Gain a comprehensive, real-time view of the competitive landscape with price monitoring software
Information is everything. In today's highly competitive marketplace, it is essential to track and monitor your competitors’ prices, offerings, and promotional tactics in real-time so you can factor-in your strategies, customer responsiveness and market standing.
In order to optimize sales and profits, pricing managers from every retail category require tools that support their decisions to raise or lower prices or maintain the company's position.
What is ‘competitor price tracking & monitoring’?
Competitive price tracking software simplifies and streamlines data collection to help you optimize pricing, merchandising, marketing and other profit generating efforts. Information such as general prices, MSRP, promotions, discounts, product availability and shipping data is collected from your competitors for:
- Competitive pricing
- Price optimization
- Strategic merchandising
At the click of a button, both up-to-date and historical data is available to you – whether on screen in graphs and numbers or in easily configurable, usable reports – to help drive optimal pricing and merchandising decisions.
How to choose competitive pricing intelligence solutions
For the best price tracking and monitoring, retailers should look to an industry leader whose price tracking software is customizable to their specific needs, whose technology and platform is capable of gathering information from millions and millions of SKUs, and can match competitors’ product attributes to your products' at the finest detail -- and who uses primary sources for data gathering.
Simplifying the important work of converting massive quantities of information into actionable data requires established, specialized expertise. Such a price tracking tool should include intuitive user interface capabilities that hone in on specific pricing opportunities to help you easily and quickly make decisions to profit your business.
With an accurate price tracking and monitoring tool, enterprise retailers can:
- Compare competitive information on pricing and assortment to gain insights in real-time and to optimize pricing on a continuous basis.
- Match merchandise with competitors’ by category, brand, price or other important parameters.
- Use intuitive user interface capabilities to quickly hone in on specific pricing opportunities.
- Verify if competitors are violating minimum advertised prices (MAP) to gain unfair advantage in the market.
- Predict optimal price points based on historical and competitive data.
The benefits of Upstream Commerce's software:
The information is presented in simple, easy-to-use charts and colorful graphs that present a clear picture of opportunities, strengths and weaknesses in your competitive approach to pricing and merchandising.
If requested, you can receive email notices of up-to-the-minute changes in the competitive data to ensure that important changes on your competitors’ sites do not go undetected.
Basic price and assortment tracking and monitoring solutions keep retailers in tune with current status and recent changes vis a vis their competition.
When you work with Upstream Commerce’s advanced solutions to turn competitive retail intelligence into actionable strategic decision-making, you:
- Gain competitive advantage in an extremely dynamic market
- Streamline and automate a significant portion of your pricing management
- Employ advanced pricing algorithms, statistical and predictive analytics capabilities to enhance your strategic insights and decision-making
- Optimize sales and profits
- Improve negotiations with suppliers
Online Price Monitoring & Tracking FAQ
Should I Monitor Competitor Prices?Online retailers should definitely use a price monitoring tool to monitor competitor prices. In today’s cutthroat online market, monitoring competitors is a must for online retailers. Since online shoppers are accustomed to using price comparison tools before making a purchase, it is no longer wise to ignore the dynamic nature of pricing online.
Is It Even Ethical to Track Competitors?It's totally ethical to track competitors. You’re not breaching their confidential information. You are simply using a price comparison software solution to track their prices, which are obviously public.
How Widespread is the Practice of Competitor Monitoring & Competitor Tracking?The practice of competitor monitoring and competitor tracking is very widespread. It is a common business practice in online retailing, as well as in brick-and-mortar retail for that matter. Again, there’s nothing wrong with keeping an eye on your competitors.
What Is the Single Biggest Benefit of Competitive Tracking?Competitive tracking allows you to be proactive in your pricing. With competitor price monitoring you are able to make calculated decisions about your retail pricing strategy and offer competitive prices on your products on your own, without being dragged into pricing wars with your competitors.
How often should I track competitors’ pricing?Ideally, you should track competitors' pricing daily. Many online retailers apply dynamic pricing strategies - prices can be changed several times a day, or even adjusted in real time based on user data. So online price monitoring should be done as often as possible.
Is “Price Scraping solution” different from online price monitoring?Not really. It’s all a matter of semantics. Price scraping has a somewhat negative connotation in relation with ecommerce, but basically it means the same – using a price monitoring service or software for the purpose of tracking competitors’ pricing on an ongoing basis.
Which is better: using a price monitoring service or price tracking software?It’s up to you and how your operation is set up. Both options, outsourcing your competitor price monitoring to a service or using software in-house are valid and can produce excellent results.
What is the main challenge in ecommerce price comparison?The main challenge in ecommerce price comparison is how to handle all the data. Once you start a competitor price watch ‘operation’, you’ll be getting massive amounts of data. The biggest challenge is what to do with this data, and how to extract from it the most relevant information for you. That’s where a smart, professional competitor price monitoring software solution can provide real value to your business.