Top 6 Tools for Competitor Price Tracking

E-commerce is by far one of the most competitive sectors in the current market. Online stores are mushrooming and have to take care of even the smallest elements of their offer in order to stay afloat. If you run an online store, you must be aware of what your competition is doing. In this post, we present six of the best price tracking tools.

What do you need to succeed in a competitive e-commerce environment?

E-commerce is in constant movement. New payment options, new product presentation features, new customer expectations, it’s all non-stop changing. Staying up to speed is not always easy, especially if you’re in your business on your own or with just a small team.

As of 2023, the number of online stores can be counted in millions. Some sources mention there can be up to 24 million of them! What do you need to succeed in such a dynamic environment?

Great offer

We agree that the “great offer” term is vague and very broad, but it’s actually true. Your offer has to be great from all possible points of view. You need to have the assortment your customers are interested in, you need good prices (we’ll talk about them in a moment), you need a good online store with an intuitive purchasing process, and you need well-thought-out processes that will enable you to fulfill each order seamlessly. You even need a great hosting service so that your store can resist massive traffic peaks, e.g., during Black Friday.

Effective marketing

Be in no doubt; today, it’s impossible to grow an online business without marketing. Online stores usually focus on performance marketing techniques such as Google Ads and Facebook Ads because they allow them to reach the right target audience in the right place and at the right moment. If you want to get more customers, think of adding performance marketing to your strategy.

Awareness of what your competition is doing

The market never sleeps, and the same is true when it comes to your competitors. Their offer and prices can vary even several times a month, and you need to be aware of what’s going on in this regard. How so? Imagine a simple scenario. You offer a product X, and there are five more companies selling the exact same product.

Now, imagine all your competitors lowered the price for this product in the last week. But you didn’t know, and your price remained the same. It takes no rocket scientist to understand that this could adversely affect your sales.

Take a look at this screen that perfectly shows what we’re talking about:

This screen shows that sometimes even a slight change in the product price can affect your offer’s visibility and, in turn, sales. That’s why tracking prices is so important! You need to know whether your price is competitive or not, and if not, it needs to be adjusted immediately, or your sales WILL go down.

Of course, you can track prices manually. All you need to do is list your competitors and visit their websites from time to time. But what happens if you have hundreds of products in your offer? Comparing hundreds of prices in five (or more) different places doesn’t sound like an easy task, does it? Manual price monitoring is ineffective and time-consuming.

Thankfully, there’s a better solution. You can automate monitoring/tracking prices in your sector. And there are several tools out there that offer just that. Let’s have a look at them.

Top 6 Tools for Competitor Price Tracking in 2023

We’ve made a list of the tools that are known for high quality. Their offers vary, but they all can be useful when it comes to running an online retail business. Many of them, e.g., Dealavo, will also serve you in the cross-border sales setup. Let’s have a look at them:

Dealavo

That’s us! Dealavo is a comprehensive, AI-powered price tracking and optimization tool for both online stores and manufacturers. What’s important, Dealavo operates in the international market (30+ countries), so you can track prices and competitors on a global scale and in diverse sales channels, including online stores, price comparison websites, and marketplaces.

Discover our three major features that will help you get ahead of your competition:

• Price tracking: This feature gives you both granular and aggregated data about your competitors’ prices, promotions, and out-of-stocks.
• Dynamic pricing: Put your pricing strategy on auto-pilot and automate price adjustments in your store based on market and competitor data.
• ROAS Booster: Make the most of your CPC ad campaigns and ensure every dollar you spend on marketing works towards your sales.

Additionally, Dealavo can be seamlessly integrated with major e-commerce tools, including Magento, Shoplo, Baselinker, WooCommerce, and Shopify. But you can use API too.

Do you want to know more about Dealavo? Request a free demo today!

