Competitive
Price Monitoring
For Retailers
What Is Competitive Price Monitoring?
Competitive price monitoring is the systematic observation and analysis of the prices set by rival companies for similar products or services in the market. This process involves tracking and gathering data on competitors’ pricing strategies across various channels such as websites and online marketplaces. The aim is to gain insights into how competitors are pricing their offerings, identify pricing trends, and inform strategic decision-making.
Typically, competitive price monitoring involves using specialized software or tools to automate the data collection process, followed by analysis to interpret the findings. By continuously monitoring competitor prices, businesses can adjust their own pricing strategies to remain competitive, maximize profitability, and optimize market positioning.
Why Competitive Price Monitoring Is Important?
Competitive price monitoring is crucial for businesses for several reasons. Firstly, it provides valuable insights into market dynamics and helps businesses stay informed about their competitors’ pricing strategies, allowing them to adjust their own prices accordingly to remain competitive. This knowledge enables businesses to identify pricing trends, understand price sensitivity within the market, and anticipate potential pricing changes.
Moreover, competitive price monitoring aids in optimizing pricing strategies to maximize profitability. By analyzing competitor prices, businesses can identify opportunities to adjust their own pricing strategies to attract customers while maintaining healthy profit margins. This can be especially important in industries with tight profit margins or intense competition.
The Advantages Of Competitive Price Monitoring
- Automate competitive price monitoring – Quickly see your competitor’s prices with Insitetrack. Understand what product prices are lower or higher than you. View your competitor’s prices in one simple to use toolset. Download and export reports, graphs and trends. Even integrate price changes into your e-commerce system.
- Monitor competitor prices easily – Get immediate access to daily price changes. Quickly see how competitive you are. Could you raise prices and increase margins and profitability?
- Build fact-based strategies with price intelligence – With Insitetrack, you can identify competitor trends and activity over several days or even months. Get to understand your competitor’s price trends. React quicker, spot trends and build more effective price strategies.
- Monitor product trends – With Insitetrack it’s simple to view who is cheaper than you. With drill downs and easy-to-read reports, you can identify quickly who is cheaper, more expensive or even when they moved their prices.
- Introduce and monitor KVI’s and KVC’s – It’s easy to implement key value items or categories in order to understand your market position. Assist your buyers with real facts.
Save time and become more structured – Trying to manually monitor thousands of website prices is virtually impossible. With Insitetrack you not only save time and resources, you can introduce a more fact-based price intelligence process.
- Integrate with your e-commerce – Insitetrack enables price updates to be integrated with your e-commerce system. We can use most e-commerce APIs to automatically update pricing updates. The system also allows for manual updates as well.
What Is Insitetrack's Approach To Competitive Price Monitoring?
Our goal with our price monitoring service is to streamline as much of your pricing process as possible providing you with a “hands-off” set-up where with minimum requirements from you we will have your price monitoring system set up and good to go. This includes initial product matching and set up of e-commerce marketplaces you wish to track. We will also help with implementing business rules for our auto re-pricing tool known as the APM to automate as much of the pricing process as possible.
Another key area we pride ourselves on is the need for flexibility in price monitoring solutions is vital and “off the shelf” systems might not cover all your price monitoring needs. We have implemented many bespoke solutions whether the need for additional reports, the need to implement directly into your business systems and much more. Another key aspect even though primarily our main target audience is retailers we have also implemented ad-hoc data collection solutions.
We have also developed our services to be beneficial for brands who are looking for a better understanding of their marketplace. You can check out our brand price monitoring solution here!
What Our Customers Say
Check out our system in action!
Click the button to the right to request an online demo where we can go over your competitive price monitoring requirements and demonstrate how the solution can benefit you!
