Online Price Tracking
Monitoring of prices of the competition in the digital environment
Online price monitoring is a tool that analyzes the prices of the competition in the digital world in real time, in order to improve the competitive advantage of the brand.
Analysis of the pricing strategies of the competition
Online price monitoring
Online price monitoring is one of the analysis tools that includes competitor monitoring. It is carried out through analysis tools managed by professionals in the sector.
Through these, the brand can know the variations in the prices of the competition as well as the context in which these occur.
Professionals specialized in monitoring online prices
Tips for good monitoring of online prices
To be able to track prices online that provides clear and real data, it is necessary to take into account some keys that will ensure that the brand does not get lost in the data:
- Main competitors: it is necessary to focus the monitoring on the brand’s main competitors, since monitoring the entire competition is unfathomable.
- Contextualize the numbers: you have to take into account the circumstances that define the price. For example, if they are holidays, if it is a special day for the competition or if the product in question is in stock.
- Pay attention to the star products: just as it is impractical to cover all the competition, it is also impractical to monitor all the products.
Design of pricing strategies
Benefits of monitoring the prices of the competition
Increase conversions
Online price monitoring achieves a competitive advantage that increases both sales and customers.Find the right price
By tracking prices online, the brand can know the maximum price that the consumer is willing to pay for its product or service, in order to play with this amount according to the context.Negotiation with suppliers
At the same time, price monitoring provides the necessary asset to be able to negotiate the price with product suppliers and thus increase competitiveness.Meeting the clients
By tracking prices online, the business is able to understand what its customers want and which products are most appealing to them.Online and offline price monitoring
At Hemsel we monitor prices both online and offline for those businesses that operate in these two areas at the same time.
By combining these two measurements, a joint vision is acquired in which one can see the influence that one channel has on the other. In this way, better defined strategies can be designed.
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