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Price Tracking for E-Shops

Competitor price tracking and monitoring

Staying competitive in today’s world of transparent pricing and highly competitive and fragmented market is not an easy task for retailers. High competition is driving margins down and sheer number of competitors and frequency of changes makes reliable manual analysis impossible.

Acquiring reliable competitive intelligence data in turn may be a daunting task with rising costs of IT maintenance and unreliable vendors providing data with to high error levels to base decisions on.

Dealavo provides you with high quality of competitors data thanks to leveraging it’s algorithms, streamlined processes and manual work of QA and Data Cleaning operators supported with semi-automatic tools.

Dealavo is more than just data. Thinking about e-shops, we have created a unique Dynamic Pricing platform that integrates internal data from ERP with behavioral and competition data.

Learn more: What is price checker (price monitoring tool) and how to choose the right one?

Price intelligence & Competitor price monitoring software

Competitor price monitoring is essential when building, implementing and controlling online store’s pricing strategy. Currently most of the online shoppers compare product prices before the purchase. Thanks to reliable market data, decision-makers know how attractive the store’s offer is and how customers perceive their offer. The situation may differ depending on the sales channel (e.g. Amazon, eBay) – that’s why it’s important to track differences between different channels, product groups and over time. With a price monitoring software, you can compare product prices across different marketplaces, price comparison websites and specific online shops.

The Dealavo price monitoring software covers:

  • competitor price tracking – in the web-based platform, online stores get access to data about different stores’ offers,
  • product availability- you can analyze whether your competitors have a product in stock,
  • competitive analysis – you can check which retailer you have the biggest amount of products in your assortment in common
  • alerts about profit increase possibilities – a quick reaction to changes in the dynamic e-commerce market can lead to a significant profit increase. In the price monitoring software, you can filter out products for which you can increase prices without losing your clients to competitors.

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Automated tools for price monitoring - what is their advantage over manual price tracking?

If you want to research the market thoroughly and make data-based decisions about pricing and assortment, you need to analyze a huge amount of data. It results, among others, from:

  • a large number of competing stores (this number grows from year to year);
  • wide product assortment;
  • promotional activities carried out by your competitors and frequent price changes.

The manual price monitoring is simply too time-consuming and slow. If you compare prices by visiting e-commerce platforms and websites of competing stores, data collection can take hours. It means that the data might be outdated even before you start analyzing it. Most likely, some of your competitors are already using price automation (repricing) tools, so they are able to react instantly after your change, and you won’t be aware of it (until the next time you visit their site). Hence, you aren’t able to understand the customer’s perspective on your pricing well – you only know how compelling your offer is in one specific moment you check the websites but not one day before or after. Additionally, manual work is marked by the risk of human error.

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Price monitoring tool - what information does it provide?

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 an online 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 price comparison 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 online 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?

Competitor price monitoring – what actions can you take with the acquired data?

The acquired data on market product prices will enable you to take actions in the area of pricing and marketing that should boost your sales profits.

MARKETING ACTIVITIES

Thanks to the price monitoring tool, online shops can determine which products are worth promoting:

  • An online store can easily check which products from its assortment are unique on the market. If no other retailer has the product in the offer, it is worth promoting in social media or on the website.
  • If the online store offers a product at an especially low price, it should highlight the price on the website.

LOWERING PRICES

Lowering prices can be optimal, especially when the product is popular (so-called traffic generator) and the shop’s offer is just slightly higher than other retailers’. In such a situation, sometimes lowering the price by just a few cents can lead to jumping to the first position. On the price comparison websites, prices are a key element and hence such a change can entail multiplied traffic on the website.

PRICE INCREASE

Optimizing your pricing policy does not necessarily mean lowering prices. You can increase profits by raising prices. This is often possible without losing even the most price-sensitive customers. When does this happen?

  • When the product isn’t available in competing stores;
  • If after increasing prices, your offer is still the cheapest one. Then you can raise your price without losing your position in the price comparison websites and marketplaces.

Free shop analysis – compare your prices with competitors

To help online stores get an instant overview of their price positioning and compare it with competitors, we’ve introduced a free Shop Analysis report. It helps understand the store’s competitiveness, key competitors and the most relevant opportunities for profit increase.

Monitoring competitors’ prices with Dealavo

Dealavo Smart Prices delivers high-quality competitor data thanks to the combination of advanced algorithms, manual verification by our Quality Assurance team and unique tools developed by our developers.

Dealavo is more than just data. With the Dynamic Pricing platform, integrating internal data from ERP with behavioral and competition data, we help online shops in optimizing their pricing strategy to maximize profits.

Start monitoring prices

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Ecommerce price monitoring & Competitor price monitoring software: Summary

Setting the right prices in e-commerce is extremely important. “Attractive prices” is one of the key factors influencing customers’ decisions when choosing an online store. At the same time, price comparisons has never been as easy as they are today, with several price comparison websites and marketplaces available.

To stay competitive, online stores have to be well informed about the market situation. Thanks to competitor price monitoring software, online stores can implement their ecommerce pricing strategy effectively.

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