One of the reasons why people are buying online more and more often is that the web offers the possibility of comparing prices for the same item provided by dozens of retailers in just a few clicks. If you are a seller, this means that monitoring your competitors’ prices is key to your success. Competitor price monitoring software tools are there to assist you in this task.
Why Use a Competitor Price Monitoring Software
In a world where new businesses are born every day, and where a user can access tons of marketplaces from their computer without even leaving their house, competition analysis is fundamental.
The analysis of your competitors includes many aspects (what marketing strategies they are implementing, how have they developed their custom care, how are they communicating with their clients, and more…) and competitor price tracking is one of the most important. But what are the advantages of using a competitor price monitoring tool?
1. You can’t monitor competitors’ prices manually
Price monitoring is a complex activity and you can’t do it manually. It’s impossible to keep track manually of all your competitors and what prices they are setting for every specific item.
2. Maximize your profits
A competitor price tracking tool not only allows you to avoid having higher prices than the competition, but it also allows you to avoid setting unnecessarily low prices!
If you don’t have any idea about your competitors’ prices, you can end up setting low prices in an attempt to win the competition. This can turn into a loss of profits and it can also keep you from maximizing your profits.
3. Build your brand
Customers are influenced by the brand, website, or retail they are visiting when they need to make a purchase. Price monitoring helps you build your brand and create your identity: are you an expensive up-hand seller? Or are you someone who only provides their clients with the best value for money? Whether of the two you are, it’s only through price monitoring that you can build a strong identity.
10 best competitor price tracking software
A competitor price tracking software is an application that provides automatic cost analysis. Such tools can analyze and provide reports for the variability of prices for specific items by monitoring your competitors and the prices they are setting. The analysis process is fully automated, and you are provided with the data you require from the software itself. There are many price monitoring tools available, but we are going to provide a list of only the 10 best competitor price tracking software.
1. Luminate Market Price
Luminate Market Price is an advanced software tool that, other than only providing the variability of prices, also measures the variation of the price related to demand changes. As you may know, when the demand for a specific item grows, its price tends to become higher. When the demand lowers, the price also becomes lower.
With the data provided by Luminater Market Price you can optimize hundreds of prices and consider
2. PROS
PROS is very advanced software that combines data science with a simple interface. It can provide tons of data that can help you build your price strategy.
If you combine PROS with the dropshipping services provided by SaleYee, you have the potential to experience exceptional growth with your business and profits.
3. Pricefy
This is software specifically built to help you monitor your competitors’ prices. It can compare prices for thousands of products, sold in 14 countries, and every known marketplace. It also provides price alerts and other useful notifications so that you are always up to date.
4. PriceGrid
If you don’t have any experience with price monitoring software, PriceGrid could be ideal as your first price strategy tool. It provides price analysis and monitoring in a way that has been designed to simplify the process of building and monitoring your price strategy.
With this software, you’ll have access to a lot of data without any effort so that you can focus on selling.
5. Prisync
If you are searching for a scalable tool, that is, software that you can use at the beginning of your journey as a business manager or entrepreneur and continue using it as your business grows, Prisync is the tool for you.
It’s suitable for any size of e-commerces, provides information through a convenient dashboard, and has many advanced features that you can implement as your business becomes larger and your profits grow.
6. Zilliant
Zilliant provides many tools for any seller, including selling guidelines and - of course - price monitoring tools.
Other than providing data about your competitors’ prices, it also gives tips for price optimization, predictive models, and more.
7. Model N
Model N is a cloud-based software that provides a package of features aimed at helping you maximize your profits. Being cloud-based, you don’t have to install it on your computer and you can access it from anywhere in the world as long as there’s an Internet connection available.
8. Price2Spy
As its name suggests, this tool helps you spy on your competitors and their price strategies. It’s very scalable but it’s particularly suitable for small businesses or beginners at their first experience with a tool such as this. You can have access to data easily, create reports, and set up different features with a few clicks.
9. Mozenda
Mozenda is a professional and very advanced data extraction tool, but it is also very scalable. If you don’t want to change your software as your business grows and becomes its management becomes more complex, you can choose software like Mozenda that can be very straightforward, but that is also provided with advanced features that offer deep insights.
10. Octoparse
Like Mozenda, Octoparse is a very advanced tool. Unlike Monzenda, however, this may not be suitable for beginners. It provides very deep insights on your competitors’ price strategies and a lot more, maybe too much when you’re moving your first step in the selling business.
Conclusions
Your price strategy is a key part of business management and you can’t optimize it without knowing what your competitors are doing in terms of prices and pricing strategies. For this reason, using a price monitoring software tool can make a difference. With this article, we’ve just helped you find the most suitable for your needs.
