Monitoring and analysis of competitors’ prices: why it is necessary and how to do it

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In the process of choosing a product with such characteristics, most buyers are guided primarily by its value. To offer a competitive price, the owner of the online store needs to analyze the prices of similar products from other sellers.

Today we will talk about monitoring competitors’ prices and consider ways to collect data for analysis.

Why do we need an analysis of competitors’ prices

Knowing the prices of competing companies helps the owner of the online store to set the optimal price for their products, which will make the product as attractive as possible for the consumer.

In addition to selecting a reasonable price for their products, conducting a study of competitors’ proposals will help:

  • forecast sales;
  • find out what strategies competing companies use;
  • will control sales;
  • monitoring the prices of competitors will increase the efficiency of assortment planning;
  • in the process of analysis you will be able to diagnose market volumes, find out the number of its competitors in different categories of goods;
  • visual analysis of competitors’ prices helps to make optimal business decisions;
  • conducting a price analysis will determine the optimal pricing strategy to maximize profits;
  • knowledge of what prices are offered by competitors, will help to sell off leftovers in a timely manner, increase sales and return on investment in advertising;
  • you will also be able to receive discounts from suppliers and replace them if the wholesale prices based on the results of monitoring competitors’ prices do not allow you to set the required level of margins.

Price analysis is also necessary because choosing the right pricing strategy will get the maximum number of customers and increase customer loyalty to the brand of the store in the future.

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Where to get data for analysis

To begin the analysis, you must first obtain the source data, which can be collected manually or with the help of special services.

If the variety of products in your online store is small, you can monitor the sites of companies operating in the segment manually and enter the data in a pre-prepared table with a list of product items in Google Docs or Microsoft Excel. You can see the prices of goods on aggregator sites such as Yandex.Market. However, manual data collection will take a long time.

It is much more convenient to use online services that automatically search for sellers and collect prices from online stores and price lists and provide all the necessary functionality for a detailed analysis of the information collected.

Consider several Russian-language tools for monitoring competitors’ prices.

uXprice

SaaS-service uXprice for price monitoring and analysis is simple and easy to use. He is able to automatically search for competitors, collect prices from advertisements, links to certain products and on the sites you specify.

This tool can monitor the prices of goods on a daily basis or according to the schedule you specify and give recommendations on the best price. The service offers API integration with your site, able to monitor the prices of competitors in 36 countries and the results provide detailed statistics in the form of convenient reports that can be downloaded in Excel, PDF or CSV.

UXprice service

Competitor price analysis is always available in your own office on the service’s website. You can get a general report, a report on competitors and a report “Competitors are cheaper than me”. Price comparisons may be presented as graphs that clearly reflect market trends.

Thanks to the analysis conducted by the SaaS solution uXprice, you will find out which competitors advertise the same product on the Internet, their price position, the average value of the product on the market, the median price among sellers. In addition, the user has access to information such as the minimum and maximum market price, how much your price differs from the average, median and minimum price in%, and the service calculates the recommended price according to one of the standard templates or your formula.

According to the monitoring results, the service provides statistics in the form of convenient reports for various tasks and visual graphs that reflect market trends. Competitor price analysis is always available in your own office. For user convenience, there are sorting functions by category and various filters.

uXprice offers several tariff plans, including a free option with limited time of use and quantity of goods to get acquainted with the possibilities of the service.

Price

Priceva’s automated price monitoring platform offers the following features: automatic or manual comparison of goods, control of the recommended retail price, API integration, email notifications of price changes, summary tables, many graphs for analytics, reports in Excel format.

Priceva service

Due to the use of two-stage quality control, the service provides accuracy in data collection and helps determine the optimal price for the product. Technical support of the service promptly responds to requests, which can be attributed to the advantages of this tool.

When you click on the “Demo” button on the website of the service, you get to the office with a demo account, where you can evaluate the functionality of this price analysis tool.

Users are offered a free tariff with a limit on the number of goods and 5 paid tariff plans with various settings, analytics and account management capabilities. Subscription fee, depending on the chosen tariff can range from 7,000 to 56,000 rubles per month.

Allrival.com

Allrival.com is a service that parsing competitors’ prices. Among the advantages of this tool: auto-comparison of goods, the ability to notify when prices change, bypass captcha, the availability of API.

Price monitoring is adjusted from 1 time per week to 1 time per 10 minutes. The service allows you to analyze prices for 6 months for your products and competitors’ products. All Rival can collect not only prices, but also other useful information about products, such as discounts, sizes, colors, dimensions, outlets where the product is, etc.

Using these tools is quite simple. You provide links to sites of competing companies that sell the same products, after which the parser begins to collect information about products and their prices. After analyzing the results, the service issues a recommended price. There are many options for filtering the list of results, and there are various ways to export to a file.

Allrival.com service

The service offers an extension for the Chrome browser, which allows a few clicks to set up monitoring of products directly on the site of a competitor.

To get acquainted with the work of the service, it is offered to use the free tariff. In the future, you can switch to one of the full-fledged tariff plans, the cost of which depends on the number of sites and the number of checks.

Metacommerce.ru

Metacommerce is a SaaS service for monitoring competitors’ prices. The service will help to obtain information both for online stores and for offline points of sale throughout Russia and abroad.

The key features of the platform are: comparison of goods with the company’s product matrix, the ability to update prices daily, adjust the frequency of statistics. The tool allows separate data collection by region, has the ability to connect to APIs, integrate with ERP, CRM systems and web analytics.

Data on all competitors will be displayed in one report, available for viewing or downloading in the personal account on the site.

Metacommerce service

The service guarantees a high speed of information processing, because all work on monitoring and analysis of prices is automated.

Regarding the payment for the work with the platform, the cost of the project for each client is calculated individually. The developers do not provide a free tariff, but there is a demo access to get acquainted with the service.

Marketparser.ru

MarketParser service is designed to track prices on trading platforms and competitors’ sites for prompt revaluation of your products. With its help you will be able to analyze the pricing policy of competing companies and the range in their stores, you will be aware of promotions and discounts.

When the monitoring is complete, Marketparser will generate a report in convenient Excel formats. You can also get data through the API of the service at the right time, which allows you to make timely adjustments to prices.

Marketparser service

Technical support of the service accompanies the client at all stages of work in the personal account. Also, the advantage of this tool is the high speed of search and data processing.

The site presents several tariff plans. For convenience, there is a form of tariff selection based on the number of products in monitoring, the number of regions and reports per month.

Conclusion

Competitive price analysis of competitors will help to optimize prices in your online store, which will always provide customers with favorable offers, successfully increase sales and increase profits.

The manual method of price comparison is too time consuming, so it makes sense to use one of the online services for price monitoring. When choosing such a tool, focus on the convenience of the interface, the cost of tariffs and technical capabilities of the platform.

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