Being a retailer, brand, or eCommerce store owner is a lot less glamorous than it might seem. The everyday routine consists of constantly keeping an eye on the competition.
Luckily, that daunting work is now mostly done with the help of price monitoring software.
But, as you are monitoring the competition, they are trying to hit back by improving their websites. As a result, more and more websites are becoming very technically challenging to monitor.
How then to find price monitoring software that is able to monitor the world’s technically most complex sites?
Let’s start from the beginning.
How do you set a price for your products? Deciding on what to charge for a product or a service is a step that many CEOs don’t take seriously enough, and instead of taking a few different factors and a lot of data into consideration, they simply rely on their experience and senses when they set the price. If you are one of them, you might be losing a considerable amount of profit right now, because the price plays an important role in the decision-making process for many customers. But how important is it? …
All businesses, from time to time, hit a wall. In those situations, you’re looking for a fast, yet an efficient solution that will spur the customer interest again. You might need a total rebranding, but let’s face it, no one will start with such drastic changes. In fact, most eCommerce businesses turn to a quick fix — promotional pricing.
Let’s see what that term means, how it works, and how you can implement it successfully.
Sales levels are not always the same, so implementing price changes usually has positive effects. One of the most popular solutions is promotional pricing.
Not many terms cause the amount of confusion like the price point. Most of the time, people are not sure if they should use price point or simply “price” to describe what they have in mind. Price is a wider term than price point, and to a certain extent, these two terms can be even considered synonyms.
In the following paragraphs, we will try to explain what is a price point and is the price point different from the price. …
New beginnings are not always easy. Even when the new market is not oversaturated, making your way around it can be challenging. However, having the help of a price monitoring tool will make this a less bumpy road.
Price monitoring tool has become indispensable for retailers and brands. The reason for such growing interest lies in competitiveness. Regardless of the industry branch, competitiveness is constantly rising — especially when trying to find your spot on a new market.
The price monitoring tool is mainly used to keep up with price changes. However, it can also be used for controlling promotions…
Let’s talk about a topic that’s not so pleasant.
It doesn’t matter if you’re a brand or a retailer, or even the industry sector that you’re a part of. Competition is present everywhere. The business goals may differ from company to company, but the common ground is the same — being better than competitors.
Do you want to obtain a better market position than your competitors? You do, of course! Then it’s crucial to continuously work on competitor monitoring. However, the expectations are constantly rising so we came to the following question — does competitor monitoring have any limitations?
In overcrowded industries, making the selection among products becomes very challenging. Products are inevitably becoming more similar, therefore, the customers primarily distinguish them based on the price. Usually, the outcome of this situation is a price war. But, are price wars really inevitable, or is there a way to avoid them?
One thing is certain — you will have to revise your pricing strategy.
Back in 2015, we were visiting an important musical trade show — where all important brands and manufacturers gather. We had dozens of scheduled meetings with both Brands and Retailers. …
The age of big data has brought us some big changes in the way we were doing eCommerce business. One may say that it improved the workflow, but it also made things a bit more complicated. The fact is that tools for competitor’s price monitoring are now playing a big role in your pricing strategy, but there is something that makes price monitoring and comparison possible and cost-effective for you, and that is the product matching software. …
Competitor price tracking — everyone in the business knows what it is, but the question is how to perform it?
As a business, and especially an eCommerce one, the biggest struggle is to outperform your competitors. Having a great product or service is only the first step. The next, and equally important one, is to understand what pricing strategy are your competitors relying on. One of the best ways to do so is by constantly monitoring your competitors. Now, we already know that this brings negative context, but that’s not correct. …
Setting the right price in online retail can be difficult and time-consuming, but a good pricing strategy plays an important role in the success of your online business. When trying to set the right price for your products, you have to bear in mind many factors, and overcome some basic challenges. However, if you manage to do it right, you can expect a suitable award for it, and that award is your profit. In order to do a good job setting the price in online retail, you have to understand first, what are the challenges for this task.
Misha is the founder and the CEO of Price2Spy. Price2Spy is one of the world’s leading price monitoring tools and it has over 720 satisfied clients, worldwide.