7 Must have Competitor Monitoring Tools and Services for Retail Businesses
by Jessica Miller on 22 May 2023 (4-minute read)
Competitive intelligence is crucial for the success of any business and all the
more so for retail businesses since the market for retail consumer goods and
services is aggressively competitive. The most effective and efficient way to
gain accurate and current data that is relevant to your business is by deploying
various competitor monitoring tools.
• Competitor monitoring is crucial for retail business as the landscape
gets more aggressively competitive.
• It allows you to scale up, stay competitive, relevant, and efficient in
your business efforts while not compromising on revenue and customer
• Leveraging technology is both an effective and efficient way to monitor
competitors and gain a competitive advantage.
• Investing in the right competitor monitoring tools can help you gain
actionable insights and relatively quick ROI.
With our decades of experience in the retail domain, we have pulled together a
list of tools and services that a retail business must deploy to not just stay
ahead of the competition but learn from them, be inspired by them, and thrive in
this competitive retail landscape.
Price monitoring: For 60% of customers, product
prices directly affect their
purchase decision. Whether this means they are looking for the cheapest option,
the best price for value, or are looking for a premium for luxury value depends
on your audience, competition, and niche.
Price monitoring tools help you track, monitor, and analyse competitors' prices
and price promotions so you can tweak your pricing strategies and price
promotions when and where you see a competitive price advantage. Tools like
you to attract new customers with competitive prices, keep
existing customers happy by giving them the best deal, and increase revenue.
Technology monitoring:96% of
retailers are investing in new technology to
increase efficiency in various business processes including inventory
management, competitor monitoring, personalising customer experience, etc. and
95% of them say that these investments have positively impacted their customers’
Finding the right technology to invest in involves spending a lot of time and
resources evaluating them. Understanding your competitor’s technology stack will
give you insight into the current and preferred tools in the industry allowing
you to make a more informed tech decision.
Track Email marketing:58%
of consumers say that email marketing influences their
purchase decisions and 50% of them make a purchase through a marketing email at
least once a month.
Now imagine if you could find out how often your competitors are emailing their
customers with discounts, when they send emails, and even how they segment it.
Tools like MailCharts and sendview do just that. You can use this information to
plan your own email marketing strategy and boost conversion rates.
Ad tracking: retailers in the US alone will be spending over
$50 billion on
digital ads even when they are likely to convert only 3% of the leads generated
by them. Paid marketing is evidently the most expensive way to generate leads
and if you are choosing to generate leads this way, you want to bid where you
have the most chance of conversions.
While your SEO tool could tell you a lot about the keywords that businesses are
spending most on, to get data that is most relevant to your business, you want
to track what your competitors are doing specifically. Tools like BigSpy and
SerpStat allow you to monitor your competitors' ad copy, contextual ads, PPC,
channels, etc. allowing you to choose from what works best for your industry.
Keyword and content monitoring: as marketing
strategies go, Search
marketing is the best if you are looking for consistent and sustainable
in awareness and traffic. While the results may not be immediate, your patience
and resources will be rewarded with lasting results that paid ads cannot
By keeping a close eye on the kind of content your competitors are publishing and
the keywords they are targeting, you can spend less time researching and more on
developing quality content. SEO tools like UberSuggest and ahrefs help you do
just that. Of course, monitoring your competitors' content can also serve as
inspiration when you’re hit by writer's block!
Social media monitoring:60% of Instagram users
(that’s 600 million users) are
already using the social media platform to look for and purchase products. It’s
not crucial for businesses, especially B2C businesses to have a social media
presence. But social media can be hard to crack and monitoring your competitors’
social media activity can help you with that.
Monitoring your competitors’ social media will help you in multiple ways
including inspiring you when you’re stumped for content, gauging their social
media strategy so you can compete with them, understand what works, and learn
from their mistakes.
Financial Intelligence: Any business worthy of its
name will be curious about its
business and financial movements. This includes data regarding their hiring,
revenue, funding, competitors, etc. This information can help you plan your
growth strategy and understand your business’ potential.
Owler and CrunchBase allow you to gain competitive business intelligence while
also helping you find the most suitable tools and services that can help you
scale your business.
Technology is definitely high up on the list of things retail businesses will be
spending on in the coming years. Whether you are looking to scale up or remain
competitive, relevant, and efficient while not compromising on revenue and
customer experience, you have to invest in the right technology for your
While there are multiple tools and services required for a retailer to be
successful in the industry, staying ahead of the competition is extremely
crucial. The sustainability of a brand is decided based on the competitiveness
in the market. Pricing is a key in determining how competitive in the industry.
Pricechecker has been a leading software used by top retailers to remain
competitive in their respective markets. From consumer electronics to food and
beverage, Pricechecker has footprints in
delivering the best price monitoring