Price Monitoring 2018-05-25T13:25:24+00:00
Advertised pricing

Price Monitoring

PRICE MONITORING IS GATHERING COMPETITOR PRICE DATA AND USING IT FOR YOUR ADVANTAGE

Price Monitoring is used by retailers and eCommerce companies to follow market pricing, either on certain products or on all of them. It is done with sophisticated software, that collect the pricing information automatically from competitor’s sites and gathers it to a single database, where from it’s analysed and used for different purposes such as dynamic reacting to pricing.

Strategy card

Strategic importance (retail) 93
Strategic importance (ecommerce) 93
Ease of use 86
Practical implementation 88

How to use Price Monitoring

  • Use a software that you are comfortable with. Screening prices is only useful when it is done.
  • Act on the analysis. Price monitoring is only useful when you act on the insight that you got from the analytics.
  • Companies can spot products that they can make more margin of
  • Companies can distinguish new areas of market that they should be on
  • Price monitoring software is often used for MAP monitoring