With consumer expectations for rapid and next day delivery so high, you cannot afford to miss a day. However, even the most constant product pricing needs someone, or something, watching it 24/7 for change.
#COMPETITOR PRICING STRATEGY UPDATE#
The need to amend and update prices, or react to sales or promotional events, will vary enormously from product to product and retailer to retailer. Your price monitoring tool can also do something even the most super-human ecommerce manager can’t: work constantly. It’s easy for a retailer to whack on a low price tag when an item is out of stock, for example, therefore your price tracker needs to be wiser with its insights. You’re also not leaving things to chance. The automation, and automatch approach takes place without the need for constant human monitoring. However, what you get is a dashboard which puts you in the driving seat of competitor analysis. This takes some complex algorithms behind the scenes. You can see which promotions work, which don’t, and which aren’t economically viable despite any sales surges. This is because it goes far beyond the basics, and instead gives you on the ground insight in to minutiae whilst eliminating the background noise. An exceptional and dedicated tool such as Competitor Monitor will transform you in to the ultimate Price Spy. In this way, the insight you gain is wiser, providing competitor analysis which is akin to gate-crashing their pricing meetings.Ĭompetitor Pricing Insights Using Digital ToolsĪ price tracker will give you the bare bones of information you need. Therefore, you need to identify your lead products and your main competitors and look at these through the eyes of a digital Price Spy so that you can hone and refine your pricing strategies. You need to be able to see the wood for the trees. Too much information can be as difficult to act on as none at all. This is where the most basic price trackers run in to difficulties. However, the best price trackers put you in the position of gaining fly-on-the-wall insight in to competitor pricing strategies, and crucially give you the tools and knowledge to take action on that information.
In this way they are largely no different from price comparison websites.
īeing a Fly on the Wall of Your Competitor’s PricingĪll price trackers undertake price monitoring with the view of creating competitive pricing strategy. However, price trackers are not created equally and the same name can describe the most basic tool as well as the complex features of a more insightful, dynamic, and automated tool such as the Automatch feature in Competitor Monitoring. The more savvy ecommerce retailers have turned their attention to getting a price tracker on board. It’s frustrating, and it is unnecessarily time consuming. Manually undertaking a price compare process which is out-of-date the moment it is complete. It’s about pricing intelligence.ĭespite consumers being savvy to use the tools at their disposal, ecommerce retailers still tend to be somewhat insular when it comes to both price setting, and price monitoring. This requires hacking your competitor’s online pricing strategy. Your price therefore needs to be the one they choose. Price comparison websites make things simple for them. In e-commerce the consumer has the information they need, easily accessible, to make a purchasing decision based solely on price. Your customer’s have the tools at their fingertips to know who offers them the product at the best price. They need to be flexible and in tune with the market on a continual basis. In instances where you are directly competing with others, your pricing strategies have to reflect the science of competitive price monitoring. This is particularly true if you sell goods which others sell too. You will be given the knowledge to become the ultimate Price Spy, always on top of competitor analysis and pricing strategies that make you as profitable as you can be.Ĭompetition – the What, the Why, and the How
This article will look at the specifics of how you can become a price monitoring expert by gaining meaningful insight in to competitor pricing. How can you be sure you’re getting your pricing right to stay ahead of the game? Are you a retailer tasked with the chasing the Holy Grail that is competitive pricing? Do you spend too much of your time trawling price comparison websites and never really getting the wiser insight you’re looking for? Online sales are increasing by a staggering 15% year on year.
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