Price Monitoring is a cost analysis method. Today it is very important for the eCommerce websites and platforms. The price of a product is the first element for the first buyers.
What is the price monitoring?
Price monitoring called also price intelligence. It is possible that can see as competitive price monitoring on the many platforms. As shortly as the price monitoring is the analysis of internal and external variable prices in order to optimize one’s pricing strategy. Trough to price monitoring, we can check and analysis the competitors prices to date, real time. We can see “retail monitoring” on some platforms too. We can see that, there are 3 strategies for price monitoring.
1. The analysis before project.
a. learning of the price and product policy of the client’s company. Also, learning about the features, industry and business.
b. The testing, training and certification about the auditors.
c. Setup-Install and preparation of the price monitoring software.
2. Field work
a. Visiting of the retail outlets.
b. data collection
3. Reporting and planning
a. Analytic reporting as online in the personal account of the company.
b. The reports for the photos, Powerpoints, Location, Excel which has location, address etc.
The price monitoring criteria with key indicators
The price monitoring provides us a useful system which we can check the products, brands, categories, costs, Promotion, shelf life. Also extra infos which we need.
What is the useful and benefit and advantage operation of the price monitoring
Price monitoring has a lot of advantages for us.
1. We can evaluate the price and products, policies of the other company and our opponent.
2. It is possible that monitoring and checking of the promotions, special offers.
3. We can follow and track the market conditions and market situation in the bazaar.
4. We can check and control the sales points of the special goods and equipment. Also, we can manage the goods movement in trade.
5. The conditions of the suppliers and dealers can be optimized better cooperation.
6. We can check and analyse of the stocks. We can learn and analyse availability of the stock endorses the location of the products.
How can price monitoring help us as business?
As Internal Analysis: When we check and monitoring the ore price history, we can make a good market strategy. Due to price monitoring it is possible that we create a strategy with the product rotation and brand value. So, the price monitoring helps us that we make the best pricing strategy and rules, also maximize the profit.
As Market Competition Analysis: As we think competitive price monitoring allows us to obtain competitors’ information. So, we can guess the our competitors’ strategies. This information is very important in the marketing reports. Based on collecting ınformation and data like price and the ratio of the products, our target groups, etc., we will have an idea about the our market position.
In short, we can say that a price monitoring tool is an obligation in this time. There are many platforms and software for the price monitoring. We can use them, what they are useful for us.
A commerce without the price monitoring
And now, let’s think the company and competitor which can plan the buying strategy without price monitoring. These can not buy the their products at the right time. Because they cannot know which price did the other companies and competitors give. They do not know about the competitors dumping, why the goods of the company which does not use price monitoring, did not sell. Why the other companies goods sells? What prices of the products of the our competitor? In short the company can not earn more and can not be successful in this market without price monitoring.
When you use price monitoring?
- planning expansion of the retail chain,
- opening of the new outlets,
- import developments, create a strategy to sell the goods when new products are introduced to the market and Bazaar.
- starting the advertising campaigns,
- expansion of the product range,
- before and after making strategic decisions in the company for the selling, we can create a good and right strategy, make a useful plan with the price monitoring too.
Some companies try to organize with the company’s resources without experience and established methods. But these are big risks. Also the company will need for a larger budget and greater time costs.
What will price monitoring allows for the following?
- Advertise or promote and marketing department.
- Subdivision of category management.
- Purchasing Department.
- Wholesale and retail trade management.
We should know the 2 tools also with the price monitoring. These are;
- Web scraping tools,
- Price monitoring platforms and software.
What is the web scraping Tool for price monitoring?
The web scraping tools are so popular and useful for the small and middle-size company with the limited budget. Web scraping tools’ advantages are;
- Multi-scenario: Risk charging, Academic researches, marketing analysis, using in lead generation is possible with the web scraping. Also the price monitoring can be used.
- Multi-industry and Shopkeeping: Web scraping tool can be used in many industries like to include real-estate, hospitality and more.
We recommend you that use price monitoring and web scraping tool too.
Are the price monitoring good or bad?
The life has many things as good and bad. The some useful things are not only good, but also bad. The software and tools or many things are so. Of course the price monitoring tool. If you are not expecting one or you know it is a precursor to a drop in share price, in that time the price monitoring extensions can be alarming and risking. Considering the lower levels of the liquidity, price monitoring can be considered that, the important system to safeguard investors. Also price monitoring is useful for the e-commerce system, platforms and suppliers.
So, if you have an e-commerce web page or you are a supplier and buyers, you must use price monitoring. Please also note that, you need to have a price monitoring software to price monitoring. You can check and analysis your work, research the price monitoring software and you can use the ones.
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What can I expect?
- A brief conversation to assess what PriceRest can do to help your pricing strategy
- Live product demo with insight into how to get the most benefit from PriceRest
- Discuss your prices KPIs to determine the best path forward for your business
- No commitment required