Competitor price monitoring technology provides multichannel retailers and pure-play online retailers with the information needed to react quickly to price changes and stock levels of products on competitor websites. With so many retailers going online in recent years, technology provides the opportunity for all those operating in the industry to monitor their competitors’ prices more efficiently.
With smartphones giving shoppers the ability to carry out product research from anywhere, the retail sector needs to keep up to speed on what the competition is doing with pricing in order to avoid missing out on sales to the competition due to prices being too high.
If your prices are too high compared to the competition, your customers will go elsewhere. If you find out that your prices are too low after checking them against the competition, you will make sales but you are lowering your profit margins. You need to control your price positioning better in order to increase your bottom line while beating the prices of your rivals.
Also, knowing that a competitor is offering a product at half the price of what you are selling it for means you can go back to your supplier to renegotiate a better price for the product. Finally, if your competitor is out of stock, you are presented with the perfect opportunity to increase your prices while still being competitive. Accurate competitor analysis will help you with all of these scenarios to offer more competitive pricing on your products.
While many pricing managers still carry out the labour-intensive task of manually checking prices against competitors’ websites or in-store, an online competitor price monitoring application means you will receive up-to-date information on changes to a competitors’ pricing; this allows you to react quickly to changes in the market place by adjusting your own pricing accordingly.
“Our web-based platform drastically reduces the manual effort involved in collecting and assessing pricing information, helping those working in the retail sector to increase sales and profit margins,” said a spokesperson for Profitero. “We can collect quality assured data directly from your competitors’ websites for daily monitoring.” Prices across the A-brands and private-label products can all be compared under the retail intelligence application.
You can contact Profitero with a list of websites that you want to monitor; a client account on the online application can be set up within 12 working days. For more information on our pricing intelligence service and to request a free trial, visit www.profitero.com or email firstname.lastname@example.org.
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 email@example.com.