Price monitoring software for online stores

Competitor price monitoring is the process of tracking and controlling the pricing policies pursued by your direct competitors. The result of competent monitoring for you will be the opportunity to make justified decisions in the course of pricing and maximum competitiveness of sold products.

To buy qualitative goods as cheaply as possible is the main principle of modern buyers! People naively think: did the site and now sales will pop out) It funny, when now people are trying to sell products through business card sites ... Alas, today the Buyer has become quite spoiled. He (the Buyer) wants the lowest prices and the highest service. To service includes the level of your site. Farther popularity - your store should be flashed everywhere, including in the first rows of contextual advertising.

The goals of implementing a price monitoring system in your business process

1. You will be able to offer your customer the most comfortable price while remaining competitive.
2. With the right analysis, you will be able to ensure constant growth in sales.
3. Quickly and in time react to all price fluctuations in your thematic market.

Price monitoring will allow you to take the leading position in the market faster and keep it for a long time! After all, the uniqueness and demand for the products you sell is not everything in building a competent marketing campaign.

When you enter the market, you should realize that identical products are already on sale, which means you will definitely have competitors. So, you have made an expensive online store, you buy contextual advertising in tens of thousands of hryvnias, and there are no sales! Why? Let's say, if your price for a particular product will be 100 UAH more expensive than that of another online store, the consumer is sure to give preference to you not! And then will not help either the level of the site, or PR - the price decides everything.

Dumping - one of the unqualified disadvantages of online commerce. But the fight against it is also possible.

The importance of the service to monitor prices in online stores for the dealer

The use of price monitoring programs in their industry will allow every retailer:

• Detect dumping among competitors in time and take timely countermeasures.
• Choose the right pricing strategy, which guarantees the maximum competitiveness of products.
• To keep profits at a constantly high level by automating the process of price formation depending on market behavior.

The key advantage of price monitoring system for a dealer is the speed of analysis and the accuracy of the results, which cannot be achieved by manual monitoring.

Competitor price monitoring - a solution against dumping in online stores - protect your start-up business

There are several methods to monitor pricing policy:

• Engaging the manpower of your own staff.
• By creating a special system to collect data. Today such a system can also be purchased for a reasonable amount of money!
• Using all kinds of sources on the Web to compare the prices of competitors (price aggregators and numerous paid services).

Why the use of price aggregators such as "HotLine" is not the best option for monitoring prices:

• Not all online stores upload the goods they sell to such resources.
• The relevance of the pricing policy is often not confirmed.
• It takes a lot of time to systematize the data and sift out unnecessary information.
• Aggregators may not upload the entire assortment.
• And in which of the many aggregators (m.ua, price.ua, ek.ua, ...) to check the prices?

Determine pricing strategy using price monitoring tool

The analysis of pricing policy should not be the main focus and be the key criterion in this matter! However, the importance of parsing prices and studying competitors is hard to overestimate.

During the analysis it is important to pay attention to the following information:

•     Internal data: the history of transactions (sales) made, the chosen advertising policy, the formed value of the products offered and the entire brand by the buyer.
•     External data: prices of competing stores, seasonality of the year and holidays, macroeconomic risks.

All this information together with the right analysis will allow to make an informed decision on the chosen pricing strategy.

How to choose a pricing strategy based on price monitoring data?

There are 4 ways:

1. Attention to costs. This takes into account parameters such as the cost of the product and its target margin.
2. Based on data obtained from the Internet. Competitor research and proper data analysis = a comfortable price for the consumer with your stable profits.
3. Focusing on the customer. Conduct a social survey, get a database - call potential customers and find out how much they are willing to pay for the product.
4. From the supplier - set the manufacturer's recommended retail value of the product (RRP).

Regardless of the tactics you choose in trade, it must 100% take into account the vector and speed of market movement (price changes). For this purpose it is necessary to monitor the price policy of your competitors. Helecos is the software that allows you to do this in minutes with a guarantee of reliable data!

