Price monitoring tools, 5 clues to choose the right software

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18/06/2013

Profile picture for user Angela de la Vieja

Angela de la Vieja

When it comes to choose an ecommerce price monitoring software, we must take into account certain aspects which assure power, scalability and information quality. Here you are five points to assess in order to take the right decision:

1. Scalability: will the tool resist monitoring thousands of products and tens of competitors? The tool must allow our commerce growth, and not become outdated overtime.

2. On the cloud: desk top solutions are no longer adequate because of its low power and also because our queries may be detected by the competition. We must relocate our tool in order to keep our IP in secret, so competition remains unable to detect who´s monitoring its prices.

3. True and updated information: Prices must be updated daily and the price shown by the tool must coincide with the price published on the competitor´s web site.

4. Right Matching: It´s useless to monitor two products if they are different. The tool must link client product with its equal in the competitors. This is one of the main features which are not found in the majority of  price monitoring tools.

5. API Access: The tool must have connectors in which synchronize the client ERP and the monitored data. By doing so,  price, competition and product automated queries can be performed from the ERP

We invite you to test our free competitors price monitoring demo. We are specialist on Ecommerce price optimization and setting.

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For a quick understanding, behavioral tracking refers to gaining in-depth knowledge and insights into consumers through their web data. Their browsing habits, spontaneous decisions, shopping interests, and preferences come under behavioral tracking. 

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Saint Valentine’s Day, always a good opportunity

V-Day is looming, a long-awaited date for all and also a good occasion for the eCommerce. According the study conducted by Prosper Insights and Analytics, it is forecasted the average consumer expense that day will be the highest in last years. Furthermore, 25% of them will buy online, which means an increase of 4% regarding 2014 (The US department of Commerce). This is, therefore, a key date where market competitiveness increase and which could be assumed as a big opportunity for our business or, a big fail if we do not adopt the correct strategies.

How to turn this event into an opportunity? To achieve this goal, we need to adapt our prices to this hostile environment, i.e. we need to develop an appropriate Dynamic Pricing strategy that allows us to adapt our prices to the variations produced in supply and demand and to position us ahead of our competitors. In V-Day, the frequency in changes will be higher, carrying it out each hour or even each minute. It is estimated that 65% of leader retailers have the ability to respond quickly at these variations, such Amazon. For this reason, it acquires great importance the correct use of a software specialised in price motorisation of competitors. Do not miss the time and adapt your business to new adversities.

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