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Tag: competitive price monitoring

Beyond Basic Price Monitoring: Advanced Applications of Competitive Intelligence
It’s up to senior leadership, whether you’re a Chief Strategy Officer, Pricing Executive, or Commercial Director, to think big picture about your company’s competitive intelligence strategy. For more junior team members, it’s easy to get caught in the “this is how we’ve always done it” mindset and continue to go through the motions of price monitoring.

You don’t have that luxury—it’s up to you to find and implement new ways to move beyond basic price monitoring and usher your company into an era of achieving actionable insights through competitive intelligence. There is much more to gain from competitive data than simple price monitoring.

How can retailers leverage clean, competitive data to uncover strategic insights beyond basic price comparisons? This article will help you shift your mindset from tactical monitoring to strategic insight generation. We’ll see how sophisticated analysis of clean and refined competitive data can reveal competitor strategies, regional and geographic opportunities, and overall market trends.

It’s time to shift away from standard reporting, which should be left for your pricing owners and end users, and towards gaining competitive intelligence to shape your holistic company pricing strategy. With the right tools, you can make this shift a reality.

Regional Price Intelligence

One significant opportunity you should take advantage of is a greater understanding of regional price intelligence. Understanding the nuances that shape how products, categories, and other retailers’ prices according to geographical differences can set your company up to win customer trust and dollars at checkout.

Understanding geographic and regional pricing strategies

Geographic price intelligence helps leaders leverage market opportunities based on where sales are happening. Variations in how products and categories are priced across regions often reflect competitor tactics, local demand, and cost structures.

Let’s consider an example that impacts a broad geography, such as the entire continental United States – egg prices. Eggs are a staple grocery item and are frequently a loss leader in stores. This means they are products priced below their cost specifically to draw customers into stores.

However, Avian Flu outbreaks affecting millions of birds have become more common recently. These outbreaks drive the cost of eggs higher as flocks must be culled to prevent the spread of the disease. This means that retailers must act to maintain acceptable margins or losses without frightening away customers or losing their trust.

Avian Flu has been especially bad in Iowa and California. Retailers in these regions face tough decisions during outbreaks. They need to figure out how to balance the high prices required to cover the supply shortages with maintaining consumer trust that this staple product will not be perceived as ‘overpriced.’ Customers expect retailers to be fair even when supply chain issues make it challenging to keep prices stable.

Another example impacting the broader USA is credit card defaults. Credit card defaults are reaching levels unseen since the financial crisis of 2008. $46 billion worth of credit card balances were written off in the first nine months of 2024 alone. This unprecedented figure highlights the fact that many Americans are struggling financially. Higher-income earners continue to do ok, but lower-income families are feeling the pressure more than ever.

Understanding the differences between the geographies you sell in can help you construct your pricing strategies better. This is especially true as consumers brace themselves for more anticipated economic hardship.

Retailers must set realistic financial targets without overpricing their catalogs. Otherwise, they risk losing customers who would otherwise have bought their products. Competitive intelligence can help retailers understand how economic disparities impact core consumer bases.

Pricing leaders can leverage insights around geographic variations in supply, demand, and competitor pricing to help in situations like these. With how important eggs are, changes to their price can spill over into other categories. And with credit card defaults affecting hundreds of thousands of Americans, having a way to dive into these topics can help shape overarching strategies.

Customer perception is a recurring theme in competitive intelligence. It’s not only about the actual value your brand offers but the perceived value based on historical context, current events, and competition.

Leveraging Regional Price Differences for Strategic Advantage

On the topic of customer perception, there are strategic ways to use customer perception to your advantage. One of these is detecting cross-market arbitrage opportunities using competitive intelligence and actioning them.

But what is cross-market arbitrage? It’s the practice of exploiting the differences in price across different markets or regions. As a retailer, you can use cross-market arbitrage to your advantage by finding disparities in market conditions and strategically pricing your products to entice customers or offer more value. These opportunities can be in demand, supply, or competitive pricing. Acting quickly in markets where frequent disruptions happen can drive your business forward.

DataWeave’s advanced competitive intelligence tools can analyze regional market trends to help you respond to real-time local demand fluctuations or cost pressures.

Local Market Dynamics

Pricing isn’t a one-size-fits-all operation. Where and what you’re pricing truly matters. Pricing teams should take price zones into account when constructing pricing strategies. This is because pricing isn’t equivalent across locations; it’s localized. Understanding this fact is critical for category-specific considerations at the macro and micro levels.