 

Key recommendations for online retailers to monitor competitors' prices:

1. Identify your competitors correctly! It should be said right away: the analysis of the price catalog of online trading giants should be a priority, because most consumers consider these very resources as reference ones. To search for competitors, enter the name of your product into the search box and pay attention to the first 5 links in the output. But do not be confused, Rosetka is not your competitor if you sell only a couple of brands and types of products. A competitor is a site similar to your range, especially if it is in your area. Prices should be monitored and the giants of the Internet and stores similar to your level. Do not pay attention to all sorts of trading boards and sites. There are usually all too sad - or goods used, or new, but implemented under the order system dropshipping, etc. This is not your equal! How to take the customer? Of course the price in the first place, then service - fast and free shipping, gifts and bonuses, the system of discounts. By the way fast delivery - a relevant point on which to play. Today the retail mega Rosetka has turned into a sluggish snail. There are a lot of products, but also a lot of sellers. A person ordering can't get everything in one package, because the products come from different warehouses--customers don't like that. Then the delivery time - at Rosetka now ranges from 3do 7 days...who likes that. Everyone wants it here and now! So, even if you are a small store, but the product is all in stock, the site in the ajura and the context in order, there is still the question of price relevance! If you are also aware of the prices of competitors and your price is fully competitive - expect an avalanche of sales!
2. Automate the collection of information! Of course, no one forbids you to organize the manual collection of information, putting a couple or three employees at the computer full-time. But how effective will be this work? The result of such a solution will only be material and time costs. Monitor prices as often as possible, day and night, weekdays and holidays! Keep your hand on the pulse!
3. Make quick pricing decisions. Competitors' prices can change regularly and at minimal time intervals. This is one of the main arguments for automated data collection. Your price should always be as low as possible compared to your competitors while maintaining a high level of service! Customers love personal accounts with discounts and bonuses - so give.

According to statistics, more than 80% of buyers analyze the market and compare prices before buying, giving preference to the cheapest option. But there is a "but" in this question!

How do sell goods more expensive than competitors?

• Improving the quality of service is the first way to sell goods more expensive than competitors!

At this stage, the main task is to give the customer maximum comfort as from the stage of placing an order to get it, for example:

• The ability to make an order both online and by phone.
• Consultants working around the clock (chat, calls).
• Daily shipment of products and much more.

Customers are willing to pay more for service!

Work on the design of the selling site, add information content - another secret of how to sell more expensive!

Few people will agree to make a purchase in a store with an unfinished look, crawling buttons and incomprehensible interface, even if the price of the goods will be lower. Tip: Work on the "Face" first, and then on the offer. At this stage you can:

• Add product quality certificates.
• Upload unique photos of products with watermarks (watermarks).
• Add simplicity to the search engine on the site.

All of this will tell your potential customer about the level of the resource and give an added assurance of security.

Additional goods/services - gifts as a method of reasonable price increase along with competitors

It's not about extra sales, but about "binding" the client to your resource by encouraging him to buy. Are you selling perfume? - put a perfume sample as a gift; are you in the travel business? - present a discount on the next tour, etc.

Undoubtedly all these steps leave their mark on the stability of the whole market, that's why it is important not only to look for ways to sell more expensive goods, but also to keep track of your like-minded people in the field.

Helecos is a Ukrainian company that offers a monitoring system capable of keeping track of any changes in your competitors' pricing policies and making timely decisions to improve your strategy.

Parsing prices on the Internet. The top 4 myths about it.

1. The legitimacy of parsing sites is highly questionable! In fact, it is an absurd claim. Gathering information cannot be illegal. You are not using someone else's work, you are not passing someone else's off as your own.
2. Parsing without knowledge of programming languages is impossible! With Helecos you have a possibility to parse large amounts of information and analyze several sites at the same time, without having a clue about programming.
3. Parsing gathers "raw" data is a waste of time! It is impossible to get a finished product without raw data! Parsing serves to extract information about the prices of your product. The next step is up to you (analyze and improve the competitiveness of your offer).
4. Data can be extracted from any site! Not all sites or catalogs are available for parsing! There are many mechanisms for protecting stores from monitoring, which not every software can bypass - it depends on the skill and skill of the developer!

