No other factor in customer purchasing behavior is as important as the price. As a result, systematic price monitoring has now become indispensable to successful retailers.
With intelligent price monitoring, retailers can see on a daily basis which competitors are asking for which prices for items and how competitive their own prices are on the Internet. On the basis of highly valid and reliable statements, you can perform a price adaptation to your competitors and thus stay one step ahead of the competition.
Gain Full Visibility:
- What prices your competitors ask at which time for those products you also have in your product line.
- Where pricing campaigns are taking place and how they influence prices and product ranges.
- Which retailers offer how many of the products you also have in your product line.
- How differently customers evaluate these products at various retailers.
- If available, an indication of the delivery time and the cost of shipping.
Gain a competitive advantage – monitor price development on the market and keep track of your competitor’s prices.
Price as the major profit lever
The correct positioning of prices for a large article range represents a big challenge to all online retailers – from both a strategic and an operational viewpoint. Customers, on the one hand, are constantly informed about current prices in eCommerce – research on a large number of price comparison portals has long been an everyday event for end users. Retailers, on the other hand, see themselves exposed to more and more competitors and ever-swifter price alterations. For the majority of your customers, the price is decisive to either purchase of the product or their migration to the competition.
How to bolster your position
At the same time, these demands on online retailers are increasing. In light of this high price transparency, they are facing increasing pricing pressure. Some even complain of being involved in a price war. The strong price orientation of the customer pushes in the direction of ongoing price adjustment. For this reason, pricing for companies is becoming a relevant business strategy, which has a decisive stake in the company success.