It is essential these days to keep track of your potential competitors. It will allow you to be more dynamic in your offerings. These days’ consumers have a wide variety of choices, and they can find the best deals on their desired products with just a single click. So, to keep track of the business competitors as well as the customers, we need to turn to competitor price monitoring. It will allow us to be more focused, and we can achieve greater profitability.
Types of Price Tracking:
The first and foremost thing for any eCommerce marketer is to decide the right competitive pricing strategy to outsmart the competitors. Running e-retail requires real-time efficient pricing tactics to win the customers.
- Manual Price Tracking.
- Automatic Competitor Price Tracking.
Manual Price Tracking:
Manual price tracking means keeping track of prices and other product-related information manually without using any software applications. Usually, there is a whole team involved in keeping track of competitors’ products, and they also cover various aspects of products. They prepare Excel spreadsheets and keep all the data and information in one place. The information present in the spreadsheets is very detailed, and it requires a huge amount of time to go through it.
This method requires a huge amount of time and resources, but still, it is inefficient and has limited scope. Moreover, there are huge chances of human error. For smaller businesses with few or more products, it can still work. But if you have a large business with hundreds of products and so many competitors, it would be difficult to handle.
It’s time to start automating your business when you have more than 20 products. Because it is hard to do on a daily basis. But still, if you are not doing daily research, it is a hectic and time taking task.
Automatic Competitor Price Tracking
Automated competitor price tracking tools have now become preferable tools for retailers. This software is rapidly evolving because manual efforts for collecting competitive data become non-scalable and ineffective after a certain point. Automated tools are not bound by these limitations. These competitor price tracking tools effectively and efficiently reduce the time for tracking the prices of the competitor’s products. Moreover, there is no need to have a large team to keep track of products. It saves time, and that time can be used in building business strategy.
In a nutshell,
As online businesses are growing so rapidly, it is impossible to keep track of competitors through manual price tracking. You always need to have readily-available real-time data in order to compete with your competitors. Today, with the vast advent of technology, consumers compare prices before making a purchase. It is easy for them to watch competing brands and retailers. They can choose a product that is reasonable for them. Automated tools will help you track millions of products on the web. The accuracy of these tools is another advantage. These tools are very cost-effective and efficient for large businesses. Additionally, these tools will help you to identify new competitors along with existing ones.