Keeping track of the competition is critical for retailers, brands, and ecommerce business owners. Today’s customers have easy access not only to your products, but also to those of competitors, so it is important that you keep an eye on the pricing of not only yours, but also those of your competitors. Since many purchases are made based on price, a pricing strategy is very important for any business and therefore it is always necessary to keep abreast. Also, the internet has made price comparisons easy. 78% of consumers compare prices offered by different brands and choose the one with lowest cost, according to a study done last year!
Inventory is the lifeblood of any business. With proper monitoring, you’ll know when it needs to be ordered and how much should go into reserve so that accidents don’t happen at peak times like Black Friday or Cyber Monday.
Overlooking price monitoring can lead to serious consequences for your company because inventory management becomes more difficult if prices change suddenly- which means less profit.
Price monitoring software like Priceva helps you track your competitors’ prices across multiple products without the hassle. Priceva is a pricing platform that helps online stores and brands to track prices, reduce & automate pricing, and offer discounts for customers. You will be able to track competitor product data such as stock availability, content, search terms and other important factors, as well as get real-time insights that can help you improve your business performance.
By using a pricing monitoring software, you can get an accurate picture of market conditions and make necessary changes in your strategy to maximize profits.