With the recent advancements of technology, online shoppers can regulate their shopping experience according to the information they can gather online, with regard to price tags. According to the Total Retail 2015 report, 85% of shoppers online compare price tags when they shop. This number is growing each year. Especially with the changing trends since COVID – 19, online shopping experiences started to shape with more definition. As a shopping behavior, not comparing price tags before shopping experiences is a decreasing action. Not many shoppers are going with the first option that pops up to their page. Online buyers will check each price tag before they decide. And pages like Amazon and others are providing the best price tags to shoppers to save time for such research. They utilize parts like buy box sections to provide the best information to shoppers when it comes to the best price tags.
So yes, there is competition when it comes to the price tags. And yes, online shoppers will be more careful at the next shopping experience of theirs.
Such competition goes along with the online retailers as well. Retailers who want to sell more or want to get into the buy box sections of online pages, create such selling policies that they can damage the MAP policies of manufacturers. To compete with others, they regulate the prices accordingly. To prevent those violations of MAP policies, manufacturers monitor their own sellers.
What does it mean now? Online shoppers monitor price tags for better choices; retailers monitor their competitors to have this edge on the competition, and manufacturers monitor their retailers to prevent MAP policy violations. When it comes to e-commerce, everyone is monitoring each other.
When it comes to price monitoring, retailers should be more careful because they need to seek information regarding their own competition alongside with preventing MAP violations. When it comes to purchasing, competitive price tags can be crucial. This is why retailers should be careful when it comes to purchasing habits. To have best-selling points can be achieved by monitoring other retailers.
However, monitoring competitors’ price tags is not the only important part for competition. Retailers should understand what their competitors are selling was well. Having an understanding for e-catalogues and product ranges can be possible with monitoring as well. To see and understand what shoppers are choosing to purchase can be possible by monitoring the shopping trends. To do so, monitoring competitors’ e-catalogue and creating a competitive catalogue for themselves is crucial for retailers. Competing with retailers is not only about price tags, it is also about product range that is provided to the online shoppers. If a retailers can compete when it comes to the product range, it can build up their visibility for market places like Amazon.
Also, having an understanding the product information can be crucial for retailers too. Understanding the possibilities for discounts at certain times like holiday seasons can be possible with monitoring competitors. Looking for stocks of others and creating a promotion for certain products can build up a great selling points for retailers. Creating promotional campaigns according to stock data of others can help retailers to grow on e-commerce.
How should we start monitoring our competition online?
Competition monitoring seems like a difficult process, however with the help of advanced technology, it can be really easy. Competition analysis can be made with certain technological tools like PriceRest. PriceRest allows its users to seek information and track the prices easily. With the help of PriceRest, retailers can gather information and data related to their competitors’ prices, stocks and selling policies with an updated and automated way.
Who are we going to monitor?
Selection of competitors can also be important for online market success. At e-commerce, seeing who is your retail competitor can be difficult if you do not have information about that seller. Retailers don’t have to follow each seller online as their competitors. Collecting information about sellers can also help you to understand who are you going to monitor. Understanding other retailers and their range when it comes to e-commerce can be made with usage of right monitoring tool. Collecting information about others can provide retailers to decide who is their real competitors.
How often should we monitor others?
Understanding the selling policies of others, product range and price tags in general requires a non-stop monitoring. However, it can be unnecessary to be alerted all the time, when there is no change at price tags or product range. Being alerted when such changes is made can be extremely helpful to the retailer who wants to monitor. For that, having an automated and updated data gathering system like PriceRest can be helpful. PriceRest informs its users when there is a change at price tags of competitors.
How can we use all these data for analyzing our situation?
Data gathering with an advanced technology like PriceRest can provide reporting for future policy making. Brand owners and retailers can read the data to understand shopping trends, different selling policies at different times. With that information, they can build up their own selling strategies to build up an existence for online competition. Understanding competitors’ approach to this online selling competition can build up an edge for monitoring tool users for future actions. It can help to retailers to build up short and long-term tactics when it comes to selling more.
As a retailer, if you want to have an edge when it comes to competition and if you want to understand shopping trends of online buyers, join PriceRest for monitoring. PriceRest will make data gathering process easy with automated and updated technology. With the help of PriceRest, you can understand the necessities of e-commerce competition better.
If you also want to monitor your retailers or sellers on e-commerce, join PriceRest today. And see What PriceRest can do for you.
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