In the world of e-commerce, knowing how to set up an effective price monitoring is essential to be a good vendor. No matter what product you market, you will have at least dozens of competitors online, spread over different channels (e-commerces websites & marketplaces). To stand out, you need to offer a more attractive price. The problem is that all your competitors will have the same idea. To ensure that you have the most competitive prices, you need to keep an eye on them!
1. What is a price monitoring ?
This technique consists of monitoring the prices charged by your competitors in order to offer better prices. If you are an online vendor, this is a time-consuming technique, as you will have to watch several sites for each of the products in your catalogue. Fortunately, thanks to modern technology, you can easily do this kind of thorough watch in a matter of seconds. All you need is a price monitoring software.
2. With a software, conducting a price monitoring becomes very simple
With price monitoring software, such as our myPricing tool, price monitoring is a piece of cake. Our tool automatically analyses the competition for all your items, on the sales channels you have requested, and reports back to you. You receive prices, delivery times and even ratings from your competitors. Our tool can reiterate these reports every 5 minutes if you wish.
With this information, you can easily define a pricing strategy to be more attractive than the competition. This greatly increases your sales volume, both because you are the cheapest and because you appear first in price comparisons and more easily win buyboxes on marketplaces.
3. With myPricing, post-watch pricing is also easy
Usually, you update your own prices after you have finished your price monitoring. However, our myPricing software, which includes dynamic pricing, also updates your prices.
After each price monitoring, myPricing will adjust your prices on all sales channels according to the price rules you have set. Price rules define how you want to position your prices compared to the competition. They allow you to automate your pricing strategy.
Example of a rule: Place my products €1 cheaper than the lowest competing offer.
myPricing is an essential tool for all online vendors. Between pricing and dynamic pricing, this tool allows you to automate all your pricing tasks, easily increase your sales volume, and boost your productivity.