The eCommerce space is very competitive today, so like the offline business, it is important to get the pricing right for all your products. There are many tools and software available to help the management of online businesses to price their products competitively.
Competitor price monitoring
One way is to understand how your competitors are pricing their products. This knowledge will help you stay ahead of competition too. Competitor price monitoring software like PriceManager and other such tools can help you track the pricing strategy of your competitors. But there is more to competitive pricing than just being aware of your business rivals pricing strategy.
Pricing is a team sport
All eCommerce companies know that pricing is a team sport and is not the job of one individual. This is because the pricing decision and the analysis affect every department and every person in the company. Since pricing affects the entire company, it is like a team sport. Keeping this important fact in mind, the competitor tracking software you use should be able to cover the needs of all the potential participants within your company. The users of this software will include product managers, business analysts, purchasing officers and many other employees of the enterprise. Hence the tracking software should be customized to suit all the user groups.
Pick the right software
It is important to select the right software for your online store. The functionality of the software should have a hierarchy of data to be reported. This should include raw pricing data, aggregated data, index values, the percentage of items that are cheapest currently in the market, etc. The software should also be easy to set up and execute, should be able to update the price at least four times a day, report dynamically and email the alerts to the main members of the team.
With the right price monitoring software, you can increase your sales and boost your profit margin. Although it is true that many factors affect the profitability of your company, pricing is one of the critical factors, that you have control over.
