How Competitor Price Monitoring Is Done?

In order to track competitor prices, you need to create a list of products on offer. Further, a list of competitors needs to be prepared depending on the product mix they offer. These products are then mapped to competitors and the task of price monitoring begins.

Apart from the pricing data of the competitors, other valuable data is also collected such as promotions, offers, discounts, etc. This is done with help of manual and automated methods. Price monitoring software is required for automated price monitoring. The insight gained is presented to the retailer in the form of real-time reports so that they can make informed decisions.

Now, it is time to deep dive into the concept. When we say competitor price monitoring, it covers a lot of aspects including the prices. You can also check the market trends. We will tell you why it is important. See, the market fluctuates in varied ways and keeping pace with that becomes imperative. If you have an eCommerce business, then you can’t wait for the trend to happen rather you must have a forecast or a possible prediction, so you can strategize accordingly. With the help of a price tracking platform or tool you can do that easily. For instance, you can get the data on the price drop in the coming black Friday week. So, you can start the promotions right away to get more people engaged during the sale.

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