Price checking allows companies to keep abreast of their main competitors’ selling prices and adapt to their changes and moves. This strategy is based on continually monitoring competing stores’ price lists to set the correct prices for your products or services. The goal is to have a robust and effective pricing strategy in the medium to long term, including key offers and moves to increase sales. From Minderest, we explain all the advantages of price checking, and how to implement it in your business.
Advantages of price checking for e-commerce businesses and brands
Price checking makes it easier for companies to keep pace or even stay one step ahead of competitors’ moves. By analysing their price changes, you can find out how demand will fluctuate, or predict discount campaigns, that you can then counter with your campaigns. One example is the slight price increase that some brands apply to their products before specific dates, such as Black Friday, or the Christmas campaign.
Access to up-to-date price lists from other companies in the sector helps maintain and increase the profit margin of e-commerce businesses. With accurate information about market trends, you can avoid falling into risky moves such as price crashes. And you can better assess when and how to increase your items’ prices without affecting the level of demand or your customer loyalty rate.
In addition, through price checking, you can also get a detailed picture of your competitors’ product catalogues, and how successful they are with consumers, reflected in changing stock levels. This will enable you to take advantage of the gaps and opportunities highlighted. You can start selling new products or change prices if your items’ quality or features stand head and shoulders above the competition.
Competitors’ prices must be tracked at least two or three times a week, but how can it be done without requiring vast resources? By using price checker software.
How to apply price checking in your business
Price checking softwares are automated tools that collect and analyse other companies’ selling prices. They present the data in an organised form to make decision-making easier. The main benefit is the speed in processing large amounts of data, which is essential to gradually optimise decision making, and thereby, the performance of the brand or retailer.
The latest generation price checker software available to companies makes it possible to:
- Monitor prices, promotions, catalogues, and stock of any company categorised as competitors.
- Analyse local, national, and international markets.
- Track prices in:
- E-commerce business competitors
- B2B portals
- Price comparison sites such as Google Shopping
- Marketplaces such as Amazon or eBay
- Collect information on shipping costs and times.
- Access unlimited historical data to study price changes and their behaviours at specific times.
This is possible thanks to advanced algorithms integrated into a pricing suite, responsible for matching the same, similar, or own-brand products. Together, these tools provide e-commerce businesses with an overall view of all their competitors’ activities to help improve the productivity of their own company.