Price monitoring is extremely popular and that is why brands and retailers use price monitoring software. As each sector experiences increased competition, it is crucial to use an indispensable tool such as price monitoring software to ensure that the prices you charge for products and services is market-competitive. Not charging the right prices has led to many businesses going out of business. If you want to remain competitive in the market, then you need to use price monitoring software to provide you with reliable and relevant information regarding the current prices for similar products or services. It has become a requirement for businesses to know the prices of direct competitor, including new entrants in the market. Staying in the lead is only possible with the help of price monitoring software.
What Are the Uses of Price Monitoring Software?
There are many uses of price monitoring software. However, the main use of price monitoring software is for controlling the evolution of promotions, stock, prices, and other areas of interest that form the pricing analysis of different outlets in the market. Price monitoring software enables an effective price analysis to be conducted at both the brand and retail level.
Price Monitoring Software for E-Commerce & Retailers
E-commerce and retailers normally make use of price monitoring software in order to have better control over the market prices evolution and the impact on promotions, stocks, and prices on the business. Price monitoring software helps make sure that the right price is charged. If a retailer or e-commerce is operating in a very competitive environment, then it is essential to have relevant information about the competition and their own position in the market to know how their products fare. Moreover, price analysis ensures that you are aware of any actions by competitors when it comes to their pricing strategy such as a penetrative pricing strategy and how it would affect your sales as well as overall market share. An effective price monitoring software should offer the following information.
- Concise price history and competitor patterns which reveal who had started lowering or increasing prices.
- A tracking system to effectively track changes in promotions and stock.
- Price monitoring of products.
- Segmentation on the basis of different criteria such as custom tags, name, type of product or service, and brand.
Benefits of Using a Price Monitoring Software
When you use a price monitoring software such as the one offered by Competera, the commercial team will benefit greatly as the accuracy rate of fresh data would increase up to 98 percent and faster price monitoring is offered. Moreover, smart scrapping that is based on the identification of real competitors is also possible. Using an effective price monitoring software provides the possibility of tracking the prices that competitors charge on Google Shopping. Furthermore, the system will even suggest more competitors that should be tracked. Brands can also use the price monitoring software to find out how they are perceived in a market.