How to monitor competitor prices
Think about how your competitors manage to quickly monitor prices in online stores? How to track the price change of a product?
Every entrepreneur knows that market information is the flagship of a successful business. The determining indicators are the prices for products (services) of competitors and their dynamics. Reliable information in this area, their competent analytics allow you to make timely decisions in the field of pricing and product promotion.
Analysis of competitors' prices, as one of the most effective marketing methods, is necessary to reduce the number of unforeseen situations and correct the company's policy, and mainly to establish the optimal price.
Competitor Analysis in 10 Steps: A Practical Guide
So, in order to analyze the prices of competitors, it is necessary to determine:
- Circle of direct and indirect competitors;
- Range, quality and other parameters of products and services of competitive companies;
- Demand for this particular type of product;
- Product distribution directions;
- Sales volume and the dynamics of its changes compared to the same period last year;
- Gross costs;
- The volume of an industry product sold at a reduced price.
After the above indicators are determined, you can begin to analyze the prices of competitors and the options for the impact of a particular situation on the financial performance of the company.
Price analysis is an important point that some people forget about! Comparison of prices is indispensable if you need the efficient operation of a modern online store, only mutually beneficial prices will give you the opportunity to take a leading position in a competitive market.
The Elbuz Jumper system compares prices in stores and generates a summary report that shows the discrepancies between your prices and retail market prices. Tracking any price changes in online stores, you will always be ahead of your competitors, only the optimization of the turnkey price comparison process gives such a result.
It is possible not only to monitor retail prices, but also to update your price list (online store). The automation system will quickly transfer new sales prices to your website, taking into account the price of purchasing products from the supplier, the automation of online stores will allow you to achieve the main goal, give you more free time for development.
Price tracking is your competitive edge that Elbuz Jumper software will give you.
The competitor price analysis function allows you to check prices in online stores daily. It is important to use a productive solution now and you will get a guaranteed return tomorrow.
The dynamics of prices in online stores will provide an opportunity to evaluate trendy products and earn on them.
The main thing in the online store is a showcase of goods! The Elbuz Jumper system allows you to quickly create a product catalog in which you want to buy goods.
Price monitoring of online stores
Monitoring the prices of online stores will be useful not only for the company’s marketers, with its help you will find out what the cost of your competitor’s products is and you can immediately make a strategic decision. When using the Elbuz Jumper software, such information will allow you to automatically set a favorable and competitive price for your goods, while this information can also be obtained automatically directly from a competitor's website.
The head of an online store always strives to increase income - this is the main goal of any business:
- if you set a very low price, it will be impossible to make a profit;
- if high, then demand will fall;
- if you do not take into account the purchase price of the goods, you can sell the products to yourself at a loss.
All these aspects can be taken into account in our program by writing the pricing formula once, in the future the robot will take over the monitoring of competitors' prices online and will adjust your prices.
With price monitoring, you can:
- set competitive prices;
- increase sales volumes;
- negotiate with contractors on more favorable terms;
- timely respond to all changes that occur in the market;
- know the answers to the questions of buyers, if the latter require some justification of the cost.
Tracking prices in online stores occurs in several stages:
- setting up a module for a specific site (setting the parser)
- receiving products and prices from the site
- comparison with your products (linkage)
- receiving a list of verified prices, automated adjustment of your prices
- updating your site
Internet price parsing software is a must-have tool for any entrepreneur.
Processing supplier prices.