Competitor Price Monitoring F.A.Q.s

Competitor Price Monitoring F.A.Q.s

Competitor Price Monitoring

In the advancing world, there's a race to surpass the counterparts. And with the progress in technology, everything is going digital and online. Stores have gone online in order to reach a larger number of people in lesser time. Now, running an online store is not as easy as one might presume. It takes a hell lot of research, hardship, mental involvement and awareness of competition in setting a successful online store. A major part of this process is the study of the competitor's moves and then moulding our strategies into fruitful decisions. It's obvious that when we are amidst really fair and intense competition, where our competitors always try to hamper our growth by all means, it would be very unwise on our part to frame our strategies without knowing what's their in the opponent's mind. Here comes the role of the concept of price monitoring, a friendly venture and an easy go

through into the opponent's territory.

'Competitor Price Monitoring' is a technological entity that aids online store owners to gain idea of the pricing factor of their competitors, saving tons of time usually employed on researching the same manually. Price monitoring is an essential aspect in the business online. Keeping an account of others's data and their analysis leads one to the knowledge of their position amidst the depth of competition and divert the strategies accordingly towards pro fitful directions.Also, one gets to know about new trends in the market that one might not be aware of, which might be essential in soaring the growth high.

As we know that today's business is more focused on increasing profits and the topic becomes the centre of the whole business plan.Here arises the need of researching the competitors's price factors for various products. To serve this purpose, ' Competitor Price Monitoring' is used as it's handy and foolproof. In short, Price monitoring proves advantageous in raising profit margins as it provides data which one can rely upon. Once we have reliable data, we can set our plan of action which yields maximum efficiency. Apart from greeter profit yields, the practice reduces business risks, as our actions and plans would then be based upon modern trends and thorough knowledge of our competitors's steps.

In short, what is to convey is that it is intensely vital to remain updated about the ups and downs in the market, just for the cause of our business security and growth. Often, some people prefer traditional trends and as a result suffer setbacks in their businesses. The cause is the lack of awareness and deficiency of tactics in strategy. Thus, competitor price monitoring is truly a practice worth inculcating as it saves both time and energy which could be utilised in forming effective strategies. It's a matter of our progress and advancement and it's always good to move along with the world, without any lag.

How data mining has shaped future of different realms?

The work process of data mining is not exactly what its name suggests. In contrast to mere data extraction, it's a concept of data analysis and extracting out important and subject centred knowledge from the given data. Huge amounts of data is currently available on every local and wide area network. Though it might not appear, but parts of this data can be very crucial in certain respects. Data mining can aid one in mouldings one's strategies effectively, therefore enhancing an organisation's work culture, leading it towards appreciable growth.

Below are some points that describe how data mining has revolutionised some major realms.

Increase in biomedical researches

There has been a speedy growth in biomedical researches leading to the study of human genetic structure, DNA patterns, improvement in cancer therapies along with the disclosure of factors behind the occurrence of certain fatal diseases. This has been, to an appreciable extent. Data scraping led to the close examination of existing data and pick out the loopholes and weak points in the past researches, so that the existing situation can be rectified.

Enhanced finance services

The data related to finance oriented firms such as banks is very much complete, reliable and accurate. Also, the data handling in such firms is a very sensitive task. Faults and frauds might also occur in such cases. Thus, scraping data proves helpful in countering any sort of fraud and so is a valuable practice in critical situations.

Improved retail services

Retail industries make a large scale and wide use of web scraping. The industry has to manage abundant data based on sales, shopping history of customers, input and supply of goods and other retail services. Also, the pricing of goods is a vital task. Data mining holds huge work at this place. A study of degree of sales of various products, customer behaviour monitoring, the trends and variations in the market, proves handy in setting up prices for different products, bringing up the varieties as per customers’ preferences and so on. Data scraping refers to such study and can shape future customer oriented strategies, thereby ensuring overall growth of the industry.

Expansion of telecommunication industry

The telecom industry is expanding day by day and includes services like voicemail, fax, SMS, cellphone, e- mail, etc. The industry has gone beyond the territorial boundations, including services in other countries too. In this case, scraping helps in examining the existing data, analyses the telecommunication patterns, detect and counter frauds and make better use of available resources. Scraping services generally aims to improve the quality of service, being provided to the users.

Improved functionality of educational institutes

Educational institutes are one of the busiest places especially the colleges providing higher education. There's a lot of work regarding enrolment of students in various courses, keeping record of the alumni, etc and a large amount of data has to be handled. What scraping does here is that it helps the authorities locate the patterns in data so that the students can be addressed in a better way and the data can be presented in a tidy manner in future.

