Why should you use a competitors’ price tracking software?
You will be able to see which retailers offer a specific product and who offers the lowest prices on the market.
With a competitor price monitoring software, you will gain access to the panel in which you will see a list of all the retailers that offer products from your assortment. It enables a constant process of competitor monitoring – you always know how competitive your offer is and whether other retailers currently offer discounts for the analyzed products.
You will see with which retailers you have the biggest amount of products in common.
When defining online store’s pricing, it is important to understand the competitive landscape. If you use a competitor price monitoring software and track websites and marketplaces, you will get information about retailers that you have the biggest amount of products in common with. You can check the overall situation but also – check specific sources only (in the example below, only Google Shopping is included). Thanks to that, you will know which stores are the most relevant competitors. You should track their activities in marketing and e-commerce to understand how your store differentiates from them.
You will see what positions your e-commerce occupies in price comparison engines and on marketplaces.
Price tracking in e-commerce is getting more and more important as customers are more prone to using price comparison websites and marketplaces. On such websites, it is crucial which position your e-store occupies for the key value items. The reason is that customers usually don’t scroll to the bottom of the website but choose one of the top offers. With a competitor monitoring solution, you will see your position for each of the products. You can check it by product categories as well.
You will be constantly informed about competitors’ price reductions and their promotional activities.
You can learn more about the key data to analyze and track from our article: What is price checker (price monitoring tool) and how to choose the right one?
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