Detecting competitors - an important component of monitoring for future pricing

1. Analysis of search engine results. The first 5 sites are your main competitors, whose prices should be monitored in the first place.
2. Surveys of buyers. This method is very useful when you have a database with your target audience.
3. Price segment. There are a lot of similar products on the market. For example, the original Chanel perfume for 5000 UAH cannot compete with the analog of the same perfume (copy) for 500 UAH.

What is the relevance of price monitoring for you and how to secure your online store against it?

The use of competitor price analysis tools is essential for tracking price fluctuations in the market. With their help, you will always stay informed when your competitor launches a promotion or simply lowers the price tag on a particular range of products. This will allow you to stay one step ahead of the competition!

How do you protect your site from price parsing? Effective solutions:

1. Blocking bots by PTR record - installing a module to determine who is visiting your site is a bot or a real person.
2. The installation of traps for bots - these are pages that are not visible to ordinary users, but the machine systems follow them. Tracking these very transitions will allow you to block such pseudo-users.
3. Price Switching. Create multiple prices in your online store for the same product. In this case, some will only be visible to users of the site (real), and the second - to the bots that monitor the resource.

Competitor price monitoring and competent protection is an effective recipe for increasing sales and profits!

Instruments for competitor price monitoring and their effectiveness for increasing sales

Helecos is one of the few tools to monitor your competitor's prices, offering a functionality that provides 90% automation of the whole process, from competitor analysis to price changes on your website depending on the fluctuations.

Why does price monitoring exist and why is it so valuable?

The main motivations for implementing price parsing software are:

1. Tracking internal changes in your store's pricing policy.
2. Analyzing the prices of the nearest competitors.

In the first case, it is possible to competently outline and optimize the chosen market strategy. Based on the results of the analysis, a rotation of offered product items and/or services is carried out, the brand value is studied and ways to get the most out of the trade are identified.

When you monitor prices in competing online stores, you will be able to build the most favorable price offer for yourself and the buyer, without resorting to dumping. Here you can also get information about your position on the market and general demand for the offered product among modern Internet users.

The role of monitoring tools in increasing sales:

• Controls dumping.
• Tracks competitors' promotions and discounts.
• Supports the maximum competitiveness of your offer, regardless of the changes on the market (without your involvement).

How to choose the right tools to monitor prices in online stores?

The software you choose must meet two important requirements:

1. Versatility. In addition to the monitoring function, it is good if the system will "be able" to analyze the entire market, manage risks or have other additional functions.
2. Versatility. The program should be applicable in the widest list of industries. It is not only about "goods", but also about hotel business, consulting, etc.

What tools are there to monitor prices in online stores?

Helecos is a software which takes into account all the imperfections of your competitors and offers the whole list of the above mentioned functions with a lot of tweaks and round-the-clock administration!

Of course you can refuse from using one or another tool, but you have to monitor the market if you want to stay "afloat" in your business.

Monitoring types of prices of your competitors:

1. Manual price analysis. It's actual in case of small amount of competitors or if you represent a small store with minimal assortment (up to 10 positions).
2. By phone. The size of the wholesale discount or current prices you can also find out simply by contacting the operator of this or that store in telephone mode!
3. By the software method (automated): using the above-mentioned monitoring tools such as Helecos.
4.     1C monitoring. Any of the techniques mentioned above can be simplified using systems created for the 1C environment.

How to effectively combat dumping in the market?

Building a pricing policy with the help of recommended prices. When it comes to the effectiveness of this sales strategy, opinions differ on the appropriateness.

The recommended retail price - the cost of the product, set by its manufacturer. It is considered to be as justifiable as possible for both the seller and the consumer. It is a price point, which is normalized by the company price list (from the supplier) and can not be broken "down".  Otherwise, such a trend would be called dumping, which is a violation!

