5 Tips for Choosing Your Price Monitoring Software

In the fast-paced world of e-commerce, staying ahead of your competitors' trends and movements is key to staying competitive. Competitive intelligence, as a strategic practice, requires appropriate tools to collect, analyze, and interpret relevant data. However, choosing the right tool can prove to be a challenge in itself. Here are five key tips to guide you in choosing your competitive intelligence and price intelligence  tool for e-commerce.

1. Define your specific needs

Before you start your search, it's important to clearly define your specific competitive intelligence needs. This step will help you narrow down your search and choose a tool that precisely meets your needs.

A. What objectives do you want to meet with this tool ?

B. What types of products do you want to track ?

C. What types of data do you want to collect ?

D. What types of sites do you want to monitor ?

E. Who will use the tool and how?

F. How will the tool interface with your existing systems ?

G. What features are a  must-have for your business?

To help you define your needs and think of all the useful features:
Discover the benefits of Price Observatory for Retailers
Check out the Features for Retailers brochure

2. Assess the reliability and accuracy of the Data

Make sure that the tool you are considering offers comprehensive coverage of data relevant to your industry. Check the frequency of data updates (daily), the reliability of the data, and the accuracy of the information provided

A. Reliability of the data

Above all, a competitive intelligence tool must provide reliable, easily verifiable and verified data. For this, the accuracy of the algorithms is essential. Various control phases must also be carried out to ensure the validity of the data collected. Human control is also essential for all collated data that is not matched by EAN code or unique reference.

B. Frequency of surveys

The tool must also be able to collect daily or even real-time data. Make sure that the tool provides daily price readings and that you can refresh the data at any time in 1 click.

C. Accuracy of the data

Make sure the data is accurate. In particular, check that:

D. Test the tool in real-world conditions

The best way to ensure the reliability and quality of the data and free test

The Price Observatory software offers free 1-day tests in real-world conditions. Contact us for more information

3. Investigate how to access data

Make sure the tool offers a variety of convenient ways to read and use data :

4. Consider Scalability and Integration

Your business may evolve over time, and your competitive intelligence needs may also change.

Choose a tool that is scalable and able to scale as your business grows.

Is the software publisher open to specific development and to adapt to the needs of its customers or is it more in a mass logic?

Additionally, make sure the tool can easily integrate with other tools and platforms you already use, such as your inventory management system or e-commerce platform.

5. Evaluate customer support and value for money

Finally, don't underestimate the importance of customer support and value for money.

Opt for a provider that offers responsive and knowledgeable customer support to help you with any issues or questions.

Additionally, carefully evaluate the cost of the tool in relation to its features and the value it brings to your business. A competitive intelligence tool can be a valuable investment, but it needs to offer value for money to be profitable in the long run.

In conclusion

In conclusion, choosing the right e-commerce competitive intelligence tool is essential to stay competitive in the market. By following these five key tips, you'll be able to select a tool that perfectly meets your needs and helps you make informed strategic decisions for your business.

For personalized advice on the pricing of your products, do not hesitate to contact our team of experts on our Price Observatory website. Contact us for a demo, a real-life test or information

The 10 Pricing Rules Every Brand Should Know

As a manufacturer, it's up to you to set the prices of your products and your MAP Policy (minimum advertised price) This decision is crucial, as it directly affects your profitability, competitiveness, and market position. That's why understanding the fundamentals of pricing is essential to thriving in a dynamic and competitive business environment. Here are the 10 pricing rules all brands should know

1. Know your market

Before you set your prices, understand your market, your competitors, and consumer expectations. Analyze your competitors' trends, buying behaviors,  and prices to define an effective pricing strategy. Price Observatory gives you access to the price trends of your market, the evolution of price changes by periods, seasons, years. All the prices in your market are logged over 2 years.

2. Identify Perceived Value

Customers pay for the perceived value of your products, not just their production costs. Identify the unique features of your products and communicate them in a way that makes consumers understand their superior value. Detail these features in your product descriptions and make sure your distributors use the right texts.

Pay special attention to  photos of your products to increase their perceived value. In the same way, make sure that your resellers use the most up-to-date images of your products.

Price Observatory allows you to check with one click that all your resellers are up to date in the images and texts you have defined for your brand.

3. Establish your financial goals

Be clear about your financial goals, whether it's in terms of margin, market share,  or profits. Your prices should be aligned with these goals to ensure thelong-term profitability of your business. Repricing tools must take into account these financial objectives, including margin targets.

4. Adopt a Dynamic Pricing Strategy 

Don't set your prices statically. Take a dynamic approach by adjusting your prices based on market fluctuations, competitors, seasons, and promotional events to maximize revenue. Our data collection tools can allow you to track trends in price changes in your market. You can also use this data to inject it into your internal or outsourced tools to determine the best prices for your products through a system of rules or AI.

5. Be Flexible

Offer different options (prices, packs, combinations, etc.) to meet the varied needs and budgets of your customers. This will allow you to reach a wider audience and increase your sales (decreasing prices according to quantity, Bundle, Pack, Lots, Promo, Variation of the same product, etc.).

The Price Observatory tool allows you to automatically collect prices, promotions, strikethrough prices but also decreasing prices, product combinations and batch sales from your distributors and competitors in order to compare your data with theirs.

6. Keep an Eye on Your Competitors

Set up a price watch of your competitors' prices and adjust yours accordingly. Being aware of market movements will allow you to stay competitive and maximize your market share. The features offered by Price Observatory allow automatic monitoring of product references from other brands equivalent to yours. Price Observatory also allows you to track the prices, promotions and stock of private labels.

7. Control Your Distribution Network and your MAP Policy

All of these features are available in our Price Observatory price intelligence tool.
See information for brands and manufacturers.
View feature documentation for brands and manufacturers here

Having a real-time view of the prices, promotions and stock of your distribution network is essential to enforce your MAP policy and knowing how your products are evaluated is also essential to avoid bad buzz and sales drops.

8. Don't Underestimate the Psychological Effects of Pricing 

Prices have an emotional impact on consumers. Use psychological pricing techniquessuch as high prices, fair prices, "charming" prices (e.g. €9.99 instead of €10), and bundles to influence buying behavior. A high price is automatically associated with a notion of value and scarcity. However, all of this is purely psychological. For example, everyone believes that diamonds are expensive because they are rare. Diamonds are now among the most common gemstones on earth,  yet they are the most expensive gemstones.

9. Offer Purchase Incentives

Use promotions, discounts, and loyalty programs to encourage customers to buy your products. Special offers can boost sales and strengthen the relationship with your customers. Always set an expiry date for your promotions and emphasize the rarity and exceptional nature of your offers in order to encourage people  to take action by creating the fear of missing out on a good deal

10. Continuously Evaluate and Adjust

Pricing is an ongoing process. Monitor your pricing performance, collect  customer feedback, and adjust your strategy accordingly to stay competitive and profitable. Price Observatory's monitoring tools and BI analytics will allow you to generate accurate reports on each pricing action. Customizable dashboards are essential indicators for Key Account Managers (KAMs), Web Marketing Managers and E-commerce Managers.

By following these 10 pricing rules, and with our monitoring tools,  you will be able to maximize your revenue, strengthen your position in the market and ensure the long-term success of your brand.

For personalized advice on the pricing of your products, do not hesitate to contact our team of experts on our Price Observatory website. Contact us for a demo, a real-life test or information