The Best Competitive Price Tracking and Monitoring Tools for Ecommerce
Scour the competition and find the right product price.
What are Competitive Price Tracking and Monitoring Tools?
Developing a plan for product pricing may seem like a simple task, however, there is a lot more to it than pulling prices out of thin air. In order to price products strategically, it is critical to understand the competitive landscape. Whether you plan to directly copy a competitor, take an average price using other stores as a benchmark, or use a calculation based on your own profit and loss, having access to a starting point will help you choose a pricing strategy that aligns with the market and is effective at helping you generate a profit.. Competitive price tracking and monitoring tools use insights and data to scan thousands of similar products to find and monitor the average price. The tools use historical and real-time data to deliver the current rates of a product and the prices it has sold at in the past. This can help you set your prices at a competitive level, understand seasonal trends in pricing, and optimize your overall pricing strategy.
Competitive Price Tracking and Monitoring
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Conducting your own price research can be incredibly time-consuming. Chances are, you’ll only manage to scan a few competitor sites and get an average, but what about the thousands of other similar products elsewhere on the web? This is why competitive price tracking and monitoring tools are so useful. They automatically scour every product and its historical price as well as what it’s selling for now. On top of this, they track pricing trends to help you keep a pulse on the industry and stay competitive. The data provided means you can monitor your own margins, gain insights into your customers’ buying behavior, and plan any upcoming promotions.
Competitive price tracking and monitoring tools give you data you can use to optimize your prices, promotions, and product listings. It’s good to know where you sit amongst your competitors and what pricing trends are occurring in your product categories so that you can stay ahead of the game. Since having a price tracking and monitoring tool will take the guesswork out of pricing your products, it is worth considering if you are in a highly competitive category, especially after you have the foundation of your tech stack built out and are looking for ways to optimize. This is how you will ensure you maintain a competitive edge in the market while gaining useful insights into your profit margins and predicted revenue.
Competitive price tracking and monitoring tools are often used by Ecommerce founders, CEOs, Heads of Operations, Heads of Product, and Heads of Marketing–basically, whoever is in charge of setting the price points for the company.
Ideally, you want a competitive price tracking and monitoring tool that scans the prices of all similar products, including their past prices and their current prices. This will give you a comprehensive view into the pricing lifecycle and help you understand trends and patterns throughout the seasons. It’s also important to find a tool that monitors price changes in real-time so you can create a proper pricing strategy and maintain a competitive edge based on current industry trends.
Look out for tools that monitor price index, margins, and conversion rate: price index tracks your competitiveness in the market, the margin is the net revenue you get, and conversion rate is how many people checkout with the product at that price. A particularly good competitive price tracking and monitoring tool will let you filter pricing results by competitor, industry, product, season, and audience so you can identify where the patterns are and what variables make a difference.