This map shows a retailer’s regional price differentials on a breakfast basket. With the ability to access and refine your data, you can better construct maps like this one to track local market dynamics. Determine where you need to differentiate prices based on locality, understand the strategic stance of your competitors, and plan if you start to see changes in competitive price zones.

Competitor Strategy Detection

As a retailer, you should continuously monitor your competitors, whether they’re succeeding or stagnating. One example of a major retailer that is seeing growth even during this challenging economic time is Costco. Costco is an interesting case because they do not have stores in every major city or even in every state.

Costco has its brand strategy down, and it is tied to the pricing strategy. Costco has committed to its customers to provide quality items at competitive prices, and they’ve delivered even in a volatile economy. Costco has managed to maintain competitive prices on core merchandise and make strategic pricing adjustments on items that matter most to members. Their private label brand, Kirkland Signature, highlights their value-first approach. They continue to lead with price reductions like:
- Organic Peanut Butter: $11.49 → $9.99
- Chicken Stock: $9.99 → $8.99
- Sauvignon Blanc: $7.49 → $6.99
Costco has figured out how to balance premium offerings for cost-conscious consumers with standardly priced items filling the shopper’s basket. This demonstrates that they have a pricing strategy that relies on competitive intelligence and market trends.

With the correct data and tools, any retailer can conduct research to discover more about their competitors and gain usable insights into their implemented pricing strategies. Once established, this can act as an early warning signal so you can take action.

For example, understanding whether a retailer operates with a stable Everyday Low Price (EDLP) strategy or a more dynamic High/Low pricing approach is crucial when building and maintaining the integrity of your pricing strategy.

Data should be able to show you things like:
- When holiday price decreases start to accelerate
- How quickly a retailer responds to cost increases (especially at the category or item level)
- The cadence of seasonal campaigns and their impact on pricing behavior
When we move beyond the numbers, these patterns tell a story about how to win in today’s competitive retail landscape. After all, pricing isn’t just a standard reporting tactic. In its truest form, it’s a strategy rooted in understanding the bigger picture of your consumers, competition, and the economy.

Actionable Intelligence Framework

With a practical system to turn insights into action, your company’s pricing strategy is much more likely to drive actual results. Merely collecting data and churning out out-of-date reports won’t cut it. Instead, begin to identify patterns and insights for accurate competitive intelligence. Use this simple framework to start setting up a comprehensive competitive intelligence process.
- Setting up monitoring systems: Leverage technology to monitor and aggregate data on your competition, market trends, and consumer behavior. Ensure the system chosen can clean and refine the data along the way so it’s ready to be analyzed.
- Creating action triggers: Define clear thresholds and triggers based on key insights. These can be things like price changes of a certain amount, competitor moves, assortment changes, or regional and geographic trends. These triggers should prompt specific, pre-planned actions for your team to capitalize on opportunities.
- Response protocol development: Change management is easier with a plan. Work on building out and training your teams on protocols for specific triggers. When something arises, they know the protocol to take advantage of the opportunity or mitigate the challenge effectively.
- Performance measurement: Measure the impact of your team’s protocol-based actions with the help of pre-determined KPIs and then hone your approach to competitive intelligence based on the results.
Competitive Intelligence at Your Fingertips

Shifting from a latent standard reporting and price monitoring mindset to a growth mindset centered around competitive intelligence doesn’t need to be a struggle. The key is to lean on the tools that will accelerate your company’s journey to finding the right insights and putting action behind them quickly.

Start by conducting a competitive intelligence maturity assessment to evaluate your organization’s current state and identify areas for improvement. Then, create a capability development roadmap for your company to track efficacy and progress toward your goal.

Want to talk to the experts in competitive pricing intelligence? Click here to speak with the DataWeave team!
February 3, 2025
Mastering Grocery Pricing Intelligence: A Strategic Approach for Modern Retailers
When egg prices surged 70% during the 2023 avian flu outbreak, grocery retailers faced a critical dilemma: maintain margins and risk losing customers, or absorb costs and watch profits evaporate. Similarly, rising olive oil and chocolate prices also had domino effects, cascading down from retailers to consumers. In each of these scenarios, those with sophisticated pricing intelligence systems adapted swiftly, finding the sweet spot between competitiveness and profitability. Others weren’t so fortunate.

