Monitoring the prices of your competitors will help you in this. Setting the price of products in online stores at a level that brings profit.
The price of the product is of great importance when making consumer decisions by e-commerce customers. How to determine the right one, which will be attractive for customers compared to the competition, and at the same time will not expose the sale to a lack of profitability? The fastest and most effective way to rely on data obtained from automatic e-commerce price monitoring - find out how such tools work and what benefits they bring for e-stores.
What data will e-commerce price monitoring provide?
Setting the price of products in online stores at a level that brings profitable profits, and at the same time is attractive for customers who are looking for the cheapest possible offer, requires collecting data on prices and promotions of the competition, as well as the number of similar offers and the availability of the same products in competitive e-commerce. -commerce. Automated online store price monitoring will provide you with up-to-date information on:
the number of similar offers on the market;
the lowest price of a given product on the e-commerce market;
the position of your offers on the market of price comparison engines;
price reductions and promotional activities by competitors.
Can't it be done manually?
The amount of data to be analyzed is huge, and the dynamics of their changes, unfortunately, does not guarantee that they will be up-to-date after the report is prepared . Moreover, there is always a risk of human error. Collecting data with the use of algorithms supported by the work of specialists in the field of price analytics in e-commerce is a guarantee of receiving always up-to-date data that will allow you to take action on an ongoing basis.
Collect data and optimize the price
One of the actions you can take after collecting the necessary data is to lower the price. Customers of online stores look for the cheapest offers - they do it by visiting websites of various stores, as well as using price comparison websites. The lower the price in a given offer, the higher the position in the ranking is taken by a given offer, and therefore it generates more visits from potential customers. In order to overtake a competitor in a price comparison website ranking, it is often enough to lower the price by even a few cents.
Increase prices without losing customers and positions in comparison websites
The optimization of the pricing policy is aimed at increasing profits, which can be achieved, for example, by increasing the margin , and not only by increasing the sales volume due to lower prices. You can raise the price without the risk of losing customers when:
you have no competition or the competition has a temporary shortage of goods;
there is a difference between your offer and the next position in the ranking, which allows you to increase the margin and keep the price still lower than the competitor.
See what you can gain thanks to monitoring
If you want to see how wide the scope for action in the field of pricing policy is offered by the monitoring of competitors' prices, a free store analysis at TheeCommerce will provide you with answers to many questions concerning both your store and the competition.