Why choose Dealavo? Primarily, the data collected through this price tracking software is meticulously mapped using state-of-the-art machine learning algorithms. Subsequently, they undergo manual verification and supplementation by the Quality Assurance Team. The competitiveness of this competitor price tracking tool is further evidenced by the high SLA score it provides, reaching up to 99%. 

As a client, you also receive the support of a dedicated Customer Success Manager who responds to your inquiries as swiftly as possible. This competitor price tracker also offers the opportunity for custom integrations with other software and system customization to align with the unique business requirements.

PriSync

PriSync is a practical and comprehensive tool for online retailers. It offers both price optimization and merchandise management capabilities. Its primary function involves monitoring competitor pricing and inventory levels while also giving users the means to disseminate this information through diverse communication channels.

All you need to do is add the products that you want to monitor along with their URLs, and you can start ongoing monitoring of price fluctuations and stock availability. The tool also encompasses additional functionalities like streamlined data import, real-time stock tracking, comprehensive pricing analytics, and more.

This competitor price monitoring tool is available for a trial period. Users can familiarize themselves with this tool for 14 days without the need to provide their credit card information or sign a contract. Moreover, it operates with the assistance of undetectable bots, ensuring that competitors remain unaware of it. Consequently, the process of comparing and updating prices is based on information sourced from competitive online stores.

Although PriSync does not work for all websites, its effectiveness compensates for these inconveniences. PriSync subscription plans range from $99 to $399 per month.

Price2Spy

Price2Spy is an online price monitoring tool for both manufacturers, brands, and distributors. Price2Spy encompasses a set of functionalities aimed at monitoring, comparing, and assessing competitor product prices as well as their availability. Users get pricing data, but there are also several reporting and analysis options making price monitoring much easier. Additionally, users get access to historical pricing trends so they can plan their future price changes with confidence.

The Price2Spy dashboard gives you immediate access to the latest updates on price and stock variations, including the option for immediate or daily alerts sent directly via email.

In the case of Price2Spy, users have the opportunity to explore all the functionalities of this competitor pricing software for a generous 30-day free trial period.

What’s also important, Price2Spy offers seamless integration with popular e-commerce platforms such as Shopify, Magento, and BigCommerce. The pricing structure of Price2Spy is tiered, based on the number of product URLs in your account. The cheapest plan is available at $26.95.

Competera Pricing Platform

It’s an AI-fueled platform that uses over 60 pricing and non-pricing factors providing you with enough information to make informed pricing decisions. Competera’s offer is divided into three main categories:

• Competitor data: you get access to accurate data almost in real-time. Competera will help you gather information on your competitors in different countries, even if they use different languages and currencies.
• Dynamic pricing: Competera will help you automate price changes in your store based on the current situation in the market.
• Price optimization: Competera uses many different pricing strategies and approaches in order to provide you with enough data to optimize the prices of your products.

This e-commerce competitor price monitoring tool enables the comparison of unlimited data, facilitating the scalability of e-commerce businesses regardless of the number of products and categories.

Competera offers subscription plans only on request.

Feedvisor

Feedvisor is more than just an online pricing tool. It’s a comprehensive e-commerce intelligence hub, leveraging the potential of big data and AI to deliver practical insights to online merchants. However, what differentiates Feedvisor from its competitors is that this tool focuses almost exclusively on Amazon. By unraveling intricate data threads on behalf of sellers, Feedvisor propels the expansion of their sales as well as profits.

There are four pillars of Feedvisor’s offer:

• AI-Based Advertising (keyword selection, bid optimization, budgeting)
• Patented Algo-Repricer (Buy Box optimization, private-label pricing, competitive analysis
• Data-Backed Intelligence (competition analysis, SKU tracking, market share monitoring)
• Strategy, Content & Experience (conversion increase, shopper engagement, optimization of both paid and organic search results)

This competitor price monitoring software offers not only price comparison but also various other aspects essential for comprehensive business development and market competitiveness. It is a tailored solution designed for brands, private labels, retailers, and sellers.

