Why Price Tracking is Essential for E-commerce Businesses: Simplify the Process with Weavr Sense

If you want to understand practical reasons that drive success for your eCommerce business, then there are an abundance of factors for you to count on. For instance, you must identify the needs of your customers, run effective marketing campaigns and stand out from the crowd of competitors.

You will have to constantly find ways using which you can hold onto your online presence and loyal customers. With all of these factors considered, you will definitely be leading your eCommerce business efficiently. But there’s one factor that can be a game changer for your brand and products to record higher sales than usual. And that’s price tracking!

It is the approach where you will be tracking the price of your products compared to the competitors. If you want to know more about how price tracking is approached and why it is essential for eCommerce businesses, read along with this article till the end.

Understanding the Purpose of Price Tracking

ECommerce price tracking is the effort of monitoring the product rates of competitors over a specific timeline. It will mostly be for the same product or service, which will help you keep a tab on the frequent changes in the costs or retail prices of the products. With this, you will be able to identify any sales trends that your competitors are leveraging on and are dropping the prices.

You will have time to act upon those trends and be part of the competitive pricing or discounts. It will prevent the price change trends from affecting the bottom line of your eCommerce business.

For instance, suppose you notice that the cost of similar products you sell is increased by the competitors across multiple channels. In that case, you will be able to modify your pricing strategy to remain profitable and competitive.

It is quite essential for eCommerce business owners not to take price tracking too literally. It means you cannot consider fluctuating your price ranges blindly based on how the competitors are acting across marketplaces. You need to assess all the factors that go into deciding the cost of your product.

Just because one of your biggest competitors is selling a similar product at a highly lowered price, you cannot steep that low to afford losses. Therefore, utilization of the price tracking data effectively is yet another task that you will have to master while running your analytics efforts.

How is eCommerce Price Tracking Approached?

The eCommerce price tracking ability, brought to you by analytics tools such as Weavr Sense, is done through an automated process. With a tool like Weavr Sense, you will be able to integrate all the channels where you and your competitors are selling. With such an integration, the process of price tracking will be automated completely.

You don’t have to hire any manpower to run manual analysis and tracking of the price fluctuations. The tool will automatically send notifications whenever price changes exist for select products and competitors. Following that, Weavr Sense also helps you with insights into product variations and market prices across various geographical locations.

Weavr Sense is a pre-configured tool to help you avail of this feature without much effort. You will have ample time to drive your focus towards expanding your E-commerce business, while the essential metrics tracking will be done by this tool.

Factors that Make eCommerce Price Tracking Essential For Your Business

If you want to stay competitive in your E-business, then you should know if your product’s price is the most reasonable in the market or not. For this to happen, you must take a data-driven approach to make crucial pricing decisions. It becomes a significant thing to consider when selling your products at different marketplaces or online stores.

Some of the factors that explain the importance of price tracking for the eCommerce business include:

1) Maximizing the Business Profits

Irrespective of the type of business, profit-making is of utmost importance for determining the longevity and success of the company. And, keeping a tab on the price changes the competitors are introducing to your rival products, you can make last-minute changes to maximize your share of the profits.

2) Improve Brand Recognition

The eCommerce price tracking feature helps you increase your brand awareness quotient and enables you to get recognition across the targeted market. When your customers notice that your prices are competitive during sales trends, they will be inclined more toward your products than your competitors. Earning brand recognition can be a game-changer for you in the long run!

3) Build Positive Rapport with the Customers

Price tracking in an E-commerce business will help you create a positive bond with your customers. It is because you will ensure your customers get the best price deals when buying your brand products. Setting up competitive rates upon detailed pricing analysis through the tracking data will help make it convenient for the customers to rely on your products over the others.

4) Maintain Relevancy in the Market

As far as price tracking is concerned, it will help you adjust your strategies in a way such that you will stay competitive in the market. Smart pricing decisions will also help you understand your customers, their buying habits, and their preferences better. And this is essential for you to stay relevant in the market.

5) Profit Margin Optimization

Analyzing the competitors’ prices is not the optimal approach at all times. There will be situations where the retailers might just increase their profit margins without worrying about their competitive positioning. It mostly happens when your competitors have a high demand or shortage of stocks. You should also monitor the prevailing market conditions and pre-set rules to adjust your prices.

6) Easy Launching of New Products

Whether you are planning to launch new products into the marketing channels or are planning to enter a completely new sector, price tracking can be of great help to you. Price tracking, in this case, would help you determine the prevailing costs of the rival products and will also help you determine future competition. Consistent monitoring of the product price will help you be prepared for the upcoming competitiveness.

7) Run Efficient Sales Promotions

The sales promotions are beneficial in increasing profits and keeping your customers engaged with your eCommerce store. But, making a sales promotion successful would demand thorough preparation. Thus, price tracking proves itself valuable in this arena. Tracking the promotion tactics of customers with price changes will help you set your sales promotion campaigns on the leading edge.

Your Price Tracking Necessities are All Attended Under One Roof- And that’s Weavr Sense!

If you are a new eCommerce business owner, you should understand the overall importance of price tracking. There’s a plethora of ways it can help you win over your competitors. So, if you are ready to implement the right strategy to scale your business over the others, divert your attention to Weavr Sense!

Weavr Sense is a feature-rich price tracking tool that helps you monitor and compare the prices of your products against the competitors’ offerings. As this tool supports the integration of more than 50 channels, the pricing information will be gathered from every one of them that you add to the platform.

With this tool by Weavr, you can identify crucial pricing trends and build strategies to act upon them smartly. You won’t just be monitoring the competitors’ prices but will also be identifying the saving opportunities and analyzing the behaviour of your customers.

As you all know, price tracking isn’t just a one-time process; Weavr Sense allows you to be consistent in your monitoring attempts and keep adjusting the strategies as necessary. It will help you be competitive, not just during the peak sales season but throughout the year.

Weavr Sense is technically a review analytics tool that helps you track customer feedback based on sentimental and keyword-level analysis of both positive & negative reviews. But beyond that, it also offers listing analysis and price tracking features to give you that required push to help your business grow.

Get in touch with us today for a demonstration of how Weavr Sense can help you track competitor prices in a breeze.