eCommerce marketplaces have growing rapidly in recent years and has seen a huge influx of small, medium and big-time sellers. With more and more sellers on the scene, competition is increases and we as seller have to optimize our selling strategy. Part of strategy is to track and monitor our competitors’ prices, products on offer and other activities such as regular and periodic promotions. This insight helps us formulate a strategy to beat competition.
Competitor Price Monitoring is one of the essential services required to optimize sales strategy, to increase profits and to get ahead in eCommerce marketplaces. Availing Competitor price monitoring services can help you assess your eCommerce business’ standing in the marketplaces. This helps in taking an educated decision while fighting with the competition and making sales strategies.
The existing catalog is reviewed to list products on offer and future additions to products line are added to this list. A list of competitors is prepared based on the products mix they offer. Products are mapped to each competitor and the price monitoring work starts. Along with competitor’s pricing data, other vital pieces of information such as MSRP, prevailing price of product, promotions and discounts on offer and product availability etc. are collected. Our teams of analysts perform these tasks by using both Manual and Automated methods and price monitoring software and offer their suggestions and observations to the retailer in real time or through a periodic reports.
Increase in overall sales – When you know your competitors' prices in real time, you are able to reprice your products in real time and thus are able to offer your products at competitive pricing and can avoid overpricing of your products. With realistic and competitive pricing you can drive more customers and can make more sales.
Increase in margins – A regular monitoring on Competitor’s product prices, you will know what all products you are selling at too low prices or too high prices as compared to competition, you can reprice these products competitively and rationally and thus can increase your sales and margins.
Faster stock liquidation – You don't want to keep your capital engaged in excess old stock of a particular product and that too when the prices of that item are falling, If you know how that product is selling and how much for, you can sell it at narrow margins or even below at near cost price to liquidate your stock.
Get better Prices from suppliers – Is your competition selling at less and you are wondering why your costs are so high? This could be a case when you are sourcing at a higher price. Use your Competitor price monitoring data to negotiate better prices with your supplier or you can look for an alternate and competitive supplier.
Increased Profits – A regular monitoring on Competitor’s product prices helps you maximize your profits. Get the best prices from your supplier and sell on increased margins when your competitors are out of stock.
Save Time & Cost – Dedicate your time only to what really benefits your business; we analyze the competitors’ prices for you.
With Professional-ITS at your side, You are no longer needed to spend countless hours of resource monitoring competitor pricing. We help you reduce your Operating Costs and increase margins. Our team of professional is backed by 10+ years of experience in tracking competitor prices on eBay and other price sensitive marketplaces. Our unique combination of automated and manual methods gives us an edge in tracking down competitors’ pricing strategy.
Feel free to reach us today at email@example.com for our Competitor Price Monitoring services we will get back with a suitable strategy and quote.
You can trust them with your customers! With their great customer service skills, Professional ITS efficiently take care of our customer emails and have helped us improve our customer satisfaction scores on Amazon and eBay.
-- Mazhar Khan
Online Retailer of Herbal Beauty Products