ITSYS Solutions, has scraped over thousands of websites providing our clients from North America and Europe with data in formats as per their requirement, providing web scraping, business intelligence information, competitive price intelligence, retail business outlet locations, product catalogs, etc.
Need help? Email me at info@itsyssolutions.com or call me direct +1 (518) 481-3433.

How to implement effective retail pricing?

The market today and the rapidly changing trends, demands a wise approach towards setting up a perfect price for your products. It often happens that the retailers, inspire of providing the quality products, seems to drive away customers due to ineffective and extravagant pricing. It is, in a way, killing their own market and setting up favourable business conditions for the competitors. One can survive in the market only when one is able to raise feelings of business insecurity in the minds of one’s competitors.

Thus, below are some suggestions which can aid retailers in setting up an effective and competitive price for their products.

Be aware of the trends in the market

First of all, a business person or a retailer ought to be updated with all the existing trends and policies

in the market. This is essential as one could then frame one’s strategies accordingly, with a market oriented approach. Failing to do so would result in inadequate policies and outdated plans, leading to business setbacks and losses.

Target all classes of customers

Basically, customers are the centre of every business and their related markets, as it is the customers who would eventually be buying the products. So, if the pricing along with the quality, is perfect, then the product would definitely be a success. What is to convey is that the pricing of products should be done in such a manner that the cost lies within the reach of customers as well as it meets the expenses and profits of the company.

Monitor the competitor’s price thoroughly

Competitor price monitoring is a very essential aspect of effective retail pricing. Price monitoring is a technique to keep an account of the competitors’s prices for the products. One can collect data pertaining to the competitors’s pricing strategies from their websites through web scraping. This act enables an individual to frame their plans of action effectively and end up setting a competitive price for their products.

Avoid useless price comparisons

You being yourself is a key fact that could shape your business and take it to heights. In the light of this, it is to convey that yes, one should compare prices but shouldn’t make such comparisons, the foundations of one’s strategies. Data scraping can provide sufficient data for carrying out price comparisons. But, it should be limited till getting an idea of the market as comparative pricing can sometimes lead to setbacks in business, thus should be considered wisely.

Price yourself as per your market and demand

It is necessary to know your upper and lower bounds while setting up a price for your products. One should be aware of the type of market available for one’s products. Website scraping and data mining can provide one the knowledge of the customer behaviours towards a certain category of product. Based upon this knowledge, one can estimate an optimum value for one’s product so as to maintain the dignity of product quality and on the other hand avoid extravagance. In short, the price shouldn’t be too low that it doesn’t justify the product quality or too high that it drives your product out of competition. 

Expert Guidelines to Boost Competitive Pricing Tactics for Ecommerce

If you are running an online store then you need to be aware of the competitor’s pricing strategy. In case your product price is too high, then chances are likely you will miss moderate customers (middle-class buyers) or if you have priced your product too low, then online buyers might not go for it as your product may appear of an inferior quality. In both scenarios, you will loose your customers and this will decrease your store value. To avoid these circumstances you will have to monitor your competitor’s product price along with discounts they are offering, the way they are promoting their products and brands etc.

What is Price Monitoring?

To run a successful online store, you will need to devise a suitable pricing strategy to boost your sales. Price-monitoring allows you to collect data via website scraping and data mining from other similar website stores and you can use that information to devise a useful tactic that might aid your online store to be ahead of others in the long run.

Price monitoring uses different techniques like data mining, data scraping, and web scraping to give you insights on the present industrial environment, market demand and likely future trends. This will allow you to use collected data for your own store benefit as you will be aware of competitor’s pricing tactic.

Why will you need a Price Monitoring software?

You don’t need to manually search every website that is operating under the same market segment because that is just not possible. There are many of software solutions that can help you with your data collection tasks. Price-monitoring software can help you track your competitors selling and marketing strategy in a much more simplified and understandable manner.

Price Monitoring helps you to create and implement unique strategies

You will need a unique marketing plan or a Unique Selling Proposition (USP) that can counter your competitor’s plan. Your strategy should make your online store look stand out of the crowd. It should be something that other online stores are not offering to their customers. To help you capture the majority of the market, price monitoring can help you create a promotion plan that provides customers with some extra benefits without affecting your per product margins such as an extended return and refund policy, free shipping anywhere in the country, free trials, amazing discounts on high priced products etc.

Conclusion

Pricing Monitoring helps you boost your sales and store value. It helps you to predict your competitor’s marketing strategy and track their next move. It also gives valuable insights about how you can set your marketing strategy that will give you more leverage over your competitors.