Skuuudle

Skuudle is a British cloud-based solution for product intelligence and price optimization. It empowers businesses to fine-tune their profit margins and strive for a greater market share. This entails price tracking and competitive monitoring on both local and global platforms, facilitating timely adjustments in product rates that align with current market dynamics

This platform comes with a customizable analytics dashboard, enabling you to draw insights from historical performance data to establish targets for both seasonal fluctuations and long-term growth. When it comes to pricing, some time ago, Skuudle pricing plans were starting at £49 per month. Currently, though, Skuuudle’s pricing is tailor-made to each client based on their needs.

Skuudle asserts that as a provider, it delivers a product-matching accuracy of 99.9%.

A comparison – which tool can be considered the best competitor price tracking tool?

Is it possible to definitively determine which tool qualifies as the best competitor price tracking software? The tool’s interface plays a significant role in its usability and effectiveness. In this regard, Price2Spy might be slightly less intuitive, while, for example, PriSync may require prior manual adjustment of the interface to fit the company’s needs. On the other hand, understanding the functionality and purpose of specific features in Competera requires time. Feedvisor, especially for beginners, will require expert support, particularly if handled by novice individuals during configuration. Conversely, Dealavo offers the flexibility and personalized approach of tailoring the interface to the customer’s requirements, including prompt customer support.

Why does the interface of price tracking tools matter? Its clarity enables efficient analysis of reports, data, trends, price forecasting, and quick responses to changes introduced by competitors.

FAQ

How does price tracking software work?

Price monitoring software commonly allows monitoring data related to individual product prices, comparing them with competitor data. This also extends to data from other marketing and sales channels, such as marketplaces and price comparison websites.

Can you track price changes on Amazon?

Some software programs primarily focus on monitoring and comparing prices on Amazon, such as Feedvisor.

Which competitor pricing tools analyze and provide real-time data?

PriSync, Competera, and Price2Spy enable real-time stock tracking. Similarly, Dealavo allows real-time analysis and repricing according to the established pricing policies.

Is it possible to monitor product prices in different countries/regions?

An example of such a platform is Dealavo, which can track prices and competitors on a global scale.

Is using online price and promotion tracking software free?

This type of software is an advanced tool for developing e-commerce businesses. That’s why these are paid solutions but with the option of using a free trial period of up to 30 days.

How can such tools be helpful?

First of all, it helps increase competitiveness, revenues, profits, and RoAS.

What does it mean for a competitor price tracking tool to support the pricing strategy known as Dynamic Pricing?

This means that the seller aims to attract the customer’s attention with an appealing, competitive price. This price adjusts to current market conditions and updates according to pre-established rules. Dealavo, for example, has this functionality.

How can the analysis of historical price data offered by the best price monitoring software be beneficial?

This feature allows for identifying trends, optimizing profit margins, developing forecasts of market fluctuations, and devising better pricing strategies in e-commerce.

In the fiercely competitive landscape of e-commerce, success hinges on staying ahead of the curve. To thrive amidst millions of online stores, you need more than just a great offer; you require a comprehensive strategy that encompasses effective marketing, seamless order fulfillment, and a keen awareness of your competition’s moves.

Achieving success begins with a robust pricing strategy, supported by diligent competitor price tracking and monitoring. Keeping tabs on competitor prices through advanced price monitoring software and competitor price tracking tools allows you to adapt dynamically to market changes, capitalize on price drops, and glean insights from historical price data.

A well-rounded pricing strategy also entails utilizing web change detection tools to stay informed of any alterations to your competitors’ offerings in real-time. By leveraging pricing data and competitor prices, you can fine-tune your pricing strategies, ensuring competitiveness and maximizing profitability in a dynamic e-commerce environment.

In summary, success in e-commerce requires a multifaceted approach that includes price monitoring, competitor price tracking, and robust pricing strategies. With the right tools and strategies in place, you can navigate the competitive landscape with confidence and drive growth for your online store.

Do you want to know more about Dealavo? Request a free demo today!