How To Choose The Right Price Monitoring Method

Irrespective of the e-commerce sector you belong to, at some point or other point you will have to change the prices. It can be to keep up with the prices offered by the competitors to give discounts on special occasions. It is challenging to decide which method is right for you.

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1. Manual Price Tracking

Now, every company has its own niche, competition and way of doing business. Not to forget, based on your business, you might have a lot of products in the product line. Now, this means you will have to track loads of prices on competitors’ websites and doing that manually can be time-consuming. And tracking price is pertinent because you need to stay ahead of the competition. But if the results are late then it will be no help in decisions.

So, you need to ask yourself how much time you spend on tracking competitor websites. And is it really worth it? Is it a daily, weekly, or monthly task for you? Also, is it relevant after putting in so much time? For companies with lesser products and fewer competitors, it can get easy to track the prices manually. On the other hand, if you have more than 15- 20 products, it is better to opt for automation of competitor price tracking. We will get into that later in this blog.

For starters, performing competitive price tracking daily for a lot of products is a waste of time and money. Moreover, the benefit of automation is that you can gather the data you need quite easily as compared to doing it manually. For businesses with lesser products that opt for manual tracking, a spreadsheet would be a suitable tool. And as there are very limited products in the niche, your resources are not wasted. Furthermore, this helps in keeping all the data in one location. But this can be very time-consuming and there are always chances of human errors.

Therefore, manual tracking is not recommended for e-commerce stores with more products and more competition.

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