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Price tracking software are automated tools that allow you to monitor competitors’ prices over their different sales channels. They analyse everything from third-party e-commerce and retailer sites, to product pages on marketplaces like Amazon, or price comparison sites like Google Shopping. The most advanced price trackers provide information on prices and promotions, stock, shipping, and delivery times for companies regarded as competitors. Generally, the main benefit of price tracking software is that it helps define the right pricing strategy to optimise sales and support the growth of online stores. We will list all the benefits of a competitor price monitoring tool to ensure you have all the information you need.
Increase your e-commerce revenue and save time
Being aware of competitors’ prices allows you to adapt your prices to ensure they are as competitive as possible. Depending on your objectives, setting lower prices will generate more traffic from price-sensitive customers. Alternatively, you can set higher prices and emphasise your products’ quality over and above those of other online stores. Regular monitoring by price trackers will provide you with critical information to respond to market movements. This will result in increased sales over the medium to long term and increased customer retention.
Price changes need to be agile and fast to achieve a competitive position. Price tracking software are automated big data tools that can process thousands of data in a short time. They present it simply to accelerate sales and marketing decision-making. This will be critical, especially in sectors that are highly competitive or those that tend to have price-wars, such as electronics, or on marketplaces like Amazon, where price changes are so frequent.
Price trackers also help improve company and employee performance:
- They save time compared to manual competitor price analysis.
- They reduce the risk of data handling errors.
- They save virtual storage space because much of this software is cloud-based.
Benefit from a team of pricing experts
If you decide to implement price tracking software in your e-commerce business, we recommend starting by defining your objectives. You can also depend on the advice and expertise of pricing experts like the Minderest team. You can choose the features that best suit your specific needs and have the right resources to improve your company’s profitability on a day-to-day basis.
Find out how Minderest can take your business to the next level.
Contact our pricing experts to see the platform in action.
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