The main methods of dealing with violations of RRP are:

1. Undercutting the price - a technique that most online stores resort to and the end result in this case is the same - reducing the product margin to a minimum and closing the destination.
2. Increasing the price tag. With the price tag will increase and the average amount of the check, and therefore the earnings from each sale. Thus, turnover may decrease and earnings will increase.
3. Offer the customer an alternative (offer refinement). Adding functionality to the product can solve the problem of competition because the product will already be unique!
4. Sales in a kit. It's worth thinking about what else you can add to your assortment. A good option is to add inexpensive small products, which could be offered in addition to existing items.

Monitoring prices in online stores - monitor competitors' adherence to the RRP and quickly identify dumping

Adhering to a sales policy focused on the recommended prices is a guarantee of stable profits, regardless of market fluctuations. Systematic monitoring of prices in online stores allows you to stay informed about these fluctuations!

It is especially important for the manufacturer to monitor the prices of competitors. Why?

Tracking pricing policy is an important task not only for online stores, but also for suppliers. Objectives:

• you will always remain aware of the pricing policies pursued by your merchandise sellers;
• a comprehensive understanding of the market, as well as of existing competitors;
• maintaining your own brand;
• Analysis of pricing policy will also allow you to provide timely and most effective promotions and discounts on goods. After all, this is a key factor in consumer buying activity;
• will be able to achieve maximum benefit in the relationship between the two sides (the brand itself and the individual online store).

 

There is no control of RRPs, and dumping in online stores is not tracked. What are the consequences?

1. "The price is lowered - the result? The turnover of goods increases significantly at one seller, which leads to the displacement of other players. Such a tendency makes a mess of the market and leads to its complete collapse!
2. "Cost is artificially inflated": The first thing that happens is that sales suffer. Overpricing a product without understanding the basics leads to lower orders, which cannot be profitable for either the sellers or the manufacturer.
3. And one or the other strategy leads to a change in gross profits (in 90% of cases to a lesser extent).

However, before making a decision in favor of one or the other strategy it is necessary to understand in which direction to move, and for this you need the figures and the trend of their fluctuations. The solution: use the automatic competitor price monitoring system Helecos.

Price monitoring companies - how to choose?

Competitor price monitoring is an extremely demanded task for the modern entrepreneur. This solution allows you to establish an effective pricing strategy and control changes in pricing policy on the market, preventing a decline in sales. However, due to the huge number of companies offering this range of services, choosing the most effective one is not always easy.

The key parameters of choosing a price monitoring company

1. The cost of services. Not necessarily: if expensive, it means qualitative! This projection carries over to price monitoring services as well. Most companies offer a demo version, which allows you to evaluate all capabilities of the program before using it in full.
2. Offered functionality. The number of checks, frequency of statistic updates, possible quantity of goods for simultaneous testing, availability of API access - all these aspects must be considered when choosing a company for monitoring.
3. Usability (logical simplicity and friendliness of the interface for the user). The more intuitive the control module is, the less time and effort the monitoring process will take.
4. The work of the support service. It is important to have constant communication with the technical department for instant solution of possible issues on work.

Comparison of the best-known monitoring companies based on prices

1. Helecos - from 2 000/month for 40 000 checks
2. Priceva - from 3700/month for 35 000 checks
3. Marketparser - from 5,000 per month for 35,000 checks.
4. Proanalytics - from 5800 UAH monthly for every 40000 checks.

*The price list is valid as of February 2021.

If we are talking about the Helecos offer, the optimal tariff plan is offered above. There is also an opportunity to build a unique management module with many additional features - a customized approach.

The company's basic price monitoring package Helecos allows:

• Track MRTs and analyze the history of all previous violations.
• Find out about dumping on time in automatic mode (by means of notifications).
• Control the availability of certain items in the assortment.
• Fully automate the process of market analysis, eliminating the cost of manual labor and time costs.