Complacency in business is one of the leading drawbacks of most companies. Any business owner knows that a healthy competition prevents you from being too confident over your product. After all, the market is too diverse and volatile. The secret to being successful is knowing who your competitors are and determining what makes them a threat to your business.
Price monitoring isn’t necessarily following trends. It is a marker to stepping up your game in the market. This helps sellers determine what prices to sell to optimize their sales and profits. This can be possible through two applications: The API and BI.
The Application Process Interface (API) is a set of protocol for building software application. The Business Intelligence (BI), on the other hand, is a technology driven process for analyzing data. BI helps managers and users make informed decisions. So, why do you need price monitoring?
Analysis and Reprising
As PriceManager explains, E-commerce companies can track their competitors automatically. As a competitor, you need to determine the best prices to tag your products. Cloud companies such as, Amazon and eBay have automatic reprising, as well as instant reprising of sections. To learn the trending prices, you just need to key in the URL of the product you desire. Alternatively, key words can also be used. The product homepage will display a variety of information:
- Product history information
- New lower prices
The information you seek will be redirected to the product.
Identifying Market Trends
Your main goal is simple: keep the market close and your competitor closer. Optimizing your prices requires research on how the market is fairing. Cloud businesses have a price tractor that enables you to see current products on the market. Furthermore, business users and consumers receive automated emails on a target product. Additionally, you can subscribe to emails to track when your target product prices drop. This gives you a chance to decide if you should introduce your product or wait for the right opportunity.
Small and medium companies can monitor their competitors through a self-service module. As marketers say, tracking is the green light to knowing when to pounce.