Customers today are known to be comparison shoppers and have easy access to both your items and those of your competitors.

You must monitor your competitors if you own a store, a brand, or an online store. Pricing and product range are crucial factors that need to be watched out for in this aspect. 

An  our online Competitor Price Monitoring software can help you monitor the increase and decrease in competitor pricing in real-time. Furthermore, you can always be sure that the pricing data you receive is precise, enabling you to make decisions that are supported by data that is 100% true.

What Does Competitor Price Monitoring Software Do, and How Can It Benefit You?

Even a moderate online store finds it extremely difficult to keep track of all of its competitors’ prices across various products at any given moment. 

The term “retail pricing monitoring software” is helpful in this situation. Retailers and brands can use price monitoring software as an eCommerce tool to track changes in competition prices worldwide. 

Additionally, it aids in your comprehension of the competitive landscape in which your products operate and the impact that your rivals’ pricing strategies have on your earnings.

Features to Consider When Choosing a Price Monitoring Software

• Competitor price monitoring

Any price monitoring software should be able to automatically track changes in product prices across all of your competitors in real-time and show this information to you in a straightforward, understandable dashboard as its most fundamental feature.

• Stock movement visibility

Tracking rival stock movements, in-stock and out-of-stock items, and product demand are all desirable capabilities for pricing software. 

By lowering prices for items that are in high demand, raising costs for items that are out of stock at rival websites, and taking advantage of rival stock-outs, this information can assist businesses in planning their pricing and advertising strategies appropriately.

• Historic pricing data

Finding a pricing solution that provides a complete historical context of product and price movements is crucial for planning product pricing and assortments. 

You can track stock movement, choose the best replenishment points, pick the best time to introduce a product, and choose the best deals and promotions by having a complete global view of your (and, if possible, your competitors’) online catalogues.

• Category standardisation and enrichment

A comprehensive pricing tool should be able to distinguish between identical or comparable products with different names and standardise and enhance the descriptions in a predetermined category tree. 

• In-depth competitor tracking

An intelligent pricing software’s analysis of competitor products based on factors other than pricing, such as product visibility, customer feedback, product descriptions, bestsellers, etc., is also a key component.

• Accurate product matching capability

Your price monitoring tool must have highly accurate innovative matching capabilities to match products and prices accurately. 

This will guarantee that your products are appropriately compared to comparable products from competitors to obtain a thorough price profile of your rivals.

How Retailers Can Benefit From Price Monitoring Software To Increase Profits

Retailers may acquire a real-time, comprehensive picture of market volatility and pricing updates and respond to market changes across their competitive landscape by implementing automated product Monitoring Software. 

They can then modify their pricing strategy based on this data to increase sales and boost profitability.

Final Thoughts

The era of knowledgeable, comparative shoppers is now where consumers research products thoroughly and compare prices before making a purchase.

Up your marketing game by utilising a promising Competitor Price Monitoring Software to monitor your business rivals.