A custom price monitoring solution may well be your best investment this year.
For many web-based companies, and for some non-web-based companies, monitoring the price of competitors is crucial part of day-to-day analysis. It is a relevant and vital method of optimising prices in a market that is constantly being scrutinised by customers and as such the smallest price difference can make a huge difference in the overall profit. Price monitoring is particularly relevant to e-commerce sites, online marketplaces, travel and transport booking sites and business-to-business catalogues.
With price monitoring:
- You can decrease prices that are too high at the right time, for the right duration and by the right amount
- You can increase prices that are unnecessarily low
- You can increase your profits with higher revenue and protected margins
- You can add data mining to find out the ideal price point given your competitive context
- You can work your pricing at the highest levels of granularity (per product, per date range, etc.)