Competitor Price Monitoring Software
Competitor price analysis has become an important aspect for all businesses, especially ecommerce businesses. All companies, regardless of industry, must be aware of what is happening with the prices of their main competitors.
Setting the right pricing strategy would be difficult without that knowledge. There is no doubt competitor price monitoring software helps ecommerce and other companies keep in the competitive market’s race.
Nowadays, people are more aware of pricing, they want to review and compare products and services before buying. So it simply means pricing is one of the most important driving factors, no matter it’s a first-time buyer or an old buyer. That’s how competitor price analysis plays a very critical role in your product or services business.
If you have no idea about the best competitor price tracking software that matches your objectives, you are at the right place. Here, you will find the list of best price monitoring software that helps you promote your business.
Before selecting the best competitor price monitoring software, you need to understand what price monitoring is, the benefit of price monitoring tools, and how price monitoring helps with the business.
Table of Contents
What is Price Monitoring?
Price monitoring is a cost analysis method, also known as price intelligence. It is a process in which a company is optimizing its price strategy after analyzing the internal or external variable price of the competitors.
A good competitor price monitoring tool helps you mark the right price of the product and enables you to manage inventory and the supply chain.back to menu ↑
Price Monitoring Strategy
The price of the product and services is the first element for your first customer. So it important to follow the right price monitoring strategy that helps you set the right price for the first buyer. Below are some steps to follow:
- Clear your objective or define your goals.
- Identify your target market.
- Competitor sites and products analysis is important.
- Selection of the best competitor price monitoring software to manage your price monitoring program.
- Optimizing your price after analysis of the price monitoring program.
How Does Price Monitoring Help With Business?
You’ve already noticed that price tracking has become so complicated that doing it manually is nearly impossible. This is where price tracking software plays its role! Price monitoring tools will allow you to track the history of prices, resulting in a complete pricing analysis!
In the modern business world, marketing analysis is the most important aspect for every business that helps you grow innovatively. As you know, marketing ‘pricing strategy’ plays a crucial role and decides whether you are competitive in the market.
Gives you a competitive advantage:
A good competitor price monitoring software insight helps you take competitive advantage of the marketing and price strategy of the competitor. Price monitoring tools offer you data after web scraping of your competitor.
With the rise of the internet, online shopping and eCommerce are booming, and the customer’s priorities are changing, which makes the market so competitive. By using the price monitoring tool, you can get higher conversions. When you consistently offer competitive pricing to your target audience, your customer never keeps away from you.
Builds your brand:
According to a market research company, more than 30% of customers are influenced by the brand or website they visit before making final purchase.
There is no doubt that the competitor price tracking strategies help you build your brand. If you provide value to customers in price without compromising the quality and durability of products, that helps you build a brand.
Maximize your profits:
The right competitive price monitoring software helps you determine the perceived value and the exact cost of each product helps you gain the maximum sales with better ROI. Always remember if you want to achieve maximum profit, keep in mind your customer or prospect seeing your business and services based on price.
Keep you up to date:
Every ecommerce platform changes its price constantly after a short period; that’s why it is important to track your competitors. Manually tracking your competitors is not a cup of cake; it is too costly. Here price monitoring software comes in a role that helps you keep you up to date from current market trends.back to menu ↑
How to Choose the Best Price Monitoring Tool
If you have no idea about choosing the best price monitoring tool for your business, you have to keep in mind some features found in an ideal price tracking software.
Tracking historical data:
Before launching your product in the market, you have a plan for product assortment and pricing. For this, you need a price monitoring tool that provides you historical data of your competitor.
The software helps you identify the data related to the right replenishment point, best prices, and ideal product launching timing. So always select the tool that provides you complete historical data of your competitor.
Determining cost frequency:
There is no doubt a good ecommerce price monitoring tool helps you determine the cost frequency of your product and services based on competitor price analysis and rate of operations. Always prefer to buy a price monitoring tool that helps you find out the right way to determine the cost frequency of your product.
Competitor Price monitoring:
This is one of the most primary and basic features of any price monitoring tool that provides you real-time price insights of a competitor. Ensure the price data provided by the price monitoring tool is easy to read and easy to understand.
Stock movement visibility:
An ideal price monitoring software provides insights related to competitor stock moment and gives you complete information related to in-stock, out-of-stock products, and their demand.
In-depth competitor analysis:
Before buying a competitor price monitoring software, make sure it will provide you insight into price monitoring and review competitor product visibility, product description, bestsellers, customer reviews, etc.
Make sure whatever price monitoring tool you buy provides you highly accurate information about the cost of the product and supply chain. The tools offer you information about similar & exact products for both private level goods and branded goods.
An Ideal ecommerce price monitoring tool can provide insights related to product segment based on price, type of product, name, custom tags, brand, etc.back to menu ↑
Best Competitor Price Monitoring software
Price2Spy is a most trusted price tracking website by ecommerce professionals around the globe. It is one of the best tools to optimize your price and helps you detect your market position and competitor.
