While running a business, you must always be in seek of opportunities and look forward to opting for strategies that are required to boost your profit margin while maintaining your production cost. This can be achieved by constantly monitoring the competitors’ product prices. This analysis is called price monitoring or retail monitoring in technical terms. The aim of this analysis is to optimize one’s own policy of pricing. In today’s e-commerce era, customers use search engines and different apps to compare the prices of desired products in seconds. To stay ahead of the competition, every business requires a platform or a tool that generates reliable data by observing every move of their competitor. This observation is done by effective price monitoring software.
- Price Monitoring Software
Price monitoring software is a tool that assists in getting correct information about the prices of competitors’ products, visual representation of products for comparison and customer reviews, etc. It genuinely controls the attributes of interest for the analysis of pricing at both levels i.e. brand and retail level.
- Role of Price Monitoring
This is undoubtedly true if a business is hoping to win the retail market with high profits then it should opt for a smart price monitoring software. The need for constant price monitoring of direct competitors as well as of new ones has immensely increased due to a rapid increase in competitiveness in all sectors. Choosing an effective price monitoring software is not easy. One should look forward to the following features while choosing the best software for your business monitoring.
- Should monitor product prices.
- Should track changes in promotions and stock.
- Should use different criteria for segmentation i.e. name, brand, type of product and custom tag, etc.
- Should update reports on best-sellers.
- Should suggest more competitors for you to track.
Softwares providing such features are considered the best in gauging the profitable competitive price for your products. For this, the software identifies relevant aspects like the demand curve, the margin for profit and average market price, etc. For increasing the chances of getting a consumer’s attention, the foremost priority of a retailer brand should be to stay on top of various factors that include correction of the product description, trustworthy reviews, and engaging content. With competition getting stronger and customers being digitally active on search engines and buying products online, the need for Digital Shelf Analytics also arises.
- Role of Digital Shelf Analytics
Digital shelf analytics also abbreviated as DSA is a genuine software solution that ensures tracking of performance data which assists retailers in keeping track of competitors thus optimizing digital touchpoints. The best feature of Digital Shelf Analytics is that it assists you in making your product discoverable and strengthening your online presence. Since the compilation of manual data is too time-consuming and requires a lot of resources and labor, the need for DSA has increased. DSA plays a vital role in saving time and providing accurate, free of human error, and constantly updated data that helps in surveying price changes and making data-driven decisions thus leading to winning the retail market profitably.