In this age of E-Commerce and Online retailing, tremendous growth is found in E-commerce industry with online stores cropping up and makes them market disruptors. Competition among E-commerce websites in various parameters as below is seen.
- Quality of the product listed in their portfolio
- Website customization
- User-friendliness to access the website
- Affordability in terms of prices,
- Easy payment mode,
- Swift delivery etc.
Though one can compromise on quality and other terms, Competitive Pricing matters for any E-commerce website to have enough footfalls, which is otherwise called as leads getting converted to sales.
Competitor Price Monitoring and its Importance:
As we know, from the consumers’ mindset, choosing a product of their interest and choice comes first. Secondly, an urge to price comparison of a product with two or more online stores arises. The resultant is, E-commerce websites trying to know about the pricing strategies of their competitors come forth into action here. The judgment done by comparing prices will automatically lead to a wise repricing of the products and know-hows of competitors’ pricing strategy. The task of monitoring competitor’s prices is herculean with an investment of time and manpower, eventually resulting in the need of services on competitors’ price monitoring.
Here, a debate might arise on what if the consumer interprets low price of a product as a product of low quality or value. Price is perpetually attractive. The factual reasons of consumers getting daunted to shop from an E-commerce website lies in other aspects such as brand, credibility, user-friendliness of sites, promotions, discounts, add-ons etc.
The key points that an E-commerce website has to look for when opting to avail competitors’ price monitoring services are as follows:-
- The price monitoring service should be a combination of Automated and Manual process ensuring that you receive the benefits of both the methods with 100% product matching.
- Price alerts / notifications should be sent via e-mail to keep you aware of the constant changes as and when they happen.
- All information collected should be displayed in the form of a Customized dashboard and price matrix to enable easy comprehension of all the necessary data with a single glance.
- Price updates on a weekly basis and monthly depending on the products and the nature of the competitors should be made available.
- Price intelligence must result in the development of pricing strategies for the user along with competitor’s price change history, stock availabilities, and other product attributes.
Vserve E-Business Service Pvt Ltd. offers all the above said services to E-commerce websites to have the best competitive edge in the E-commerce Industry. With all the data compiled, we at Vserve employ our price and category analysts to decipher your competitors’ pricing strategies and help you devise your own to accrue maximum sales. Market analysis is an important service that we provide to convert the collected information into action.
All because knowing competitors’ price does matter. More information on Competitor Price Monitoring from Vserve can be found in URL below: