricer’s Competitor Insights feature lets users see their most aggressive rivals and quickly design specific strategies to outwit them, source: https://support.repricer.com/competitors-tab
A tool for Amazon repricing with sophisticated eBay repricing capabilities as well. It lets its users plan their pricing strategy across various marketplaces and platforms.
Although Repricer specialises in pricing management for larger marketplaces, its set of features is still impressive. When you visit the tool’s website, you will see two main sections regarding its functionalities and services:
- Amazon repricing – advanced set of options for selling your products on Amazon Marketplace,
- eBay repricing – less complex section with features concerning eBay repricing rules configuration.
The feature suites offered by Repricer.com include competition analysis, real-time scenario-based price management, Net Margin Repricer (only for Amazon Marketplace), and Tax Calculator (Amazon-exclusive as well).
As for the Amazon Repricing itself, Repricer features, for example, monitoring up to 10 top competitors on the marketplace, complex product filtering, and many other useful functionalities.
Using Repricer.com can greatly increase your chances to win Buy Box. This is additionally boosted once you integrate both your eBay and your Amazon Marketplace accounts with the Repricer.com platform. The tool’s advanced competition tracking and analysis will let you maintain your competitiveness level despite the dynamic market changes.
If you are up to try your luck on Amazon or eBay, you can always check out Repricer’s free 14-day trial.
Repricer.com’s pros:
- very useful for Amazon sellers,
- multichannel price adjustments across various platforms.
Repricer.com’s cons:
- strong focus on Amazon makes eBay support a secondary service,
- not very useful if you are not interested in selling on marketplaces.
Related articles:
Competera
Competera and its price monitoring dashboards, source: competera.net/pricing-platform
Competera’s cutting-edge, AI-driven competitive pricing solutions are its hallmark feature. The tool’s substantial personalization capabilities can make e-commerce pricing management processes much smoother.
Thanks to robust AI-powered solutions, Competera boasts its 6-8% revenue recovered ratio. The tool not only lets you minimise possible human errors, but also significantly increase your sales.
Competera’s functionalities are divided into five main categories, which are focused around: Pricing Platform, Competitive Data, Pricing Automation, Price Optimisation, and a separate section – Competera X.
While the first four are pretty much self-explanatory, the last one sounds a bit more mysteriously. Competera X is a special feature suite made specially for marketplace users. You should pick it if you wish to maximise your Amazon Buy Box win ratio. It’s complex algorithms and pricing data analysis lets you increase your competitiveness in the marketplace and avoid potential price wars.
Of course, there’s also a possibility to schedule a Competera market test. All you need to do is to provide your basic information and order a call. After the conversation, you will get a personlised demo version of the tool that will stress all the possible ways in which Competera might prove to be a good choice for your e-commerce.
Competera’s pros:
- complex feature suite regarding price monitoring and competition tracking,
- solid AI support.
Competera’s cons:
- pay per use model (you need to pay for every new user added),
- price monitoring does not concern delivery costs.
Related articles:
- https://dealavo.com/en/competera/
- https://dealavo.com/en/pricing-software/#COMPETERA_PRICING_PLATFORM
- https://dealavo.com/en/tools-for-competitor-price-tracking/#Competera_Pricing_Platform
Minderest
Minderest’s price intelligence, source: minderest.com
The solution from Minderest keeps an eye on the stock, prices, special offers, and catalogues of any kind of online business in real time. This tool lets you track prices on several websites, including large marketplaces, like Amazon, eBay, or Google Shopping.
Minderest is a complex price intelligence tool with a wide variety of features useful for any e-commerce business. Their offer differentiates between what is there for brands, and what’s for retailers. The tool features all the well-known solutions, such as Dynamic Pricing, competitor price monitoring, MAP & MSRP monitoring (keeping your prices under control to avoid price wars), sales campaign optimisation, and a lot of other useful things.
What’s worth stressing here is Minderest’s InStore™ functionality. It’s a unique service focused on pricing data of brick-and-mortar shops. The InStore™ app features real-time synchronisation with the user’s Minderest account for the highest level of pricing data accuracy.
In the end of the day, Minderest might be a good choice either for marketplace sellers, smaller retailers, brands, and manufacturers, since its versatility and wide array of features should cater for diverse needs of any e-commerce business.
Minderest’s pros:
- complex suite of features for a versatile use,
- InStore™ app that lets you monitor brick-and-mortar retailers.
Minderest’s cons:
- no promotion tracking,
- the dashboards might seem a little bit clumsy.
Related articles:
- https://dealavo.com/en/prisync-vs-minderest/
- https://dealavo.com/en/minderest-review-and-alternatives/
Price2Spy
Price2Spy is a smart price monitoring and competition tracking tool for e-commerce that not only lets its users monitor e-stores, receiving price alerts, or conduct AI-powered repricing, but also offers other useful gimmicks.
Price2Spy boasts its versatility and ease of use. The authors claim their tool to be very adaptive and flexible, which makes it a perfect choice both for brands, and for retailers.
The feature that deserves a special spot in this description is Price2Spy Stealth IP Traffic. With this functionality the tool is able to monitor and collect data even from the bot-protected websites that are especially resistant to data-collecting software.
Price2Spy is also capable of monitoring data other than pricing data. This includes information about sellers or shipping costs and methods.
Price2Spy’s pros:
- advanced website monitoring features,
- a 30-day trial version.
Price2Spy’s cons:
- some reports might stand a challenge to understand,
- the only integrations available are via API (no direct integrations).
Related articles:
- https://dealavo.com/en/price2spy-alternatives/
- https://dealavo.com/en/tools-for-competitor-price-tracking/#Price2Spy
- https://dealavo.com/en/pricing-software/#PRICE2SPY
Prisync
Prisync is an online price monitoring and competition tracking software that offers its users three approaches to providing its services: a URL-based one, a channel-based one, and a hybrid model – each with 3 different subscription plans.
Main advantage of this online price monitoring tool is the clarity and simplicity of its user interface. The tool’s comprehensive dashboards include all the vital information regarding the product prices of the user’s competitors, as well as their stock availability data.
It’s hard to deny Prisync’s usefulness, especially for some smaller online shops. The tool’s features fall into four distinct groups, which are data-related features (including bulk data management, stock availability monitoring, marketplace data monitoring etc.), analysis features (including price history, category/brand performance analytics, price positioning comparison etc.), reporting and notifications (such as daily email reports, instant price notifications and others), and – last but not least – a group of advanced features.
The last group includes the most complex features, such as Prisync smart price suggestions or automatic repricing rules with the Dynamic Pricing solution according to the chosen scenario.
Prisync’s pros:
- very useful for smaller shops,
- clear and user-friendly dashboards.
Prisync’s cons:
- less efficient with larger marketplaces,
- price updates only about every 4 hours.
Related articles:
- https://dealavo.com/en/prisync-vs-dealavo/
- https://dealavo.com/en/prisync-vs-minderest/
- https://dealavo.com/en/prisync-vs-wiser/
Skuuudle
Skuuudle is a cloud-based price intelligence tool coming from the United Kingdom. It gives you the ability to optimise your margins and increase sales. Working both on on local and international markets, Skuudle keeps an eye on your competitors, adjusting product rates accordingly, so that they would fit the current market situation.
Skuuudle’s services include price optimisation features, competitive monitoring, real-time price alerts, dynamic repricing, and others. Skuudle’s product matching process goes through a manual verification of its expert teams, and according to Skuuudle’s website, their accuracy is on the level of 99.9%.
Skuuudle is a tool that works locally and globally. It offers its users a pool of over 100 marketplaces to monitor and analyse. With Skuuudle, competitor stock availability or their price changes should no longer be a mystery for you. What’s more, the stock tracking can be done either online or offline.
Although Skuuudle does not offer its users any integrations (such as API), its e-commerce scraping capabilities have no limits. The team claim that the tool can scrape any online source, regardless of the target site’s level of complexity.
Skuuudle’s pros:
- limitless e-commerce scraping capabilities,
- human QA data verification.
Skuuudle’s cons:
- no integrations,
- machine learning component not available.
Related articles:
- https://dealavo.com/en/skuuudle-alternative/
- https://dealavo.com/en/tools-for-competitor-price-tracking/#Skuuudle
Wiser Solutions
Example Wiser Solution’s competitors’ price comparison and repricing rules dashboard, source: g2.com/products/wiser-solutions/
Wiser Solutions (or just Wiser) is a price intelligence tool with robust Commerce Execution Suite and high quality of data collected. It helps brands gain more comprehensive insights and position themselves better on the market.
Wiser’s main goals are to raise brands’ market awareness and give its users more control over their brick-and-mortar stores. The tool’s features are divided into two groups: online services and in-store functionalities.
The first one includes things like increasing brands’ online visibility, supporting in creating effective pricing strategies, protecting margins, competition and promotion tracking, and so on. The in-store services include real-time shopper insights for better customer behaviour understanding, real-time shelf intelligence for better brand visibility on stores’ shelves, and enhancing workflow with Wiser’s mobile app and intuitive dashboards.
All of the above functionalities come together in Wiser’s Commerce Execution Suite, which is a complex set of features that can make your e-commerce work significantly smoother. By mixing e-commerce-oriented benefits with solutions aimed at brick-and-mortar stores, Wiser provide you with everything you would need to get ahead of your competition.
Wiser’s pros:
- a unique mix of useful online and in-store features for complex e-commerce management,
- mobile app for better workflow management.
Wiser’s cons:
- might be a bit costly,
- while most e-commerce pricing tools offer a free trial/demo version, Wiser does not.
Related articles:
- https://dealavo.com/en/prisync-vs-wiser/
- https://dealavo.com/en/wiser-solutions-alternative/
- https://dealavo.com/en/brand-protection-software/#Wiser_Solutions
- https://dealavo.com/en/price-monitoring-software/#Wiser_Solutions
Intelligence Node
Intelligence Node is an award-winning price intelligence software with its flagship solution, PriceIntelligenceAI, powered by AI algorithms. It encompasses all of the most important pricing-related functionalities that any e-commerce would benefit from.
There are four main features in Intelligence Node, each of which entails multiple benefits for e-commerce businesses. They are Brand Intelligence, Retailer Intelligence, Data Intelligence, and already mentioned – PriceIntelligenceAI – Intelligence Node’s authorial solution.
With Intelligence Node’s main features you basically get an all-around set of everything an e-commerce business would need to get ahead of the competition. Brand Intelligence, for example, will provide you with such benefits as assortment insights, product benchmarking, digital shelf, or product copy optimisation that will make your brand more visible among its competitors..
When it comes to PriceIntelligenceAI, what you get is an advanced Dynamic Pricing features with daily custom price alerts, precise product matching, and easily customisable pricing rules. All of that powered by AI, just as the name of the feature suggests.
Intelligence Node’s pros:
- high (99%) data accuracy,
- trusted by brand giants like Prada or Nestlé.
Intelligence Node’s cons:
- some better subscription plans might seem to be inadequately expensive,
- not always up to date with the newest e-commerce technology.
Related articles:
- https://dealavo.com/en/repricing-guide/#Intelligence_Node
- https://dealavo.com/en/price-monitoring-software/#IntelligenceNode
FAQ
How does a price monitoring tool benefit my e-commerce business?
They provide competitive insights, automate price tracking, optimise profit margins, and help you make data-driven pricing decisions, ultimately enhancing your business performance.
Which e-commerce price monitoring tool should I choose?
We can’t really answer that question. Each e-commerce price monitoring tool is somehow unique, and it is up to you to know what your business would benefit from the most. Consider all the pros and cons and make your choice.
Can small businesses afford price monitoring tools?
Yes, they can. The only thing is that you need to choose the tool that would best suit your needs since some e-commerce price monitoring tools are designed mainly for brands or larger enterprises.
Do I need technical expertise to use these tools?
Some tools may require a degree of technical knowledge, but many are designed to be user-friendly. It’s important to choose a tool that matches your capabilities.
Do I have to train my staff to use price monitoring tools effectively?
Some e-commerce companies provide onboarding procedures for their customers, training staff how to use their tools. Again, you need to do research to find out which e-commerce company provide such a training.
Can price monitoring tools integrate with my existing e-commerce platform?
The range of possible integrations vary strongly between different e-commerce price monitoring tools. Some of them don’t offer any integrations at all. Simply check the tool’s compatibility and integration options before purchasing