You can manually enter the URLs from your competitors website for price monitoring. Price2Spy will provide you with a number of reports to make analysis of data simpler and more detailed. It comes with 30 days free trial.
-Daily insights report.
-Easy spreadsheet export.
-Directly integrate with Bigcommerce & Magneto.
- Awesome customer support
- Easily compatible with 90% of the website
- Ecommerce integration
- Visualization needs improvement
Datacrops matches your needs if you are looking for the best web data extraction software that provides unique data and monitoring solutions. DataCrops ecommerce price monitoring tool gives you full insight into your competitors’ pricing and product selection, allowing you to make profitable pricing decisions.
Online retailers are looking for pricing intelligence tools that can extract pricing data from a single or several competitors. It easily fits all business needs and provides value to your business by offering features like price intelligence, data extraction, and product intelligence.
-Online market intelligence.
-Optimize product variations.
- Easy to use
- Highly scalable
- Advanced web based system
- No free trial
There is no doubt LogiPrice is best for competitor price analysis and inventory monitoring. It visits your competitors’ websites 5 times a day to find out the price of your products and the inventory. You can easily import your products and export your reports.
LogiPrice calculates the competitors’ sales for each product based on stock variations. By using this tool, anyone can automate thousands of products and get helpful insights about your competitors.
-Price & stock monitoring.
-Easily calculate sales of your competitors.
- Excellent responsive support
- Compatible work with 99% of websites
- Export spreadsheets
- Email alerts
- No calling support ( tickets only)
- App platform missing
Prisync is a competitor price monitoring tool that helps you protecting your brand around the globe. It is the best price tracking website for eommerce companies, Shopify merchants, manufacturers & suppliers, etc.
Their bots are so smart that your competitors won’t be able to know that you are spying on them. It helps you in better managing your costs, profits, and competitive edge. Prisync has 14 days free trial, and its price starts from $59 per month.
-Market data analysis.
-Recommended price suggestions.
-Easy to manage dashboard.
-Comes with basic API.
- All primary tools that a beginner needs
- Real-time tracking and updating
- Not easy to set up
Skuuudle is a cloud-based competitor price monitoring software that provides you the confidence to make winning pricing decisions. Skuuudle offers price and product intelligence to the world’s largest retailers and distributors, as well as an increasing number of small and medium enterprises.
It includes personalized analytics dashboards that sets seasonal and long-term targets based on past performance data. Furthermore, the platform offers insights into product overpricing and opportunities, allowing companies to manage prices across the web.
Skuuudle price starts from $89 per month, and it also offers you a free trial after contact the sales team.
–Daily, weekly, monthly, or bi-monthly reports on competitor pricing.
-Competitor price tracking.
-Price forecasting and list management.
–Data collection & quality control.
- Real-time data with perfect accuracy
- Provides monthly insights
- End to end visualization price monitoring platform
- Online support limited to business hours
Repricer.com is one-stop price monitoring software specially designed for ecommerce pricing (perfectly works for Amazon). Repricer.com responds to changes made by your competitors in 90 seconds, giving you the best chance to make the deal.
Repricer.com analyzes your results and makes recommendations to improve your sales. Its price starts at $69 per month and offers you 14 days free trial.
-Automated, flexible pricing.
-Price up to and down monitoring.
- Hassle free, multi-channel pricing
- User-friendly navigation
- Buy box strategy optimization on Amazon
- Limited to Amazon sellers
- Sometimes may face synchronization issue
Minderest is a complete cloud-based price monitoring software specially designed for manufacturers and retailers who want to monitor pricing and product assortment. It tracks competitor prices and stock details on a daily basis in any location, language, or currency with high data coverage and accuracy.
Minderest gives you complete analysis of your competitors catalogue and notifies you immediately when your competitors launches new products.
-Product data API.
- API extraction is available
- Compatible with mobile app
- Sometimes update slowly, needs some improvements
Omniaretail is a competitor price monitoring software that automates pricing insights and dynamic pricing for brands and retailers. Omniaretail offers you control of marketing strategies, product assortment, and product pricing.
Omniaretail gathers information from various different sources, including price comparison websites and the websites of your competitors.
Omniaretail automates data collection, pricing calculations, and price alerts, allowing you to concentrate on the plan that propels the business ahead. It comes with a customized fee structure, and you get a free trial after contact with the sales team.
-Strategy with end-to-end automation.
-Offer consistent and transparent pricing.
-Price elasticity calculations.
-Customized pricing rules.
- Easy to use and understand
- Easy to customize and explains to you how software algorithm works
- Initial setup needs some time
Conclusion: Best Competitor Price Monitoring Software
Competitor price tracking software offers competitive pricing after taking insights from data science and machine learning based on some parameters like current market, competitor pricing, demand, and supply.
Price monitoring tools are generally SaaS (software as a service) products that integrate their services between ecommerce companies, retailers, and manufacturers.
After going through the above list of the best price monitoring software, I hope it helps you understand which competitor price tracking tool match your needs and business objectives. You can choose anyone according to your need and budget.
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