This scenario continues to play out daily across thousands of products in the grocery sector. From breakfast cereals to fresh produce to bottled water, retailers must orchestrate pricing across a variety of categories – each with its own competitive dynamics, margin requirements, and price sensitivity patterns.

The Evolution of Grocery Pricing Intelligence

Imagine these scenarios in the grocery industry:
- Milk prices spike during a supply shortage.
- Your competitor drops egg prices by 20%.
- Fresh produce costs fluctuate with an unseasonable frost.
For grocery retailers, these aren’t occasional challenges—they’re Tuesday. Reacting to each pricing crisis as it comes isn’t just exhausting—it’s a recipe for shrinking margins and missed opportunities.

Think of it this way: If you’re constantly playing defense with your pricing strategy, you’re already two steps behind. Commoditized items like milk and eggs face intense price competition, while seasonal products and fresh produce demand constant attention. Simply matching competitor prices or adjusting for cost changes isn’t enough anymore. What’s needed is a proactive approach that anticipates market shifts before they happen and turns pricing challenges into competitive advantages. This is where price management comes in.

Price management has transformed from simple competitor checks into a strategic power play that can make or break a retailer’s market position. Weekly manual adjustments have given way to a long-term strategic view, driven by data analytics and market intelligence. Here are the basics of how price management in grocery retail works today.

Three Pillars of Grocery Price Management

1. Smart Data Collection: Building Your Foundation

The journey begins with comprehensive data collection and storage across your entire product ecosystem. This means:
- Complete Coverage Of All SKUs Across All Stores: Tracking prices for all SKUs across all stores, with particular attention to high-velocity items and volatile categories.
- Dynamic Monitoring: Tracking prices across different time frequencies as grocery prices are highly volatile for different categories. So daily tracking for volatile items like dairy and produce, and weekly for more stable categories may be needed.
- Competitive Intelligence: Gathering data not just on prices, but on promotions, pack sizes, and private label alternatives.
- Infrastructure to Support Large Volumes of Data: Partnering with external data and analytics providers to bridge the gap when retailers struggle with the scale of digital infrastructure these data sets require.
2. Intelligent Data Refinement: Making Sense of the Numbers

Raw data alone isn’t enough—it needs context and structure to become actionable intelligence. This is called Data Refinement—the process of establishing meaningful relationships within the data to facilitate the extraction of valuable insights. This refinement stage is closely tied to the data collection strategy, as the quality and depth of the insights derived depend on the accuracy and coverage of the collected data.

Data refinement includes several key processes:

Advanced Product Matching

Picture this: You’re tracking a competitor’s pricing on organic apples. Simple, right? Not quite. Yes, Universal Product Codes (UPCs) and Price Lookup Codes (PLUs) are present in Grocery to standardize product identification across different retailers—unlike the fashion industry’s endless style variations. Still, product matching isn’t as straightforward as scanning barcodes.

Here’s the catch: many retailer websites don’t display them. Then there’s the private label puzzle—your “Store’s Best” organic apples need to match against competitors’ house brands, each with their own unique UPC. Throw in different sizes (4 Apples vs. 1Kg of Apples), regional product names (fancy naming for plain old arugula), and international brand variations (like the name for Sprite in the USA and China), and you’ve got yourself a complex matching challenge that would make conventional pricing intelligence providers sweat.

Custom Product Relationships for Consistent Pricing and Competitive Positioning

Think like a shopper browsing the dairy aisle. You regularly buy your family’s favorite organic yogurt, the 24oz tub. But today, you notice the larger 32oz size is on sale – except the 24oz isn’t. As you stand there, confused, you wonder: Is the sale only for the bigger size? Did I miss a promotion? Should I buy the 32oz even though it’s more than I need?

For shoppers, this inconsistent pricing across product variations creates a frustrating experience. Establishing clear relationships between related items in your catalog is essential for maintaining consistent pricing and a coherent competitive strategy.

Start by linking products based on attributes like size, brand, and packaging. That way, when you adjust the price of the 32oz yogurt, the 24oz version automatically updates too – no more scrambling to ensure uniform pricing across your assortment. Similarly, products of the same brand but with flavor variations should be connected to keep pricing consistent.

Taking this one step further, mapping your competitors’ exact and similar products is crucial for comprehensive competitive intelligence. Distinguishing between premium and private label tiers, national brands, and regional players gives you a holistic view of the landscape. With this understanding, you can hone your pricing strategies to maintain a clear, compelling position across your entire category lineup.

