Price Intelligence: 7 Important Reasons To Monitor Your Competitors' Online Prices
Retailers need to monitor what the competition is doing with pricing to ensure they are not losing out on critical sales and profit margins.
The openness of the Internet has provided retailers with the advantage of price transparency. Retailers can find out what their online competitors are charging on a minute-by-minute basis just by looking at the competition website. This information empowers pricing managers - it allows them to work out their own price positioning with confidence.
Here are seven advantages of having this timely pricing data to hand when deciding on your own price position:
1. You will know when your competitors increase prices.
2. You will know when your competitors decrease prices.
3. You will know when your competitors are out of stock.
4. You will be able to made educated price adjustments.
5. You will be able to offer better prices to your customers.
6. You can negotiate better prices with your suppliers.
7. You can easily identify which of your products are not competing well on pricing.
If you were to try to monitor your competitors' online prices manually, you could end up dedicating many hours of your day to this process - crucial time taken from your other daily tasks.
Recent developments in competitor price monitoring technology means you can now log onto a web-based dashboard and see your products matched against the competition immediately. You can even receive an email when your competitors change their pricing. Using such a service, you can monitor the prices of the matched products with ease. You can adjust your pricing accordingly in order to be more competitive.
Analytical reporting will take the unprocessed data and reproduce it in a more meaningful format for your attention. Your reports will highlight the products needing your immediate attention. This powerful application will make you more competitive in the market from today!
© 2012 Profitero
|Profitero.com retail price monitoring dashboard|
Pricing intelligence company Profitero works with retailers and manufacturers to help them increase sales and maximise their profits by using competitor price, promotions and stock information at scale. For more information on Profitero price intelligence and competitor monitoring, visit www.profitero.com or email firstname.lastname@example.org.