Being aware of the competition´s prices can be a complex task if one doesn´t have a Competition´s price monitoring software. One of the main reasons for buyers to purchase online is to have access to better prices. For this reason, to have a competition´s price monitoring software is one of the key points in order to ensure our e commerce success. Listed below you will find the main advantages of using a pricing software:
- Time saving in relation to check prices manually by updating prices every 24 hours. In an ecommerce with thousands of products this task becomes impossible.
- Cost saving: Using people to monitor price changes is very expensive. By using a tool you can get 10 times savings
- Work with accurate and updated data. Reviewing your competition prices every 24 hours is impossible. A price monitoring tool can do this task several times a day.
- Taking the right decisions when setting your prices: With such valuable information, Marketing Managers can plan their promotions increasing significantly campaigns ROI.
- Automate the price setting. The most advanced price monitoring tools even allow to set prices automatically, taking into account stock, cost and competition´s prices.
- Decrease your basket abandonment rate. The majority of basket abandonment is due to non competitive prices. Optimizing your e commerce prices you will be able to increase your margins in those too cheap products and increase your sales in those products with too high prices.