Competitor Price Monitoring
Price Intelligence Tools
e-Commerce competition is a situation where two or more e-stores compete with each other trying to convince people to buy from their own store.
With the development of the e-commerce world, and the supportive effort from Saudi Arabia government for its 2030 vision, and the recent COVID-19 pandemic, it becomes critical to know what is your competitors’ offers & how they attract buyers?
Competition is a concern in all business sectors, as every businessman has a competitor in his region, always tries to outperform them. The need to know the market and monitor competitors has become a strategic decision. This helped in developing modern methods that make you unique in what you offer.
It is very clear that analyzing competitors’ offers helps to find a way to beat them. This is one of the laws of global competition and does not contradict the laws of electronic commerce in Saudi Arabia.
Why should we monitor the competitors?
One of the main goals in e-Commerce is to know the strategies that support your competitors in the competitive market. To know which strategy to use. In the digital market, it is possible to do something different if you were informed about what competitors are doing. One of the smartest solution is using a price intelligence tool to monitor your competitors’ offering and understand the market changes.
That gives businesses the ability to see the bigger picture and being aware of things are happening in real-time. Therefore act based on data and response to market events.
As a result, increase your online sales, business performance, and enhance the overall ROI.
Price Comparison - price intelligence
E-commerce website and mobile apps increased significantly during COVID-19 pandemic, with this dramatic change, the number of competitors increased in the same field and subject. You have to research the way to keep you ahead of the competition. This requires every business to search for excellence, whether by comparing prices, features, reviews, ratings or any other feature. Thanks to the internet and technology that make this an easy task to find information about competitors. but how much time do you need to do so? One of the advantages of price comparison tools is comparing your competitors’ prices and understanding market price fluctuations. This information will make the difference to your business and save your valuable time.
So, getting the best price is what attracts customers. Seldom finds someone searching without caring about the price, everyone is looking for offers.
Expectations change quickly and forcefully when economic conditions or project trends change. It is your turn now, find out what is most important to you using one of the competitor analysis tools. That may reveal the reasons for your competitors ’lower prices or otherwise. Thus, you need to analyze the movements of competitors in the market. To review your company's strategies to fill these gaps. For best results, it is recommended to use competitive analysis tools
Key advantages of price monitoring tools:
- Price monitoring helps gеnеrаtе understanding of раѕt, рrеѕеnt, and the future ѕtrаtеgіеѕ of соmреtіtоrѕ.
- Price comparison tools help to understand your current position in the market.
- Competitors analysis helps management rесоgnіzе their competitive advantages.
- Price analysis helps in fоrесаѕtіng thе rеturnѕ thаt mау bе mаdе frоm future іnvеѕtmеntѕ.
- Price intelligence helps in taking quick actions and repricing decisions. Moreover, considering the competition in the pricing strategy.
- Increase the number of conversions and boost the overall conversion rate.
- Price analysis helps e-commerce owners to monitor competitors’ inventory & product availability.
- Most price intelligence tools allow sending regular reports and instant alerts about price changes.