Consistent pricing, whether across your own product variations or against competitors, provides clarity and accuracy in your overall competitive positioning. By establishing these logical connections, you avoid the customer confusion of seemingly random, inconsistent discounts – and ensure your pricing strategies work in harmony, not disarray.

The Role of AI and Data Sciences in Data Refinement

On the surface, linking products based on attributes like size, brand, and packaging seems like a no-brainer. But developing and maintaining the systems to accurately and automatically identify these connections? That’s a whole different animal.

Think about it – you’re not just dealing with text-based product titles and UPCs. There are images, videos, regional variations, private labels, and a whole host of other data types and industry nuances to account for.

Luckily, DataWeave is one of the few companies that’s truly cracked the code. Our multimodal AI models are trained to process all those diverse data formats – from granular product specs to zany regional produce names. And it’s not just about technology; we also harness the power of human intelligence.

See, in the grocery world, category managers are the real decision makers. They know their shelves inside and out and can spot those tricky connections in product matching, especially when they are not UPC-based. That’s why DataWeave built in a Human-in-the-Loop (HITL) process, where their AI systems continuously learn from expert feedback. It’s a feedback loop that allows our customers to pitch in and keep product relationships accurate, reliable, and always adapting to new market realities.

So while product mapping may seem straightforward on the surface, the reality is it takes some serious horsepower to do it right. Thankfully, DataWeave has both the technical chops and the grocery industry know-how to make it happen. Because when it comes to pricing intelligence, getting those product connections right is half the battle.

3. Strategic Implementation: Turning Insights into Action

The true value of pricing intelligence (PI) is realized through its strategic application. Although many view PI as a technical function, its strategic significance is increasing, particularly in the context of recent economic pressures like inflation. Here’s why:

Tactical vs Strategic Use of Data: From Standard Reporting to Competitive Analysis

Pricing intelligence has come a long way from the days of simply reacting to daily price changes. These days, it’s not just about firefighting—it’s about driving long-term strategy.

You can use pricing data to make quick, tactical adjustments, like matching a competitor’s sudden price drop on milk. Or, you can leverage that same data to predict market trends, optimize your product lineup, and shape your overall pricing strategy. Retailers who take that strategic view can get out ahead of the curve, anticipating shifts instead of just chasing them.

DataWeave supports both of these approaches. Our Standard Reporting tools give pricing managers the nitty-gritty details they need—current practices, historical patterns, and operational KPIs. It’s all the insights you’d expect for making those tactical, day-to-day tweaks.

In addition, DataWeave offers something more powerful: Competitive analysis. This is where pricing intelligence becomes a true strategic weapon. By providing a high-level view of market positioning, competitor moves, and untapped opportunities, competitive analysis empowers leadership to make proactive, big-picture decisions.

Armed with this broader perspective, retailers can start taking a more surgical approach. Maybe you need to adjust pricing zones to better meet customer demands. Or rethink your overall strategies to stay ahead of the competition, not just keep pace. It’s the difference between constantly putting out fires and systematically fortifying your entire pricing fortress.

Beyond Pricing: Comprehensive Data for Broader Insights

Pricing intelligence is just the tip of the iceberg. When you really start to refine and harness your data, the possibilities for grocery retailers expand far beyond simple price comparisons. Think about it – all that information you’re collecting on products, markets, and consumer behavior? That’s a goldmine waiting to be tapped. Sure, you can use it to keep a pulse on competitor pricing. But why stop there?

What if you could leverage that data to optimize your product assortment, making sure you’re stocking the right mix to meet customer demands? Or tap into predictive analytics to get a glimpse of future market shifts, so you can get out ahead of the curve? How about using it to streamline your supply chain, identify availability inefficiencies, and get products to shelves faster?

Sure, pricing intelligence will always be mission-critical. But when you couple it with these other data-driven insights, that’s when grocery retailing gets really interesting. It’s about evolving from a price-matching robot to a true strategic visionary, armed with the intelligence to take your business to new heights.

Looking Ahead: The Future of Grocery Pricing Intelligence

The grocery pricing landscape continues to evolve, driven by:
- Integration of AI and machine learning for predictive pricing
- Enhanced focus on omnichannel pricing consistency
- Growing importance of personalization in pricing strategies
Pricing intelligence isn’t just about having data—it’s about having the right data and knowing how to use it strategically. Success requires a comprehensive approach that combines robust data collection, sophisticated analysis, and strategic implementation.

