The price is one of the most relevant things in eCommerce. With the price, you can do many things and great things that will help your company. Competitive pricing analysis and knowing what your competitors are doing can take your company to the next step. Competitive pricing analysis is researching your competitors to know them better and then using that information to improve your business. These are the advantages that competitive pricing analysis brings to companies. 

1- Your prices are always up to date 

By monitoring your competitors, the prices of your products are always up to date with the market and competitors. Having your prices updated is crucial because you can maximize your profits, create better pricing strategies and never be behind your competitors. To make any pricing adjustment on your products, you must have the latest information about the new prices and your competitors. Manually gathering that data is impossible. Checking your competitors one by one takes too long, and that is why you need a program like PriceTweakers to do it automatically and faster. It saves you time and increases your profits! 

2- Find new opportunities 

If you are constantly keeping an eye on your competitors, you will find new market opportunities. You can know which are their weak spots and capitalize on that. For example, you can take advantage of that and sell more products because you have more stock than your competitors. You can also lower the price of your products if you see that one of your competitors sells a high-priced product. With that move, your business will sell more items! 

3- Prevent profit loss 

One of the biggest reasons companies implements a competitive pricing analysis strategy is to prevent a loss in their profits. When you follow your competitors' prices, you will know your market position and understand at which price you must have your products. Knowing your market position allows your company to price your products accurately and make more profit. 

4- Know your market positioning and increase it 

This strategy can also help you understand your role in the market you operate in and the opportunity to increase your market share. Monitoring the prices of your competitors might help you with that. For example, one option is lowering the product's price or service to increase its market share. That is one of the tactics companies use to enter a new market. But that tactic is not exclusive to entering new markets. 

Conclusion 

Businesses only look at themselves, and they often fail. You can learn and benefit a lot from observing the company or companies that are your competitors and their prices. PriceTweakers gives your company a program that can automatically monitor your competitors' prices. That allows you to control the market you are in, and with our Dynamic Pricing feature, you can create different pricing strategies and reprice your products automatically and faster.     

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