Important Features of a Price Monitoring Tool

Price monitoring systems are technology solutions that a company can integrate with the existing Customer Relation Management or e-commerce systems. The main objective of the price monitoring tool is to automatically monitor the prices of several competitors. This will help in creating a suitable pricing strategy and enhance sales conversion. Though some tools are industry-specific, others are versatile and support diverse industries.

The price monitoring tool can help with re-pricing, price optimization, and dynamic pricing. The common features of the price monitoring software are as follows:

• Data extraction

• Web data extraction

• Contact and email address extraction

• Text analysis and mining

• Data import and export

• Image extraction

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Reasons to Use the Price Monitoring Tool

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1. Better Understanding of the Market

One of the best ways of understanding the market is through price monitoring. It helps in understanding how the competitor’s price their products and from where they get their margins. It will also offer insight into what the customers are willing to pay. This data enables you to make appropriate pricing decisions to earn the profit margin which can keep your business at par with competitors. It also helps in knowing which product needs more attention or marketing efforts.

‍Price monitoring tool is not simply about monitoring the sales numbers. It is about identifying how sales impact other areas of the business such as inventory or supply chain management.

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