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Finding the right price management strategy is an important element in running a successful business. Naturally, as markets change, so do the strategies required for price management.

Any business wants to maximise profits by pricing their goods and services at the right level – and to control those prices using an accurate pricing solution or price engine. Traditionally for many businesses price management has been conducted using Excel spreadsheets to calculate optimum prices – and to convey these prices to all concerned in the sales process. No-one is saying that Word and Excel Price Lists are a completely flawed system of managing pricing but the modern, accurate and more efficient way is to use a pricing software rather than the old fashioned methods that are so susceptible to error, manipulation and corruption.

When you run an eCommerce store, knowing how to price your products effectively can make or break your business.

Ever get frustrated that a competitor has changed their prices just after you changed yours? Do they always seem to be able to react instantaneously to any change you make? If so it’s likely that they’re using some form of price automation. If you’re changing prices manually, price automation can be incredibly irritating to go up against. It can feel like anything you do is immediately countered by your competitors.

How do you price a product? You look at the margin you want to make. Look at what your competitors are charging.

It shouldn’t be a surprise that ecommerce has changed dramatically in the last few months. Lockdown has significantly altered consumer behaviour as we’ve been forced to adjust our lives.

how to do a competitor analysis in a competitive market? 

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 .