Competitor Price Trackers
How do price trackers work and what are the benefits?
For any large or small business, pricing strategy is key, but it is particularly vital for online stores.
Today, pricing is one of the critical factors for many consumers when making a purchasing decision. Customers want to know that they are getting the best deals and the lowest prices. So it’s not surprising that the vast majority of eCommerce shoppers actively compare deals and product prices before committing to a purchase. With this in mind, it’s crucial for online stores to price monitor other online retailers.
Through competitor price monitoring, it is possible to compare pricing across the market and maintain an effective pricing strategy that will boost your sales, optimise your profits, and help you attract and retain new customers.
The most efficient and effective way to do this is using a competitor price tracker.
What is a competitor price tracker?
Competitor prices can be monitored quickly and easily, in real-time, using an automated competitor price tracker.
A competitor price tracker is price monitoring software used to track your competitors’ prices that are the same or similar to those you sell. It functions similarly to price comparison websites, only providing data for your marketplace rather than to consumers. It allows you to gather data and intelligence on how much your competitors are charging and how their prices are changing, so you can monitor price drops, increases, and special offers.
Collecting this data will allow you to create a dynamic pricing strategy, positioning your products at the best price.
The benefits of competitor price tracking tools
Competitor pricing tools offer a range of benefits for businesses, including:
Manually comparing your competitors’ prices is an incredibly time-consuming task. And, because online prices change continuously, it’s a never-ending job. Using a competitor price tracking tool will allow you to access the data you need, in real-time, with a simple click of a button.
With a competitor price tracking tool, there will naturally be a fee to pay to use the software. However, this will be outweighed by the money saved on the time and resources used to collect the data manually.
Manually inputting competitor pricing data into your system opens up the process to the risk of human error. And the more data you collate, the more chance there is that errors will be made. With the help of a competitor pricing tool, you can eliminate human error, ensuring that you make informed pricing strategy decisions based on accurate information.
Make informed pricing decisions.
Your competitors’ price points are constantly changing, with a range of offers, promotions, and strategies. Having competitor pricing data at your fingertips whenever you need it will ensure you make informed pricing decisions and price changes that will benefit your business. You’ll be able to spot patterns and react far more quickly than if you were collating and analysing the data manually.
The risks of competitor price tracking
Make informed pricing decisions.
When it comes to scraping the data, there is a relatively low skill bar. In fact, it is quite easy to do, making it tempting for many businesses to attempt it themselves.
The issue is that scraping isn’t the final stage in the process. There’s a lot more to it. It also ignores the fact that it’s difficult to match products. Even Amazon’s barcodes are 80% correct, for example.
As a result, it takes considerable skill and experience to match and collect the relevant data correctly. While it may be tempting to attempt competitor price tracking yourself, this is not the most effective, efficient, or accurate approach.
This is data that will have considerable implications for sales and revenue. The phrase 'Garbage in, garbage out' has never been more relevant.
Competitor price tracking tools
In the past, tracking competitors’ prices would be done manually. This approach is incredibly time-consuming and labour intensive.
The good news is, there is now a range of competitor price tracking tools that allow you to access more and better quality competitor data quickly and accurately. Reducing the amount of time spent, these tools provide automated competitor price tracking and free up time and resources to be spent on other pricing strategy areas.
It’s also worth bearing in mind that consumers don’t always opt for the lowest price, they prefer to purchase products that offer the best value for money or buy from eCommerce stores that offer the best shopping experience.
Skuuudle is a pricing intelligence platform that allows you to track your competitors and your marketplaces. Gathering billions of price points and competitive intelligence from websites all around the world every month, we’ll help you uncover your competitors’ pricing secrets to increase your sales and profit margins—all with no manual input required from you.
To find out more and get your free trial, please get in touch.