Offline price monitoring allows in-depth knowledge of the main competitors, but also of the market sector in which the brand operates and of consumer behavior.
Offline price monitoring is based on a series of analysis tools that study the prices of the physical store competition.
The objective is to advance the consumer’s response to certain costs and obtain guidance when setting prices.
The ideal strategy when setting prices according to what the competition does is to combine price monitoring both online and offline, for those businesses that operate in both channels.
In addition, by combining both modalities, it is possible to measure the impact of online promotions in the offline environment and vice versa. Thus, the idea is not only to have a guide to set the price of the brand’s products and services, but also to have a market and target analysis tool at hand.
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