What are Multiple Product Variants and Competitive Price Monitoring?
Products with multiple variants mean there are choices for buyers to choose products according to their requirements and other factors. For example, variants include quantity, size, color, specifications, ratings, and more. Product sellers must learn how product variants affect the cost, generate competitive reports, and get better insights into competitive pricing and market sentiment.
Variants generally have a relationship with product price. Product price varies depending on size, feature, components, pattern, functionality, color, etc.
An effective pricing strategy is required to help enterprises keep their prices competitive and offer products according to market trends and current competition. Based on multiple factors, businesses can choose pricing strategies.
But what does competitive pricing intelligence mean? What are its advantages, and what challenges does the pricing system face? Let's understand them here.
Competitive pricing monitors price fluctuations that happen frequently in the market. Competitor Price Monitoring helps to track these fluctuations daily to collect competitive products, their prices, and their insight.
It is one of the pricing strategies that helps e-commerce companies to define prices depending on present market conditions and other factors that affect product prices.
What Are the Advantages of Competitive Price Monitoring For E-commerce Businesses?
There are numerous advantages of competitor price monitoring. Here is a list of a few of them.
It Helps to Monitor Price Fluctuations
Discounts, special offers, and deals attract more buyers. Hence enterprises and reputed brands keep changing their product prices often. Though it is practical to know the latest variations, exploring multiple websites is time-consuming.
Our web scraping services help you scrape the required price monitoring data more efficiently. It helps brands to make informed decisions in deciding product prices.
It helps in Staying Competitive.
Price is the primary factor that influences customers to make buying decisions. End users explore multiple online platforms and stores to check for attractive offers and discounts. Here, the eCommerce market optimized cost per demand for various factors, including goods.
In these cases, competitor price monitoring services help brands monitor prices and stay competitive.
It gives Product Availability Insights.
Our price monitoring services help to collect stock availability insights and send the alert in case there is no or less stock available for a particular product. It helps brands to know which product they need to make available in stock. Ultimately it helps to keep brands with the current market demand.
It helps Generate More Revenue.
The collected data gives you a competitive edge. Brands can make strategic decisions for competitive pricing strategies. Our eCommerce data collection services help check customer sentiment, stock availability, and more. You can use these insights to make more revenue.
What Are the Challenges in Price Monitoring For Products With Multiple Variants?
Creating a competitive pricing strategy for beginners to enter the competitive market is challenging. Here is the list of these challenges while monitoring competitive prices.
Existence of a Static List
Companies depend on Key Value Items to commence competitive programs and develop various strategies. But, these lists don't have variations across competitors as they are static and have varied locations. Hence, it could be more efficient to look for some products that are not available in the assortment to increase their prices.
Less Completion Rate and More Errors
Data collection is a labor-intensive and error-prone process. There are many issues with tracking tools, including wrong item matching. The wrong product matches tend to skim through the system while monitoring in the backend.
Lack of Using Omni Channel Approach
Current retailers actively participate in eCommerce and online advertising. But they need human resources to handle manual steps. With automation, they can concentrate more on unique product assortments to make a cost map.
Wrong incentives and decisions
When the HR department doesn't reward incentives for workers' performance, they may get demotivated and not focus on their productivity. It may impact the overall productivity of the organization and challenge price monitoring.
What Are the Features of a Competitive Price Monitoring System?
Here are a few features of the price monitoring system. Let's have a look at them.
Consistent Price Monitoring
An essential feature of our price monitoring services is that we track market price fluctuation regularly. Based on the business nature, we keep track of these variations daily or weekly, depending on requirements.
Apt Product Matching
Our monitoring system conducts to the point product matching that offers automated and manual matching.
Help in Product Development
The competition involves unique product development that can capture and transform the industry. Using the competitor study, enterprises can learn about their competitor. You can improve products and services using these insights.
Regular Update Offering
Besides tracking competitor prices, noting down frequent updates about their price changes is a must to be in the market. Hence we always provide regular updates while monitoring competitor prices.
Assistance in Product Repricing
Tracking price fluctuations is only sufficient if you act on those updates. We also help you to make new pricing strategies by providing some recommendations.
Protecting Privacy
Another vital feature of pricing monitoring service providers is maintaining customer information privacy. Hence we respect privacy and maintain it at any cost.
Conclusion
Here, we've discussed competitor price monitoring, its features, challenges, and advantages to address if you sell products with multiple variants. If you want to monitor competitor prices for your multiple variant-based eCommerce products, contact Product Data Scrape. We also help with E-commerce data scraping services and explore them on our service page.
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