Automated price monitoring and price adjustments are an essential part of retail operations to stay competitive. There are many retail analytics and price optimization solutions that come with a comprehensive price monitoring facility built in.
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The Top 5 Price Monitoring Solutions
There are many good software that help with price monitoring and optimizations. Let us look at just a handful of the best choices:
Competera
Competera is a pricing software for retailers that integrates with leading eCommerce platform like Shopify, Magento etc. Competera monitors competitor prices, monitors promotions, and analyzes how price changes affect sales. It then optimizes your prices to suit your pricing policies. Competera also provides brand monitoring to get better insights into brand performance and help you decide which brands to stock in your own stores.
Incompetitor
This is a software that offers MAP monitoring by Intelligence Node and helps you stay agile in your pricing and product plans. Brands and manufacturers with vast reseller networks find it complex and time-consuming to monitor and enforce minimum advertised price (MAP) pricing policies. Resellers violating MAP pricing policies with deep discounts can harm your brand reputation, sales and profitability. You can protect your brand with MAP monitoring solution by Intelligence Node.
Search for similar items faster with their advanced identical and similar matching for MAP pricing. Their search capability and efficiency has evolved from 10 searches per second with a 6-machine cluster to 300 per second – on a single machine!
It also helps brands monitor price tactics of resellers and identify those who violate their MAP policy and send warnings to these violators.
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Upstreamcommerce
This cloud-based solution allows retailers to keep a close watch on competitor pricing movements, tracks product movement and the product assortment of competitors. By tracking and analyzing price changes, it can come up with the best price optimization for your own product assortment, and also help you make better product choices. With an optimized product assortment and pricing tactics, you stay competitive in the ever-changing market environment.
Prisync
This price monitoring software tracks both price and stock. The prices are updated and displayed on user dashboards four times per day. You can keep watch on any number of competitors without limits. Prisync provides an API that integrates with your internal webcommerce solution to make the best use of the price tracking. You get daily emails on price changes, and global product coverage.
DataCrop
Data Crop provides a full marketwatching solution, monitoring competitor pricing tactics and their product assortment strategies. Real-time tracking ensures you are always up-to-date on pricing and product information. DataCrop gathers real-time pricing data to make automated pricing adjustments to help you stay ahead in the market. Get a wide range of reports to study pricing and product strategies in your market- get product-wise, business-wise, market-wise, channel-wise reports on pricing and product movement
Use all these to design your own pricing policies and product assortment plans
The Need for Price Monitoring
In the current environment of multi-channel sales (a large number of competitors, the competition from online giants like Amazon etc.), you have to stay informed about your competitors’ every move and respond quickly. Pricing is one of the key elements in staying competitive in the retail environment. You need to find a good balance between setting low prices to attract customers and staying profitable.
Real Time price monitoring helps you adjust your own prices according to your defined pricing policies. You can set parameters for price changes, and your price optimizations software will dynamically adjust prices based on market movements. MAP monitoring also tracks minimum price advisory violations. This feature helps both brands and retailers.
For instance, Map monitoring by Intelligence Node helps brands identify violators and send warnings to them. For retailers, you should take into account the MAP when you define pricing parameters. This helps you stay compliant with brand MAP policies when these price monitoring and optimization software make automated changes to your product prices.