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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.

In this article, we provide 9 powerful pricing techniques for you to stay competitive in your market. Add these techniques to your competitive strategy and revenue growth is sure to follow.

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.

In this article, we define competitor pricing and introduce the pros and cons of using competitor pricing to make price decisions in your eCommerce business.

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.

In this post, we cover:

1. What is the Digital Shelf?
2. Why is the Digital Shelf important to eCommerce businesses?
3. A check-list of how to use BlackCurve to optimise your own Digital Shelf and win online market share.

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

There is a real danger in “race to the bottom” pricing – basically, no one wins. 

By automatically diving to the bottom price all you’ve done is dented your profit margin and your reputation – and lowered the perceived value of your product. 

Competitive-based pricing is used by many businesses in order to keep prices low while still making money. It's also known as "price leadership."

Why You Need to Understand Competitor Pricing

Competitive-based pricing, or market-oriented pricing, involves setting a price based upon an analysis of what the competition is up to pricing-wise. You can choose to price-match - or price your goods higher or lower, dependent on what your overall business goals are and how you wish your product to be perceived.