How is price monitoring useful in business?

The key task of price monitoring is to adjust pricing policy according to market behavior. Not so long ago, in order to study the prices of your competitors, you had to trawl countless kilometers through the stores, but with the advent of the Internet, parsing prices takes minutes! The result:

• Maximum objective information about the state of the market.
• You can quickly react to the price changes of your competitors.
• Full automation of the monitoring process.

Whether you are selling goods or providing services, it is important to monitor prices! A simple example:

Hotel X offers a room for 1000 hryvnias. At the same time, its competitor Hotel Y rents a living space with identical conditions for 900 UAH. Even such a small difference in price will surely sway the client to your competitor! For the hotel "Y" is enough just a little more competent approach to advertising and "it's in the bag" - the customer's choice is made. Of course, do not forget about such an indicator as "Reviews". With the development of the Internet, there is not only an opportunity to monitor the prices of competitors, but also it is possible to attract customers not only in price. For example, if the hotels have similar prices and conditions, as described above, but the number of positive reviews will be different in quantity and quality, the customer may choose a more expensive hotel. This is also worth remembering. For someone, the economy is more important, and for someone - service. But, this example is certainly more suitable for the areas of namely the service, as well as to the online store selling goods it is barely applicable. Whatever positive feedback they have about fast and free delivery, constant gifts... if the price of the target product is lower in another store - the customer will buy it without hesitation! So the relevance of price parsing is irrefutable, no matter how you look at it.

The importance of price monitoring in business. The main reasons to monitor price fluctuations in the market.

1.     The effectiveness and cost of advertising. You can allocate huge sums for an advertising campaign. But the effect of this will not be much, if the neighboring stall sells shawarma for 5 UAH cheaper!
2.     Awareness of market behavior gives you an advantage over your competitors. You know when prices can "jump" and what factors can contribute to it. As a result, decisions on adapting your pricing policy will be timely and as accurate as possible!
3.     Controlling your assortment becomes much easier. Modern monitoring systems not only monitor prices but also your inventory. Moreover, this software can provide information about the availability of this or that product from your competitors (if the warehouse accounting system is tied to the online store).

The internal analysis of the site is another important task in monitoring systems

A systematic collection of information about changes in your pricing strategy will help you see the general market trend and draw conclusions about the development or decline of the market over the years!

An internal analysis of your own offer will:

•     Conduct product rotation in the online store;
•     study the value of the brand;
•     choose the best pricing strategy, ensuring the highest profits.

The benefits of price monitoring tools for your business

The use of such systems is relevant for business owners of any link! The arguments "YES":

1.     Versatility. Can be used for a wide list of industries! It's not just about e-commerce, but also about areas such as real estate rental and sales, hospitality, etc.
2.     Multitasking. Price monitoring software will provide information not only about the pricing policy pursued by competitors, but will also "tell" about the availability of goods, as well as provide many other data for detailed analysis.

Please call us at +38 (073) 072 1221 (Vyber, Telegram) to get the demo version and to learn how the software operates.