Why should online stores monitor their own prices?

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Profile picture for user Ángela de la Vieja

Ángela de la Vieja

As well as monitoring competitor´s prices, online merchants must monitor their own prices. We may think that the fundamental reason is the need to compare their prices with those of their competitors, but there are more reasons.
In every pricing process (market price research for a product and post fixing) errors occur. On some occasions, we have verified how electronic businesses took products at zero cost, or with erroneous prices, either much lower or higher than their real price.

In the picture above, Amazon made a mistake in its pricing by lowering a Sharp TV from $1899.99 to $ 38.45.

If we monitor our prices, the system could tell us when it detects that one of our prices has gone out of range.

An early warning can help with significant savings in lost sales, claims and customer service time.

Find out how Minderest can take your business to the next level.

Contact our pricing experts to see the platform in action.

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