Online businesses allow individuals to screen and purchase products/services online. Ecommerce businesses have experienced significant growth in recent years. The sellers need to use tools that would provide them with marketing intelligence and help them analyze their profitability.
What is a Price Monitoring System?
A price monitoring system is an online pricing intelligence tool used by many e-commerce brands and retailers to monitor the prices of their competitors across the globe in real-time. It illustrates a brand’s position in the market amongst its rivals and helps them identify areas that they can improve.
Ever since the pandemic, a rise in the number of online businesses can be seen, which has created a need for a price monitoring system that would provide brands with a comparative analysis. This analysis will indicate the areas that brands need to focus on and improve to gain a competitive advantage in the industry.
What Benefits Can Businesses Gain by Using a Price Monitoring System?
A price monitoring system serves various benefits to an online business to gain an edge in the industry. Some of these advantages are listed below.
Builds a Good Reputation in The Market
An online pricing intelligence tool provides deep insights to rival businesses, through which a brand can improve on the areas they are lacking to provide additional value to their customers. Becoming a low-cost vendor providing quality goods/services in the industry, earns customer loyalty and helps to form a good reputation. Additionally, through this, a business can compete and win price wars in the industry.
Understand Changing Consumer Trends
A price monitoring system can help understand the changing customer preferences. It can usually be deduced from the fact, that high demand for products calls for an increase in the price of the product. Hence, from the rivals’ past pricing history, a brand can get an insight into changing customer trends over time and better strategies to target these customers.
Increased Profitability Margins
AI-based software provides the comparative prices in 10 seconds with 99% accuracy that helps the retailers to make market-winning pricing decisions. Through real-time price monitoring of competitors, a company can benefit from increased profitability margins. The brand may lower its product/services prices from the competitors by cutting its costs and increasing its profit margin. These reduced prices will attract customers and increase brands sales.
Better Decision Making
Monitoring, tracking, and analyzing the pricing history enables the brands to set the right product prices. The price monitoring system provides an eCommerce business with marketing intelligence that can allow you to make better decisions for your brand about product pricing, brand positioning, and channel placements.
To keep up with this rise in competition, brands need to keep a close eye on their rival’s movement in order to maintain a distinguished personality in the industry. A price monitoring system is based on future technology, that provides insights on competitions movement, through which companies can strategies their businesses to gain profitable sales.