This is a question that many ecommerce ask themselves. A product with frequent sales suddenly stops selling for no apparent reason. This is not due to a loss of demand, because until a few days ago sales remained constant, there is no problem with their availability, because the product is in stock and ready to buy on the website. So what happened?
In most cases, the answer to this question is very simple; we are no longer competitive. Prices in the online world are constantly changing, today we may have a good market price, but if we do not keep an active watch, it is probable that tomorrow we will be 15% more expensive than the competition and the sales will plummet.
If we take into account the sales that we have stopped obtaining for all the products in this situation, we will understand the great economic loss that this causes to our ecommerce month by month. In addition, not only will it cause economic damage, but we are also giving our customers the opportunity to buy in the competition, and who is to say that they will come back to us later?
For this and other reasons, a tool for monitoring competitor’s prices is essential in ecommerce. The return on investment is guaranteed, because with just a part of the sales that we will avoid losing, we will have recovered its cost and more.
Find out how Minderest can take your business to the next level.
Contact our pricing experts to see the platform in action.