Top 6 Tools for Competitor Price Tracking in 2023
- 16 August 2023
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 you can use in 2023.
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:
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.
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.
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.
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)
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.
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 the major e-commerce tools, including Magento, Shoplo, Baselinker, WooCommerce, and PrestaShop.
See how Dealavo Competitor Price Tracking Tool works!
Do you want to know more about Dealavo? Request a free demo today!