By embracing modern pricing intelligence tools and strategies, grocery retailers can navigate market volatility, maintain competitive positioning, and drive sustainable growth. The key lies in building a pricing ecosystem that’s both sophisticated enough to handle complex data and flexible enough to adapt to changing market conditions.

Ready to transform your pricing strategy? Check out our grocery price tracker to get month-on-month updates on grocery prices in the real world. Contact us to learn how our advanced pricing intelligence solutions can help your business stay ahead in the competitive grocery market.
November 13, 2024
Competitor Price Monitoring in E-commerce: Everything You Need to Know
Picture this: You wake up one morning to discover that your top competitor reduced their prices overnight. And now your shopper traffic has tanked and your sales have taken a hit.

Unfortunately, this is a common scenario because your customers can compare prices online in seconds—and loyalty lies with the budget.

So, how can you protect your business? Price monitoring.

Price monitoring solutions can help you keep abreast of competitor price changes—which, of course, will help you improve your pricing strategies, retain your customers, and maximize your profits.

How? In this article, we’ll explore:
- What is price monitoring
- The key benefits of price monitoring for retailers and brands
- What a capable price monitoring solution can do
What Is Price Monitoring?

Price monitoring is the process of tracking and analyzing your competitor’s prices across various online and offline platforms. By monitoring competitors’ prices, you can understand market price trends and adjust your prices strategically—which, in turn, helps you remain competitive, increase margins, and improve customer retention.

5 Benefits of Price Monitoring

Competitor price monitoring can help you:
1. Gain a competitive edge: Competitor price tracking allows you to adjust your prices to remain attractive to consumers.
2. Maximize revenue: With timely pricing data, you’re empowered to identify optimum price points that strike a delicate balance between maximizing revenue and maintaining customer loyalty.
3. Retain customers: Consumers are looking for the most value for their dollar, so maintaining consistently competitive pricing is crucial for retaining loyal customers.
4. Understand promotional effectiveness: Price monitoring helps businesses evaluate the effectiveness of their promotions and discounts. By comparing the impact of different pricing strategies, businesses can refine their promotional tactics to maximize sales and customer engagement.
5. Understand market movements: By analyzing historical pricing data, you’re better positioned to anticipate future pricing changes — and adjust your strategies accordingly.
4 Essential Capabilities of Price Monitoring Software

Here are four capabilities to look for when choosing a price monitoring system.

1. AI-Driven Product Matching

Product matching is the process of identifying identical or similar products across different platforms to ensure accurate price comparisons.

If your price monitoring solution can’t reliably match your products with competitors’ across various sales channels at scale, you’ll end up with poor data. Inaccurate data will then lead you to make misinformed pricing decisions.

Product matching needs to be accurate and comprehensive, covering a wide range of products and product variations—even for including private label products.

For example, AI-driven product matching can recognize a specific brand and model of sneakers across multiple online stores—even if product descriptions and images differ. Here’s how it works in a nutshell:
- Sophisticated algorithms and deep learning architecture enable AI to identify and match products that aren’t identical but share key characteristics and features.
- Using unified systems for text and image recognition, the AI matches similar SKUs across hundreds of eCommerce stores and millions of products.
  The AI zeroes in on critical product elements in images, like a t-shirt’s shape, sleeve length, and color.
- The AI also extracts unique signatures from photos for rapid, efficient identification and grouping across billions of indexed items.
DataWeave’s AI algorithm can initially match products with 80–90% accuracy. Then, humans can bring contextual judgement and make nuanced decisions that the AI might miss to correct errors quickly and push for accuracy closer to 100%. By integrating AI automation with human validation, you can achieve accurate and reliable product-matching coverage at scale.

2. Accurate and Comprehensive Data Collection and Aggregation

The insights you derive are only as good as the data you collect. However, capturing comprehensive pricing data is tough when your competitors operate on multiple platforms.

For truly effective price monitoring insights, you need consistent, comprehensive, and highly accurate data. This means your chosen price monitoring system should:
- Scrape data from various sources, such as desktop and mobile sites and mobile applications.
- Pull data from various online platforms like aggregators, omnichannel retailers, delivery intermediaries, online marketplaces, and more.
- Handle data from different regions and languages.
- Collect data at regular intervals to ensure timeliness.
DataWeave’s online price monitoring software covers all of these bases and more with a fast, automated data source configuration system. It also allows you to painlessly add new data sources to scrape.

Instead of incomplete or inaccurate data, you’ll have comprehensive and up-to-date data, allowing you to respond quickly to market changes with confidence.

