How to set up price monitoring alerts for your retail business
Customers now are very savvy. Research shows that 81% of customers research products online before making a purchase. With price comparison sites and price drop alerts becoming more and more popular among customers, it’s important for businesses to be aware of when a competitor drops their prices.
Why should you set up price alerts?
To be able to respond to competitor behaviour quickly and intelligently.
The retail business is both fast-paced and aggressively competitive. To thrive in it, you need to be aware of your competitors' prices before your customers are, so you can optimise your product prices accordingly. Pricechecker’s watchlist and alerts help you with just that.
Remember, pricing competitively not only helps you get new customers but it also helps you give your existing customers the best deal and keeps them choosing you over your competitors. This is very important because over 65% of your revenue comes from your existing customers.
How to set up price monitoring alerts on pricechecker?
Needless to say, you will be tempted to set price drop alerts for every product on your catalogue but this will just lead to a waste of valuable time and resources. So how do you set up your watchlist to make the most of it?
Step 1 - Identify price-sensitive products: By identifying the products that you are most likely to gain a competitive price advantage over your competitors. These are your most price-sensitive or price-elastic products.
Step 2 - Set up watchlist: Once you identify them, setting up a watchlist and alerts on Pricechecker takes only a click of a button!
Once you identify your most price-sensitive products, click on the eye icon to receive not just price drop alerts but to receive alerts when any changes to price, promotion, or stock status occur.
Step 3 - receive email alerts: Pricechecker will send you an email notification anytime a competitor changes the price of the product you’ve added to the watchlist. Pricechecker also allows you to filter only the products on you watchlist to see promotions and stock status of only these products.
Final thoughts
Competitor price monitoring is crucial for any retail business since the price is the primary factor that affects a customer's purchase decision. But monitoring the price of every product constantly is not the best use of your time and resources.
You can make the best of your competitor monitoring efforts by identifying your most price-sensitive products and setting price drop alerts for them so you can act quickly when a competitive price advantage presents itself.
Pricechecker also sends a weekly report of competitor activity including analytics including your top 3 active competitors, and their activity relating to price, promotion, and stock status. Talk to us to learn more and see a demo!
