In earlier Blog posts we have described what is competitor price tracking, how BlackCurve tracks competitor prices, and also covered different competitor pricing techniques. In today’s Blog post, we’re focusing specifically on how eCommerce companies can use price tracking tools to dominate their respective marketplaces as shown by winning market share.
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.
The Internet gives consumers unprecedented power to quickly and easily compare prices and find the best promotions for the products they require. Online pricing transparency, therefore creates the need for brands to closely monitor prices across their categories and against their competitors.
Are you in Ecommerce but still tracking your prices manually? Oh dear!
Most (60%) of your customers will purchase a product purely in terms of the best price so in order for you to keep one step ahead (at the very least) of the competition you will need to monitor your prices on a daily basis to see how they compare with your rivals - and this task could potentially take up your whole work day.