Why is the Price Monitoring Crucial?
In the commoditized world, new products get launched daily and millions of various products get sold online. So, it’s not easy to differentiate your products from the ocean of other sellers and products. Copier products boom the marketplaces so it’s getting tougher to stay in the competition.
You need to start competing on the tangibles like prices to get observed. Only then you can start distinguishing yourself from other intangibles like customer service, quality, etc.
Key Success Factors
Example: Amazon
Amazon has proved why it is a giant e-commerce player and after years of wonderful success, they have created a magical formula of 3 success factors, which define their e-commerce success.
Pricing, Accessibility, and Brand
Amazon has used its Prime shipping program and realized that all these factors are very important for the consumers. They always have the right price and because of ‘Free 2-day shipping’, they have revolutionized the accessibility factor.
All these three factors have helped Amazon in becoming a leading player in the e-commerce field.
Retailers, as well as third-party sellers, are competing in their marketplace for keeping the prices low. Also, they charge similar sellers with the cost of the suitability of prime shipping through ‘fulfilled by Amazon’ and its FBA programs. Amazon leverages the brand’s personal advertising and values to engage customers for purchasing.
Online Pricing vs. Store Pricing
In the past, the retail business was working at the “local” level and not at the “global” level.
Brick and mortar merchants or retailers would set prices depending on their costs and margins or markups.
The prices might hardly change as it was not easy to make these changes constantly and more significantly, there wasn’t any actual need for changing the prices frequently.
The competition was only at the local level and for the customers, it was not easy to do price shopping whereas they need to physically drive or walk from one merchant to another for comparing prices.
Retail Pricing in Today’s Online world
The retailer’s world has been twisted upside down using the arrival of the Internet. The retailers are no more local and neither are the customers.
Customers who become tied to physical retailers can buy from any retailer worldwide within a few seconds or minutes at the lowest prices and get the goods delivered within hours or days. Global trade with easy international shipping has linked sellers in all parts of the globe to the entire global consumer base.
Price Monitoring
Price, relatively known as a “competitive price”, is the key important factor while selling items online as well as when you sell things on the Amazon marketplace.
It is not a secret, however, to get competitive prices every minute when you are challenging with hundreds of merchants, trying to get similar results with competitive prices is difficult.
The initial step towards getting competitive is to observe the marketplace prices and then a trader can decide if they are competitive. Regrettably, it is not the exercise, which can be completed just once as that data can be outdated very quickly.
Merchants change the pricing to stay aggressive frequently as well as the key to success is to stay ahead with different changes.
Price monitoring is a crucial weapon you require in your collection to stay in the business.
Price monitoring powers the procedure of checking product prices, which you sell. The monitoring needs to occur very frequently on a daily, hourly, or weekly basis and should offer you data in the format, which is easy for the systems to integrate.
X-Byte Enterprise Crawling’s price monitoring services can offer custom solutions and provide exactly what you require.
Get started with customized price monitoring solutions
Price Monitoring Solutions
Buying vs. Building
Your initial decision opinion is to either go for the commercial solution or building your individual or get one created for you through companies like X-Byte Enterprise Crawling.
Buying a Product
The marketable solutions are user-friendly as all you need to do is signup, upload products as well as get data (after product mapping and what they observe).
The difficulty with all these solutions is, you have the same data as your competitors that use a similar solution.
Thus, there are no competitive benefits left.
Building a Customized Solution
These solutions provide you maximum flexibility with a real competitive benefit.
You describe the data, frequency as well as algorithms together with system integration to get data in the required format.
You may also make product matching algorithms, which are highly accurate.
At X-Byte, we have functioned with several brands and retailers to provide custom solutions for them, so contact us and we will provide you a free quote.
Customized solutions can be expensive and take so much time to develop, which is a huge risk for numerous companies.
At X-Byte, we can easily build easy-to-use email alerts, dashboards, and customized data trackers. Our customized solutions take around one week to create at an affordable cost.
Challenges
Problems Which Need Attention
Doesn’t matter if you want to get a product solution or create your own customize solution; here are the challenges that should be seriously considered despite your solution options. We just cannot make these problems disappear magically, however, our customized solutions will assist address these problems in the best possible manner.
Product data from different retailers are not easy to match like product names, model numbers, descriptions, SKUs, etc. are not common.
Retailers are mystifying this data for making the matching harder.
Retailers are dealing with the manufacturers to get “customized” model numbers created for similar products so that you just cannot compare TVs at the local store of the similar versions online.
The data is corrupt because of slack quality controls in data entry.
Solution
How to Overcome Retailer E-Commerce Price Monitoring Challenges?
We have dealt with many companies to create custom solutions, which fit their businesses and rise with pioneering approaches to defeat these challenges. Also, we leverage modern technologies like Machine Learning (ML) for learning and adapting to the ever-changing world.
In case, you are searching for the solutions or are down with the solutions you have at the moment, contact X-Byte Enterprise Crawling and we will help.
We deal with manufacturers, smaller retailers, small & big, local & international brands, as well as huge multinational companies for creating customized solutions, which fulfill their requirements, rapidly and cost-effectively.
Visit: https://www.xbyte.io/web-scraping-services.php
