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.
Topics: Pricing, Competition, Competitor Price Tracking, competitor-led retail pricing strategies
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
Topics: Competitor Price Tracking
In the past, retailers relied on personal experience, manual tracking and pure gut reactions to optimise their assortment and pricing relative to their competitors but this manual approach is no longer practical or feasible in today's intensely competitive and highly dynamic markets.
Topics: Competitor Price Tracking