As more and more brands move towards a dynamic pricing strategy, monitoring competitor prices to optimise your own has become both crucial and challenging.

This has encouraged more successful Ecommerce businesses to leverage technology to monitor competitor prices more effectively and efficiently so they can focus their efforts on streamlining their pricing strategy based on actionable data.

If you are an Ecommerce business that has not jumped on the bandwagon yet, here’s why you quickly should.

1. Optimise your pricing based on real-time data: With platforms like Amazon changing the prices of their products almost every  10 minutes, pricing data becomes obsolete quite quickly.

A price monitoring software will let you know as soon as your competitors have updated the price of a product that you are competing with so you can decide whether or not to change your prices to match or compete with theirs.

2. Base your pricing decisions on data beyond current prices: The thing about competitor price monitor software like pricechecker is that it delivers you more than just your competitors’ prices, but also their stock status, customer reviews, and past price and promotion trends.

With such multidimensional data, you can make intelligent decisions and make them only when you truly need to.

3. Be aware of industry trends and patterns: One of the key benefits of keeping a constant eye on your competitors is being current on the latest trends in your industry and patterns in your industry, for instance, a particular time of the year when new products are launched, average product prices, supply chain patterns, etc.

Leveraging this information will help you elevate your business strategies.

4. Understand your competitors’ behaviour: Knowing your competitors’ prices, stock status, and customer reviews along with their past trends will allow you to see patterns in their behaviour that you can leverage to compete better.

You can not only optimise your price strategies and manage inventory more effectively but you can also take advantage of their stock-outs, price changes, product updates, and customer expectations.

5. Recognise patterns in your customers’ behaviour:  Keeping a constant eye on your competitors not only helps you understand your competitors better but also helps you understand and identify patterns in their customers’ behaviour.

Combine this with your own customers’ behaviour and you’ve got the cheat sheet to convert shoppers into customers. Leverage what’s working for your competitors to give your customers the best experience while also attracting more customers.

6. Better utilise your time and resources: The most crucial benefit of all is the amount of time and resources that you will save by automating your competitor.

Instead of monitoring all your competitors and their products manually, your team can better spend their time making intelligent pricing decisions based on the accurate and real-time data that your competitor monitoring tool will feed them.

pricechecker is an all-around Ecommerce competitor monitoring that will give you accurate and real-time competitor data including their prices, promotions, stock status, and past trends in these aspects allowing you not only to optimise your pricing strategy but also make intelligent and competitive business decisions to grow your Ecommerce business.