Do you track your competitor prices? How do you manage that process? Manually or by using a service?

I would like to learn e-commerce owners' thoughts towards this topic.
How do you define your e-commerce pricing strategy? Are you focusing on competitor price
tracking? Do you change your prices according to the price change of competitors?
How do you track your competitors' prices? Manually? Or, using a software?

 

Hi there,

Thanks for asking.

E-Commerce is huge and the competition is really harsh especially in price wars. As online shoppers have an immense variety in the online market and have great ability to find the best deals, they don’t hesitate even a second to prefer one of your competitors. Also, the majority (more than %90) of them consider pricing as the very first criteria affecting their buying decision.

So, under these conditions, applying competitive pricing strategy and tracking competitors prices are beneficial for e-commerce retailers in order to compete better in the market.

Also, what I realized from my research is that using competitor price tracking software is somewhat beneficial for e-commerce retailers to identify what competitors do and market trends in terms of price fluctuation.

I have been using an app called Prisync for a couple of years now and they have been a tremendous help in this exact need. They will work with you to help get everything working perfectly and also do a fantastic job in understanding the needs of online businesses.