Nowadays, people review and compare products and services online before they make the purchase. It is obvious that how user experience is crucial for companies to keep existing customers over time. However, price is the driving factor, especially for first-time buyers. That being said, price monitoring is critical for your business.
What is price monitoring?
Price monitoring, also called price intelligence or competitive price monitoring, is the analysis of internal and external (the historical and real-time competitor’s prices) variables prices in order to optimize one’s pricing strategy.
How does price monitoring help with the business?
Monitoring your pricing history can help to reflect the market strategy. Along with the product rotation and brand value, price monitoring can help to make the best pricing strategy and maximize the profit.
Competitive price monitoring allows you to obtain competitors’ information. This is essential in a market report. Based on collected information, like product-price ratio and your target group, you will have an idea about your market positioning.
This article will introduce the best price monitoring tools, I also categorize these tools for you to choose easier.
