Blog

Introduction

Pricing is a core component of an eCommerce business day to day operation. It is often one of the main things a consumer considers when deciding to make a purchase and therefore plays a critical role in determining a company's success.

Why Competitor Monitoring is Essential for E-commerce Success

So, you're an eCommerce business owner who wants to stand out in the ever-growing online marketplace. Here's the harsh reality - there are an estimated 12-24 million eCommerce stores active across the world at any given time.

This blog post is focused on supporting the Shopify community. It will take a look at how Shopify Price Tracking can help boost your revenue, how Shopify users can optimise their prices to grow sales, as well as how to implement a dynamic pricing strategy.

In this article, we will dig into how BlackCurve tracks the prices of your competitors in order to support your competitor pricing strategy. It is presented through the lens of helping eCommerce companies.

We recognise that businesses are both at different stages of market size, as well as at different stages for how much pricing is being used inside the business to support growth. Therefore, we have created three core editions, or “flavours” as I typically say on demo calls with prospects: ‘Tracker’, ‘Challenger’, ‘Commander’, to support whatever stage of pricing your eCommerce business is at. This post aims to take you through these editions to help with your selection, as well as introduce our new ‘Enterprise’ offering.

Getting started with BlackCurve’s Competitor Pricing and Marketing Insights product, called ‘Tracker’, is really quick and easy. In this post, we will take you through the simple steps needed to start your trial. 

Firstly, head over to https://blackcurve.io/mdb/activate/, which can also be accessed by clicking the button in the top right-hand corner of our website, which currently looks like this 👇.

A competitive pricing strategy is setting your prices using your competitors’ price points as a benchmark. This pricing strategy is used extensively by eCommerce companies selling branded goods that are available to consumers from multiple online shopping stores.

how to do a competitor analysis in a competitive market? 

Why should you stop stressing about competitor prices? In this post, we will share why only using competitor data to inform your pricing strategy is a red herring that will cause more harm than good to your business; and the key to fully optimising the prices of your products online or in your physical stores, is to use competitor data, as one of many data sources to make pricing decisions.

At BlackCurve, we define competitor tracking as any strategy that involves monitoring competitor data and adjusting your own prices accordingly. This is often as simple as finding the lowest competing product and undercutting the price .