Managing an e-commerce business involves a crazy amount of activity, ranging from dealing with internal problems of the company to the challenges that the market puts in the way of the business. CEOs are the ones that have to be aware of everything that’s happening. So there are two things that are gold for them: time and information.
For decision-making, CEOs have to take into consideration everything that is happening outside of the company. Competitors’ prices and assortments can give you a big part of this information, and many useful insights about how the market is moving. Competitor price tracking tool gives every E-Commerce CEOs ability to monitor the market and gathering the information regarding the harshly competitive e-commerce landscape for you.
Another important piece of information that comes from competitors’ pricing is the state of the market. With competitor tracking software you can generate historical data and display it in graphics that will give you a general idea about the market trends and evolution.
With Prisync, it is easy to know:
- Product lifecycle stage of your product.
- Whether the market is going to have higher or lower prices.
- Regular patterns that are repeated every year.
- If your prices are too high or too low.
- Opportunities to launch promotions.
When you monitor your competitors’ prices you can notice things like:
- By lowering the price of a product you could offer the lowest price, meaning that with a small change, you will get much more visitors from price comparison engines.
- If your prices are too low, you could raise them and continue having the best price in the market, so you could increase your margin without affecting your competitiveness.
- Prisync also allows you to track your competitors’ stock availabilities. For instance, you can set a notification to know when a specific competitor runs out of stock. This is a great opportunity to try to sell more, but it also gives you a warning. If they have sold everything, and your stock level is low, you may decide to make an order now to avoid running out of stock, too.
You might that thinking that getting all this information would take a lot of time. E-Commerce businesses have a lot of different categories of products, product variations and references. If we multiply these for the number of competitors, the number of pages that you need to monitor is overwhelming. By using competitor price tracking solution, you will eliminate that huge work burden.
- You will be able to track all your competitors’ prices and assortments automatically. By spending less time, you can have your database updated more than once a day.
- You can implement APIs in order to set automatic reactions to market changes. For instance, if you run the best price in the market promotion for a week, you can set your API to automatically set your prices at the same level than the lowest price available.
- In addition, Prisync can also help other workers in your business as category managers. So, get the advantages that big data brings to e-commerce and invest your time in the most important aspects of your work: making decisions.