Until recently, retail pricing had been an arduous process. Without the luxury of advanced competitor price tracking software, strategies were formed by historical precedent and general intuition while the process itself relied on manual input into excel sheets.
But times have changed: The innovation of new AI tools has introduced algorithms and real-time metrics that capture and reflect the constant fluidity of customer behavior. This rise of Digital has opened the door to all sorts of business opportunities… And it’s cultivated a fierce, rapid market competition.
Staying at the forefront of that struggle relies on more than having the sharpest intuition; today, retail success requires knowledge. You need to be equipped with an arsenal of data to make more informed decisions than your counterparts.
Sure, you can’t see into the future. But with powerful competitor price tracking tools at your disposal, you can ebb and flow with the trends of your industry so expertly that it seems like you’re predicting them.
You can’t break through your industry without a price monitoring strategy
How do you beat your rivals? By knowing them better than they even know themselves.
That’s what competitor price tracking software gives you: Across-the-board insights on relevant industry players. How are their prices set now and how have they fluctuated over time? Where are they offering promotions or sales and how often? What do their inventory turns look like and where are they out of stocks?
No matter who you’re competing with – be it large-scale retailers, individual brands, or both – the answers to these questions are within your grasp. You just have to reach out and take them. For instance, consider how you can get an edge by tracking matching products across global markets. This isn’t a commonly implemented technology just yet, meaning it can give you a competitive advantage now.
The good news is that many long-established companies are often stuck conducting antiquated practices. And any initiatives to modernize their operations have to go through countless rounds of administrative red tape before seeing the light of day.
What this essentially means is that such tools ”level the playing field” – while some big companies may have more brand awareness, you have the advantage of smart, flexible pricing on your side. And thus, it’s a way for you to shine in your own right. Where they make mistakes, you capitalize and present yourself as a more enticing alternative. When they have problems, you become the solution.
It may be called competitor price tracking… But it’s all about the customer
Below the surface, the purpose of this entire process is identifying user trends and finding ways to meet their evolving needs. Every piece of data you gather is meant to help you create lasting relationships with your customers.
Now – forming those relationships requires more than just setting dirt cheap prices: You may win some immediate prospects that way but it’s a short-sighted recipe for disaster.
That’s where smart pricing comes into play, as an essential element not only of customer acquisition but, more importantly, of continued retention. If you can stay flexible with what you charge, you can strike the golden balance between tempting deals and product margins. And, ultimately, you’ll be well on your way in fostering an attractive price image and building brand loyalty.
Final word: Dynamic pricing solutions give you the power of precision
Whether you have a single customer or your whole market in mind, competitor price tracking is a vehicle for intelligent decisions. Instead of resorting to knee-jerk reactions, you can confidently make predictions and assessments with accuracy, time and time again. And with IntelligenceNode’s Dynamic Pricing, you can precisely adjust prices in real-time based on market fluctuations.
Furthermore, such resources enable you to make these decisions in regards to all of your products and services. With how multi-layered the process of price optimization is, such software is the key to covering your bases: From setting prices to tracking competition to evaluating customer satisfaction and more.
And this precision seamlessly translates into efficiency. Rather than manually analyzing all this complex information, you’ll save boatloads of time and effort with the assistance of a retail database. Plus, by shoring up loose ends and ensuring that all of your attention is directed towards growing channels, this software will inevitably deliver a high ROI.
So there you have it: Competitor price tracking gives you a holistic understanding of the people and entities that matter most to the success of your business.