People nowadays research and compare products and services online before making a purchase. It is obvious that a company's user experience affects its ability to retain existing customers over time. However, price is the most important factor, particularly for first-time buyers. Having said that, price monitoring is critical for your company. The top price monitoring tools will be introduced in the following sections.
What Exactly Is Price Monitoring?
Price monitoring, also known as competitive price monitoring or price intelligence, is the analysis of internal and external (historical and real-time competitor prices) price variables to optimize one's pricing strategy.
How does price monitoring benefit business?
For internal purposes:
Keeping track of your pricing history can help you reflect market strategy. Price monitoring, in conjunction with product rotation and brand value, can assist in developing the best pricing strategy and maximizing profit.
For market competition analysis, use the following formula:
Competitive price monitoring allows you to gather information about your competitors. This is necessary in a market report. You will have an idea about your market positioning based on the information you have gathered, such as the product-price ratio and your target group.
We've compiled a list of tools known for their high quality. Their offers vary, but they can all be beneficial when running an online retail business. Many of them, such as Dealavo, will also help you set up cross-border sales. Let's take a look at some of them:
Dealavo
That's who we are! Dealavo is an all-in-one, AI-powered price tracking and optimization tool for both online retailers and manufacturers. What's more, Dealavo operates in a global market (30+ countries), allowing you to track prices and competitors on a global scale and across multiple sales channels, such as online stores, price comparison websites, and marketplaces.
Discover our three key features that will put you ahead of the competition:
Price tracking provides granular and aggregated data on your competitors' prices, promotions, and out-of-stocks.
Dynamic pricing: Put your pricing strategy on autopilot and use market and competitor data to automate price adjustments in your store.
ROAS Accelerator: Make the most of your CPC ad campaigns and ensure that every dollar spent on marketing contributes to increased sales.
Dealavo can also be integrated with major e-commerce platforms such as Magento, Shoplo, Baselinker, WooCommerce, and PrestaShop.
PriSync
PriSync is a useful and comprehensive tool for online merchants. It allows for both price optimization and merchandise management. Its primary function is to monitor competitor pricing and inventory levels while also providing users with the ability to disseminate this information via various communication channels.
All you have to do is add the products you want to monitor, along with their URLs, and you can begin tracking price fluctuations and stock availability on an ongoing basis. Additional features include streamlined data import, real-time stock tracking, comprehensive pricing analytics, and more.
This competitor price monitoring tool is free to use for a limited time. Users can experiment with this tool for 14 days without providing credit card information or signing a contract. Furthermore, it operates with the help of undetectable bots, ensuring that competitors are unaware of it. As a result, the process of comparing and updating prices is based on data obtained from competing online stores.
Although PriSync does not work for all websites, its effectiveness outweighs these drawbacks. Subscription plans for PriSync range from $99 to $399 per month.
Price2Spy
Price2Spy is a price monitoring service for manufacturers, brands, and distributors. Price2Spy includes several features for tracking, comparing, and evaluating competitor product prices and availability. Users receive pricing information, but several reporting and analysis options make price monitoring much easier. Users also gain access to historical pricing trends, allowing them to confidently plan future price changes.
The Price2Spy dashboard provides instant access to the most recent price and stock variations, as well as the option for immediate or daily email alerts.
In the case of Price2Spy, users can explore all of the features of this competitor pricing software for a generous 30-day free trial period.
What's more, Price2Spy integrates seamlessly with popular e-commerce platforms like Shopify, Magento, and BigCommerce. Price2Spy has a tiered pricing structure based on the number of product URLs in your account. The most affordable plan costs $26.95.
Without the right tools, price monitoring could be a difficult task. While this is not an exhaustive list of price monitoring tools, it is a good starting point. Simply select the best one for your specific marketing challenges. Though using a new tool at work may require a relatively long learning curve, your company's growth will thank you in the long run.
