Why Competitor Price Analysis is Important?
In this age of E-Commerce and Online retailing, tremendous growth is happening in E-commerce industry with online stores cropping up and makes them market disruptions. Competition among E-commerce websites in various parameters are:
- 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. It tends to have enough footfalls, likewise the leads getting converting to sales.
Competitor Price Analysis 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. As a result, E-commerce websites trying to know about the pricing strategies of their competitors come forth into action here.
Judgment done by comparing prices will lead to a wise reprising of products and know-how 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.
Key Aspects of Competitive Pricing
There are numerous factors that an E-commerce website has to look for when opting for competitors price analysis services. Most noteworthy key points are as follows:-
- The price analysis service should be a combination of Automated and Manual process. As a result, both should ensure 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 should be displayed in the form of a Customized dashboard and price matrix. Therefore, it enables 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 availability, and other product attributes.
Why Competitor Price Analysis with Vserve?
Vserve Solution 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.
Finally, All because knowing competitors’ price does matter. Also, you have to be proficient in such areas to stand ahead from your business competitors. Vserve Solution offers you the proficient and professional competitor price analysis services that you eCommerce business definitely requires.