Competitor Analysis Price Monitoring Intelligence
Build your competitive strategy and find your competitive advantage
With so many different e-commerce retailers in the Saudi Arabia market, and new ones popping out almost every month, it’s getting harder and harder to monitor and track their prices to keep up.Consult an expert NOW!
Price intelligence techniques help you to identify your competitors by monitoring their prices in the KSA market. Price monitoring tools such as (Price2Spy, Prisync, Minderest, and DataCrops) can automate the process of checking your competitors’ prices for specific products on a daily basis which saves hours and hours of manual work! However, product matching accuracy, price analysis, and competition insights are the most valuable part.
Do I need to monitor my competitors’ prices?
If your product range is not unique and can be found easily on the internet, then absolutely YES.
It’s very important to keep your eyes open to what’s going on in the market, what offers are there? How the key players in the market are pricing the same products? Slight price changes could result in a massive increase in your sales.
Indeed, Price monitoring became essential for online eCommerce retailers to compete in the market, and make informed decisions. Here are just a few benefits of monitoring your competitors’ prices in Saudi Arabia:
Key benefits of competitors price monitoring
Price monitoring & Analysis
Help you identify who your main competitors are? Which one is the most price aggressive? Which one offers a wider product range?
Collect & Retain
The competitor prices over time which helps you to understand the competitor pricing strategy and make well-informed repricing decisions.
Receive alerts when a competitor changes his prices or when his stock run-out. Receive alerts when a competitor changes his prices or when his stock run-out.
Capture the competitors’ promotions and other important attributes.
Giving you the bargaining power you need to renegotiate your own deals with different brands and suppliers.
Suggest products with potential gains in turnover or profit, no overpricing, no underpricing.
Analyze and understand which competitor (and exactly when!) started the price drop.
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Price intelligence increases the number of conversions and boosts the overall conversion rate.
Discover the MAP (Minimum Advertised Price) violations, in a way that is easy to document and share with brands/suppliers.
Retrieving the raw data through API gives you the ability to build your own reports.
What reports & services you should expect?
Daam Al-Arabia team will offer you a comprehensive solution to monitor and analyze your competitors’ prices including subscription, configuration, implementation, product matching, reporting, and dashboarding. Here are some of the reports you may expect:
Overall Price Distribution
This report shows the number of products whose prices are within a specified percentage (less or above) of the base price.
Total Cheapest Products
This report shows the total number of cheapest products that each competitor has.
You VS. Best Competitor
This is a direct comparison between your prices compared to the nearest competitor showing the overall average price difference.
It shows how intense the competition is.
Price Change Dynamics
It shows how the prices change over a specific period of time.
Top Prices You Must Decrease/Increase
It shows the most expensive or cheapest products compared to other competitors and the percentage difference between them.