When analysing our competitor´s prices, there are certain metrics which can help us finding out what our position is in comparison to our competitors. In addition to comparing our prices on a one to one basis, we can use certain filters which will help us in terms of how our clients perceive our store.
By using a Price Monitoring software, we will obtain the following reports:
- Products where I am more expensive: A list of all those products where my store has a higher price than the rest of our competitors. These products should reduce its price in order to increase sales, as they are not competitive.
- Products where I am cheaper: In contrast to the previous report, a list of those products where prices could be increased in order to maximize our profit.
- Competitor´s new products or novelties: Those products which have been added to the portfolio by competitor, including detail per competitor.
- Products where I am more expensive than a particular competitor: Probably our strategy consists in being more expensive than certain competitors but cheaper than others. For that reason, this filter will enable us to look at certain competitors.
- Products where I am cheaper than a certain competitor: In contrast to the previous case
- Products which are offered by my competitors but not by me: it is interesting to know the items which are missing in my catalogue so I can order them from my supplier, thus increasing the number of products I sell.
- Products which I have and my competitors don´t have: As opposed to the previous case, as we are the only one selling these products, we could increase those products profit as we have no competition.
- Prices which have been modified recently: A list of all those products who´s price has been modified in the last 24 hours. We must follow up those products to react to market trends.
- Average price per category: within our product category, average price per competitor in order to determine if we are cheaper or more expensive category wise.
Carrying out a detailed study of our prices will help us to have a better market understanding, increasing our competitiveness. You can request a sales presentation explaining this and other features in the following form