Price is one of the most important factors that influence consumers’ decisions about which store to buy the selected product. At the same time, it is the main engine of profit. That’s why e-commerce price management smart is so important that, on the one hand, it ensures consumer interest in supplying the business and, on the other hand, you can achieve high margins.
What is price tracking in online stores?
Competitor price tracking are a solution for collecting and organizing price data from various sources available on the Internet. The main purpose of using market price monitoring tools is to obtain current (and / or historical) and reliable data on product prices in competing stores.
UXprice finds and monitors an unlimited number of competitors for each of your products. Comparing your products with your competitors is automatic, as is finding competitors. For each individual product, you can analyze the following parameters: the number of competitors for the product, your price position between them, the average product price, the difference between your price and maximum, minimum and average in percent. A general market analysis is also available
Monitoring of the prices of the competition in online stores
Competitive price control is an important element when it comes to implementing and controlling an e-commerce pricing strategy. With the knowledge of the market and the knowledge of the offers that consumers will find, the store can increase revenue in every marketing channel. Uxprice provides a transparent price tracking platform that allows online stores to track the offers of each product, monitor price competition in their e-commerce, identify key competitors and discover opportunities to increase sales revenue.
What information does price monitoring provide you?
Automatic price tracking allows you to collect the following information about how your online store bids relate to the competition:
You can find out who is offering the lowest market price,
You can see how wide the competition is with the same offer,
You can see what positions are offered in your e-shop occupied by price comparators,
You will continue to receive information about competitive discounts and their promotions. Track competitive prices with uxprice tools.
Uxprice provides high-quality competitive data using advanced algorithms and manual verification performed by the QA team, supported by original tools designed for your needs by our developers.
Uxprice is more than data. With regard to online stores, we have created a unique Dynamic Pricing platform that combines internal data with competition data. It is one of the most modern technological tools, designed for demanding customers who want to pay a lot of attention and work on optimizing their e-commerce offerings.
It is important that the data collected by the tool is correct and up-to-date. For this reason, we refresh the information every 24 hours, relating the client’s product catalog with that of its competitors, so that for each of its products it can check the price its competitors sell it for.