In the world of online shopping, price is the primary purchase criterion for a whopping 61% of Internet users. The increased pressure to stay competitive has thus led many companies to upgrade their manual competitor price monitoring practices to an automated solution that can save time and boost efficiency.
Here are our 5 top reasons why online retailers should switch to an automated price intelligence solution:
- Stop tedious work
Depending on the size of your company, searching for prices by hand can be extremely time consuming. Manually monitoring the prices of all the products in your catalogue carried by your competitors will quickly become a cumbersome and repetitive activity.
Say goodbye to all those hours spent in front of your excel sheet checking the prices of your competitors!
- Get a broader view of the market
With an automated price tracker, you won’t need to limit the number of products tracked. You can follow all the products you want and see absolutely all the prices your competitors.
- Never miss a price change
Because of the laborious nature of checking prices manually, more often than not, prices simply can’t be updated daily. Unfortunately, with the accelerated pace of the market, you may miss out on major changes such as: price drops, entry of new competitors or promotions offered by your competitors.
Ensure that you do not miss these changes through automated price monitoring. You can even set up alerts to detect these changes right away and react as fast as possible.
- Minimize human error
After spending hours identifying all your competition, browsing the prices of their products and then recording all this information in your excel file, errors can still creep in and distort the accuracy and your data.
By tracking with an automated algorithm, the number of errors in your data can be reduced significantly.
- Focus on data analysis
By eliminating manual price checking, you can gain valuable time to perform more thorough data analysis. You'll be able to focus on the competitor price figures already collected in the automated search and strategize ways to enhance your pricing strategy.
This will also allow you to be more responsive to market changes and to continuously optimize your pricing strategy.
Once we understand just how critical price is in a consumer’s purchase decision, the importance of competitor price monitoring becomes very clear. To remain competitive and run with the market, keeping track of competitor prices is absolutely essential for online retailers. Automatic price monitoring ensures that you will be up-to-date on market prices, be informed promptly of any changes and, most importantly, improve your responsiveness.
Curious how our solution could help your online store? Schedule a free demo today!