Competitor Price Tracking & Competitor Price Monitoring - A Starter Guide
Competitor price tracking and competitor price monitoring are the same thing, both being the practice of monitoring competitors' prices and availability on an hourly, daily, weekly and monthly basis and gathering insights into their products, pricing trends, offers price strategies.
Competitor price tracking and competitor price monitoring software helps retailers keep an eye on their competitors' prices and stock in real-time and adjust their prices dynamically with automated price strategies.
Here is a quick guide to help you understand the process of Competitor price tracking and competitor price monitoring and how to get started:
1. Gathering the right Data
Competitor price tracking and competitor price monitoring software sits on enormous data. Leveraging this data allows you to make more effective pricing decisions and adjust your price strategies accordingly.
Tools like PriceMole let you discover who your top competition is and help ensure you are tracking the correct data. Historical data is readily available to let you uncover monthly and annual trends and make better predictions for the future about stock availability to keep on hand and price advantages.
2. Time Invested
Over 70% of online retailers are monitoring their competition manually. Taking that into consideration with a concrete example:
Paul has 5000 products and has identified his top 10 competitors. He hires Jason to monitor their competition manually and adjust prices accordingly. Given o modest average, it would take 30 seconds to look up a product on a competitor's website and another 30 seconds to calculate and adjust the price; at 5000 products, this would take Jason:
- 5000 x 10 competitors to monitor at 1-minute average = 833 hours of work = 34 days = just over a month to check everything once.
With automated Competitor price tracking and competitor price monitoring software like PriceMole, this can be done every 6 hours or more.Additionally, Jason doesn't want to work on Holidays or Weekends - But guess who does? AUTOMATION!
Competitor price tracking and competitor price monitoring software like PriceMole works around the clock, allowing you to outperform your competition on weekends and holidays, even while you sleep!
3. Fast Response Times
We all love a good deal! According to Businesswire, when we discover a coupon online or see a great promotional email in our inbox, our oxytocin levels go up 38% = higher than levels associated with kissing, cuddling, and other human interactions; related to this hormone associated with happiness!
So in the game of Competitor price tracking and competitor price monitoring, we know that price influences a lot. Significant Companies like Amazon are aware of this and often make over 2 million price changes daily. If you want to compete, you need to respond fast!
With Competitor price tracking and competitor price monitoring software like PriceMole, this is where the Automated Price Strategy comes in. We track and discover any price and availability changes instantly and adjust your prices according to your price strategy rule - according to your goals, be that
- Always be cheapest by $1 and set my price to end in 99
- Keep my price average = excludes eBay
- Recommend the most profitable price available with PriceMole Smart and boost my profit by 10%
- ANYTHING YOU WANT TO ACHIEVE.
Knowing that 70% of Shoppers (based on Statistica) like to browse and shop around for the best deal proves how important Competitor price tracking and competitor price monitoring is. The best Competitor price tracking and competitor price monitoring tools like PriceMole use AI and machine learning to analyze the data gathered and help ensure that you are competitive and profitable! With actionable insights and automation tools at your fingertips, investing in automated Competitor price tracking and competitor price monitoring is vital!
Start generating additional sales, growing your business, increasing your market share, boosting your profits, and staying competitive today!