Any company with a presence in the eCommerce field must take several actions to be a leader in their market sector. Price monitoring is one of the things you can do so your company is on top. But what is this? Price monitoring is the process of obtaining and analyzing information about your competitors. Why must your company do this? Well, it brings a series of benefits that we are going to discuss.      

1- Improves pricing strategies  

Scraping the prices from your competitors would allow you to have more market insights and make better overall pricing strategies. To have the most accurate pricing strategy, you must collect a lot of information, and your competitors’ product prices are a vital piece of data for that. For example, competitor-based price is a pricing strategy that focuses on setting your prices regarding your competitors.    

2- Boost margins  

Sometimes, you find out that you are the only dealer that offers a specific item. And you know this information when you follow the prices of your competitors. If you are the only retailer in a determined sector, you can gain more profits by increasing the price.     

But you have to be careful. If the prices are too high, the other suppliers become aware of your product and sell the same good as you. And just like that, you lose your status as the only seller on the market.  

3- Boost sales with promotions  

Imagine that you decide to have promotions on your store, and you realize that on those days, your competitors have lower prices than yours, including when you are on sale. That makes your promotions useless. If you monitor the prices of your competitors, you can avoid this. You can know the best days or months to launch a sale. That improves the effectiveness of the promotions, and you can increase your sales.     

4- Discover new sellers  

Constantly monitoring the prices of your competitors allows you to know more information about them. With this, you can know who they are, discover new competitors in your sector, and which brand-new products they currently offer to the public.     

The discovery of new sellers affects the market because they undersell their products to enter a new market and attract new customers. And if you do not catch them in time, you will start losing clients and money. Price monitoring allows you never to be caught off guard with new sellers. Plus, you can study their pricing strategies and respond to them.  

Conclusion  

Monitoring the prices of your competitors is vital to any eCommerce company. It will help you have more control over the market, your competitors, and your pricing strategies. Also, you discover new sellers in your sector. PriceTweakers is your best option in the market regarding price monitoring. We are your pricing analyst 24/7 and offer many features like Dynamic Pricing and MAP Monitoring. 

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