IPRoyal Leads 5 Crucial Tips for Tracking the Lowest Prices in 2021: From Pricing Strategy to Data Analysis
It's no secret that online prices can fluctuate many times in a single day. Dynamic pricing strategy, which the travel industry has used for many years, is now becoming more and more popular in different industries.
VILNIUS, Lithuania, June 23, 2021 /PRNewswire-PRWeb/ -- E-commerce has seen steady growth in the past, which was only boosted further by the ongoing pandemic. Keeping up with the ever-changing landscape of heavily diversified and equally saturated online markets presents a massive challenge. It's no secret that product prices constantly change even without any special discounts and deals.
Efficient price monitoring has become a crucial element of success for any company. Price intelligence offers valuable real-time market insights and helps optimize pricing strategy. These insights are essential for creating an effective business development strategy, increasing sales, and staying on top of the newest market trends.
Here are five ways businesses can perform price monitoring, keep an eye on their competition, and ensure more efficient brand growth.
1. Develop a Price Monitoring Strategy
Every retailer knows that consumers tend to search for the lowest prices. With so many price monitoring apps, websites, and browser extensions, keeping an eye on price fluctuation, discounts, and special deals has become easier than ever. However, most businesses just don't know how to respond to this tendency.
The worst thing a company can do is make pricing decisions without knowing what the competition is charging for similar products. A robust price monitoring strategy offers timely insight into the market, which allows making changes at the right time. That way, a business can stay ahead of the competition and secure higher revenues and a more significant market share.
2. Identify the Competition
The competition for any enterprise varies depending on the industry and the channels used to sell products. Determining how prices change across each channel is crucial. Online prices often change a lot faster than they do in brick-and-mortar stores. Knowing what's going on with the competition will allow a business to determine how often prices need to change to remain competitive.
Not all competition is equal, of course. Prioritizing competitors by importance and their influence on the market helps figure out which price changes to follow. Closely monitoring the most popular competition allows businesses to make sure their pricing changes are based on the action of competing retailers that matter the most.
3. Use Price Monitoring Tools
After identifying the competitors, it's time to start gathering pricing intelligence. Doing it manually takes time and resources, but companies can utilize different tools designed to automate the process. Different software solutions can monitor prices across various channels by product UPNs, brand, or category.
While these tools are great, they usually come with certain limitations. Some are focused on specific e-commerce platforms, a particular market, or a region. While they do provide useful intelligence, they often can't show the whole picture. This usually leaves businesses without a complete overview of the current trends and prevents them from developing a comprehensive pricing strategy.
4. Use Proxy Services
For a company to grow and dominate the modern market, it needs an upper hand over all the competition. Unlike price monitoring tools, a proxy service ensures a comprehensive, secure, and customizable solution for price tracking without any restrictions and requiring minimal maintenance. Most importantly, they can gather accurate data from all over the world.
"More and more businesses are recognizing the value of gathering pricing data from different platforms worldwide. Our clients can select the data scraping sources, the information they need, and the frequency at which the data is collected. They can change the scale of scraping depending on their needs, and rest assure the data they get is accurate and up-to-date," said Karolis Toleikis, CEO of IPRoyal.
5. Analyze the Data
Once they get the relevant data, businesses can structure and analyze it. This helps understanding how often the competition changes their prices, why they change it, and why they believe a specific price is suitable for their product. This data can be extrapolated and converted into a market price index to determine a company's price position.
With this valuable information, a business can quickly determine any discrepancies in pricing. This allows for confident price adjustments, which help protect the brand, ensure more effective market penetration. In turn, these adjustments will secure more sales, increase margins, and enable any company to get ahead of the competition.
The modern consumer is informed and savvy, with multiple options that allow tracking the lowest price of any product or service. If a business doesn't stay competitive, the customers simply choose to spend their money somewhere else. With price tracking and marketing insight, businesses can ensure a valuable advantage that guarantees a firm position in the competitive landscape.
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Vytautas Nemunaitis, Market Rats (PR distributor), +370 67342024, [email protected]
SOURCE IPRoyal
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