Competitor Price Monitoring has become an indispensable service for taking strategic decisions on product pricing in today’s highly competitive e-commerce market. With standard services and product specifications, product price is the key difference between making a sale and just having a visit to a website. Therefore monitoring the prices of competitor has become the key to survival.
Some of the other reasons why monitoring your competitor is essential in current market scenario are
- Most prospective consumers start their search on price comparison engines. If your price is higher than your competitors, your chances of making the sale are bleak. A difference of 100 to 200 basis points doesn’t really matter much but a bigger difference will push your listing down and thereby ruin the chance of a sale.
- You need to study the prices and understand the market before pricing the product. Almost all retailers are tech-savvy and more competitive than before and just as you, are probably monitoring prices. Thus it becomes imperative for you to actively monitor a larger base to find the right price point that will make that elusive sale.
- Competitor price monitoring also allows you to identify the special promotions, shipping charges, additional attractions like same day shipping, price on delivery, etc. that may have been strategized by your competitor to make more sales. This would better allow you to strategize your business plan and improve sales.
Bottom Line For Your Bottom Line
Focusing on monitoring competitors for prices will allow you to make those extra sales and stay ahead of your competitors. ITSYS Solutions offers affordable, expandable and hosted web scraping services that will provide you with all the information you need in an easily-usable form. To identify and discover on ways web scraping can help your business grow, visit our website http://www.website-scraping.com