E-commerce Price Monitoring – The Most Accurate Monitoring Software for E-commerce
E-commerce Price Monitoring – The Most Accurate Monitoring Software for E-commerce
The online retail environment has scaled immensely in the past decade, and there’s no stopping it. With budding entrepreneurs taking charge of enhancing their business reputation and market presence beyond competitors, the industry itself is becoming very challenging over time.
The newcomers must emphasise every little aspect of running an eCommerce business to be able to match the level of brand presence with the competitors. In that pursuit, tracking, monitoring, and improving marketing efforts across diverse channels has played an immense role.
Therefore, one such tracking aspect that has become crucial for eCommerce businesses to sustain in this competitive arena is price monitoring. The eCommerce price tracking enables businesses to optimise their current strategies and avail an upper hand in attaining a competitive edge.
You will be able to determine the market trends and revamp your pricing implementations for the products or services accordingly. To make all of these things happen in a streamlined manner, you would need the best monitoring software for your eCommerce business. But before you get insight into the most accurate software, it’s important you know the attributes of eCommerce price monitoring.
So, read along this article till the end to understand the efficacies of eCommerce price monitoring and how an advanced tool can help with it.
What Do You Mean by eCommerce Price Tracking or Monitoring?
ECommerce price monitoring is the practice that refers to the measures taken for analysing and tracking the constantly changing prices of services or products across diverse marketplaces. People might argue that price monitoring can be done manually, but it would take ages for you to compare the pricing of your products with that of the competitors across all the channels you operate your business.
Therefore, using the right automated tools like Weavr, you can set the process to automation. With such a tool, collecting pricing data from marketplaces, retailers, and competitors will be easier. Thus, you can further make data-driven decisions for optimising the overall pricing strategies to win over the competition.
As the e-commerce sector is booming at a rapid state, all online retailers are now experiencing very tight competition. In accordance with that, the consumers are also price-conscious and are being provided with diverse options for similar products across different marketplaces.
Consumers often compare the prices of a similar product across different platforms before they decide on buying from one. Therefore, your aim should be to provide your customers with the best deals, competitive with the market, without suppressing the quality of what you offer. Thus, it is possible only when you run eCommerce tracking for the product or service cost across the market.
What are the Benefits of Price Tracking for E-commerce Businesses?
Some of the benefits to convince you of the importance of price tracking for eCommerce businesses include:
Build A Competitive Position in the Market
By using the price monitoring aspects over your dedicated tool, you will be informed about the rival strategies being implemented upon the pricing of similar products. When you have a brief idea of how your competitor’s pricing is being reflected in your product’s exposure in the market, you can make some informed decisions upon standing out in the crowd. Thus, you will be setting up your brand in a competitive position in the market.
Optimise the Pricing Strategies
Taking note of the frequent price fluctuations or trends in the market will help your business detect some optimal figures as price tags for your respective products. This will help you maximise your rate of profits without the need to sacrifice the volume of sales. Not just that, but using tools like Weavr, you will be able to make your pricing decisions more dynamic based on consumer preferences and market demands.
Boost Consumer Loyalty
Customers are very much inclined towards the brands that showcase competitive and fair pricing for the products that are sold at high rates over other platforms. Thus, price monitoring is what would help your business be able to offer attractive price tags without incurring losses but staying ahead of the competitor’s offerings. It will help you build loyalty and trust among the consumers, which will lead to an increase in your rate of repeat purchases and customer retention.
Better Inventory Management
Using tools such as Weavr as your price monitoring software, you will be able to access valuable insights in co-relation to consumer preferences and market demands. Upon assessing the data, your business will be able to make informed decisions upon regulating the inventory levels, replenishing the stocks, or bringing in some demanding goods. In this way, you can cater your inventory with respect to what your audience expects from your brand, leading to better sales and higher revenue.
What are the Best Practices for E-commerce Businesses Associated with Price Monitoring?
When it comes to price monitoring for your eCommerce business, there are certain best practice recommendations for you to adopt. They are:
Make Use of Automated Price Monitoring Tools
Automated tools like Weavr will help you streamline the overall process of monitoring the competitor prices and analysing the trends or preferences as per customer demands in the market. With such tools, you will be getting the updates in real-time, thus ensuring accuracy in data.
Moreover, you will be able to respond to the change requirements instantly. Suppose you are selling a smartphone of a particular brand that a lot of other marketplaces have also listed with some form of discount. Tracking them all manually might be tedious! In that case, an automated tool would be of great help!
Hold Onto Your Focus on Target Market
When you are monitoring the prices for your eCommerce business to stay ahead of the competition, you must prioritise your focus on the target market. Look out for the right products and associated competitors to keep your tracking focus on! In this way, you will be able to allocate your resources better and help your business make more informed decisions on scaling the sales rate above the competitors.
Suppose you are selling kid’s garments. In that case, your target market will be the brands that have similar products in their catalogues. Keep your focus on them rather than focusing more on targeting brands that deal with garments for people of all ages.
Be Consistent with Price Tracking
It is undoubtedly true that consumers are now more price-focused! And this is the reason why price monitoring is highly crucial for eCommerce businesses today! But remember, price tracking is not just a one-time thing!
The eCommerce prices have the tendency to fluctuate very rapidly, which makes it important for businesses to keep tracking it consistently and regularly. Therefore, staying updated with the competitor’s pricing over a period of time will help you react to the changes in quick intervals.
Combine Price Monitoring Alongside Other Performance Metrics
Getting an eCommerce price tracker tool might be a winning move, but using it in isolation might not be beneficial enough. The tool you integrate your eCommerce business with should have the ability to bring in all your marketing channels under one roof. Following that, it should also help you analyse the reviews and ratings to give you a better idea of your customers’ preferences.
Weavr is one such tool that provides you with a unified sentiment and keyword level analysis on reviews to determine which products are popular, even with price fluctuations, or gather other co-related insights.
How to Use the Data Collected from the eCommerce Price Monitoring Software?
Well, for all the new entrepreneurs who have started their online store recently, it might be difficult for you to understand the right way of taking forward the eCommerce price monitoring and analysis aspects. Therefore, here is a brief explanation of how you can use the data being collected through the price monitoring tools:
- Determine the cheapest offers for the same or similar niche products across different channels where you sell your brand products.
- Look out for the price hikes or discounts that the competitors have invoked upon their products to cater to the audience’s attention.
- Take note of the number of offers that the competitors have made in terms of combo deals, standalone deals, and freebie deals.
- Get an insight into the marketing activities being implemented by the competitors with respect to their discounted or offer prices.
With these approaches upon the collected pricing data, you can be more aware of what changes must be made to your pricing strategy. Following this, setting your brand on top of your competitors’ pricing and marketing strategy will be easier!
Let Weavr Make eCommerce Price Monitoring Easier for You!
Weavr is a unified eCommerce monitoring tool where you cannot just track the competitor prices across 50+ channels but can also analyse the overall performance of your products with real-time analysis.
It would help you run sentiment and keyword-level analysis on your reviews to specify the customers’ responses towards your product’s quality, pricing, and other such attributes. In terms of data accuracy, Weavr has no match and stands strong among the abundance of options available online.
You can take a demonstration to understand how analytics eCommerce works with this tool to help you streamline your eCommerce price and performance tracking operations.
When you make the right efforts towards mastering price monitoring aspects for your eCommerce business, you will not just be boosting your sales rate but will be winning over your consumers’ loyalty. And, once the customers put their faith in your brand to be the provider of the best rates for their desired products, there’s no going back.
Your consistent marketing efforts alongside rightful pricing optimisation are what would help you thrive in this competitive industry!