Price Monitoring Tool
Nowadays, prices on the internet change frequently and it is impossible to keep up with the prices of all your competitors. To solve this problem, we have a price monitoring tool. Price monitoring tool, too dynamic pricing or product repricer is a software program that scours the internet for you and makes an internal and external analysis of your competitors' prices. This price monitoring tool helps retailers and brands track competitor price changes around the world. By gaining insight into the competitor's pricing strategy, you can adjust and optimize your own pricing strategy. In addition, a price monitoring tool helps to gain insight into the level at which the products compete.
Why is it important to look at the competitor's price?
As a brand, retailer or online webshop, it is important to keep an eye on the prices of the competitors. One of the most important aspects that drives consumers to make a purchase is pricing. Today's customer has very easy access to the price of you and your competitor and many consumers compare different providers on the internet. And whoever has the best offer wins the customer.
Today's consumer has access to search engines but also a price comparison tool. As a result, they have the price of the same product from brands, retailers, brands and websites within seconds. Research shows that 94% of consumers compare prices before making a purchase. To win over today's consumer and to be one step ahead of the competition, it is wise to invest in a price monitoring tool.
This smart software monitors all price movements online. Real-time insight can be provided when a competitor has raised, but also lowered, the price of a product.
How can an entrepreneur use a price monitoring tool to maximize profits?
By having insight into what prices your competitors charge, it is possible to adjust and optimize your own pricing strategy to maximize your profit.
As an example. Suppose you are an entrepreneur and you have 2000 products in your webshop. You would like to know whether the products have a good price. It takes a lot of time to check all these SKUs and even more time when you want to make pricing decisions for them. This is labor intensive and will cost you a lot of money. By using the Smartest Price's price monitoring tool, you have all information available on one platform and everything is done automatically. The software provides insight into all competitor prices and automatically adjusts your prices where necessary. By setting special rules and determining what your minimum selling price is, you always make a profit.
Below you will find various ways to use the software smartly:
- Follow price movements of competitors on marketplaces such as Bol.com
- Analyze the prices of similar competitor products
- Prevent a product from being offered at too low a price.
- Compare prices with the same EAN number
- When a competitor's product is out of stock, you can raise or lower your price.
- Automate the pricing strategy, so you don't lose much time and you make quick and error-free pricing decisions.
- Make strategic decisions based on your competitor's price changes
Benefits of using a price monitoring tool
After reading the above text, it is probably clear that a price monitoring tool is indispensable as an online entrepreneur. If this is not yet clear, you will find below the advantages of a price monitoring tool.
- Real-time price optimization and monitoring
- Use competitive data to increase sales
- Always a competitive price, provided that this corresponds to the pre-set price rules
- Rising conversion rate
- More margin and profitability
- More hours off to do important business
- Easy integration with your system
- Automated competition insight
- Accurate price changes
In today's digital age, price is one of the most important factors for consumers to make a purchase. Within a few seconds, the consumer has compared your selling price with the price of your competitor and often goes for the best price. Large e-commerce companies review their prices several times an hour and to keep up with the e-commerce landscape it is important to keep your prices up to date. Due to the wide range of options on the internet, there is a good chance that similar or identical products will be sold by another provider. If you want to increase your sales, it is advisable to work with a price monitoring tool and to attract online customers.