3. Seamless Normalization of Product Measurement Units

You can’t compare apples to oranges—or price-per-kilogram to price-per-pound.

For price monitoring to be accurate, there must be a way to normalize measurement units—so that we’re always comparing price-per-gram to price-per-gram. If we compare prices without taking into account measurement units, our data will be misleading at best.

Let’s take a closer look. Say that your top competitor sells 12oz cans of beans for $3, and you sell 15oz cans for $3.20. At first glance, your larger cans of beans will appear more expensive—but that’s not true. If we normalize the measurement unit—in this example, an oz—the larger can of beans offers more value to customers.

Unit of measure normalization facilitates sound price adjustments based on accurate and reliable data. For this reason, every business needs a price tracking tool that can guarantee accurate comparisons by normalizing unit measurements—including weight, volume, and quantity.

4. Actionable Data and an Intuitive User Experience

Knowledge is only powerful when applied—and price monitoring insights are only useful when they’re accessible and actionable.

For this reason, the best price monitoring software doesn’t just provide insights based on accurate and comprehensive data, but it also provides several ways to understand and deploy those insights.

Ideal price monitoring solutions provide customized pricing alerts, intuitive dashboards, detailed reports, and visuals that are easy to interpret—all tailored to each particular team or a team member’s needs. These features should make it easy for team members to compare prices against those of competitors in specific categories and product groupings.

Your price tracking tool should also permit flexible API integrations and offer straightforward data export options. This way, you can integrate competitive pricing data with your pricing software, Business Intelligence (BI) tools, or Enterprise Resource Planning (ERP) system.

4 Ways Retailers Can Leverage Price Monitoring

Retailers can use price monitoring tools to remain competitive without compromising profitability—here’s how:

1. Track Competitors’ Prices

Competitor price monitoring helps you avoid being undercut—and, as a result, maintain market share. By tracking competitor prices in real-time, you can adjust prices to remain competitive, especially in dynamic markets. Ideally, you should monitor both direct competitors selling the same products and indirect competitors selling similar or alternative products. This way, you’ll have a complete picture of market prices and can make more informed pricing adjustments.

2. Understand Historical and Seasonal Price Trends

As a retailer, you may want to analyze historical data to identify price patterns and predict future price movements—especially in relation to holidays and seasonal products. Knowing what’s coming, you’re better positioned to plan for pricing changes and promotional campaigns.

3. Implement Dynamic Pricing

Dynamic pricing is the process of adjusting prices based on real-time market conditions, product demand, and competitors’ prices—allowing you to respond faster to market changes to maintain optimized prices.

4. Optimize Promotional Strategies

Price monitoring tools can track retail promotions across numerous online and offline sales avenues, providing insight into the nature and timing of competitors’ promotions. This data can help you determine which promotions are most effective—and which aren’t—allowing you to improve your own promotions and discounts, and allocate marketing resources where it matters most. This is especially beneficial during peak sales periods.

3 Ways Brands Can Employ Price Monitoring

Here are three ways brands can use price monitoring to remain profitable, protect brand equity, and gain a competitive edge.

1. Maintain Consistent Retail Prices

Minimum advertised price (MAP) policies are designed to prevent retailers from devaluing a brand while ensuring fair competition among retailers. Price monitoring applications allow your brand to track retailers’ prices to detect MAP policy violations. Data in hand, you can maintain consistent pricing across online sales channels, physical stores, and retail stores’ digital shelves — and, critically, protect your brand equity.

2. Improve Product and Brand Positioning

When you understand how your products’ prices compare to those of competitors, you can set prices to improve brand positioning. For example, if you want to position your brand as luxurious and high-quality, you need to set higher product prices than budget-friendly alternative products.

3. Ensure Product Availability

You can use a price monitoring solution to track product availability to ensure products are always in stock, even across different physical stores and online marketplaces. If a product is frequently sold out, you can adjust production levels or help retailers to improve their inventory management.

Key Takeaways: E-commerce Price Monitoring

Price monitoring software allows you to compare your products’ prices with competitors. This valuable data can help you:
- Optimize revenue through timely price changes and dynamic pricing
  Avoid being undercut by competitors
- Improve pricing strategies and promotions to increase sales and retain customers
- Maintain consistent prices across sales channels
To learn more, check out our article, What is Competitive Pricing Intelligence: The Ultimate Guide here or reach out and talk to us today!
August 1, 2024