Contents

Why you Should Use an Automated Price Tracking Tool?

Introduction

Online sales have increased significantly for a few years. The global lockdown did not reduce this trend, indeed it gave it much more power.

Whether you have an online or an offline business, today, you could collect a huge amount of data from your business and from your competitors. This data allows you to have accurate reports in order to make better decisions.

I recently developed an automated price tracking tool for an online sneaker seller. This tool alerts his team when a price on his main competitor’s website increases or decreases by at least 20%.

In this article, I want to give you three reasons why you should use an automated price tracking tool.

1. You will save a lot of time

If you manage a business you do not have time to track your competitor’s price by yourself. Even if one of your employees does it for you, it’s not efficient. Imagine if your new intern is in charge to scrap data from your competitor in real-time. They spend so much time every day to get information on prices and report them into a big tab to then email you the higher changes. This will not help them to grow and will also not serve your business growth. They could spend time developing other projects instead of doing a job that a robot can do better, cheaper and faster. An automated price tracking tool can save you a lot of time and energy. This time could be spent for higher-value tasks.

2. You will earn more money

Knowing that your competitors has increased or decreased their prices allows you to adapt your offer and your prices.

Let me give you a simple example from real life. When an online sneaker seller decreases the price of a shoe in order to get new customers, you could receive an alert. Then, you could set the price of the same shoe on your store just below your competitor’s price. Therefore, new customers that your competitor would like to get will go on your store when they compare prices.

Imagine now if your competitor increases his prices instead of decreasing them. If you raise your prices just below his prices you will keep your customer while increasing your margin.

Therefore, it’s important to have a tool that alerts you very quickly if there are big changes on your competitor’s prices.

3. You will improve user satisfaction

When your competitor introduces a new product on their website you could be alerted of this and you can adapt your response to this event.

Let me illustrate this point. With an automated price tracking tool you could easily be alerted by mail if a competitor adds a new product.

If you are able to offer the same type of product you could add value to this and therefore satisfy your customers. In this way, you will improve their loyalty and at the same time you could set your price easily applying the method saw in 2.

Conclusion

Finally, I would like to review the benefits of an automated price tracking tool.

The most visible is that this tool helps you to save a lot of time. A robot does this job in a cheaper, faster and more accurate way. This point should be sufficient by itself to convince you to get an automated price tracking tool. However, if not, let’s talk about money.

With an automated price tracking tool, you can change your prices in real-time regarding the market. In this way, you could always be the best competitor in the market.

The third point of this article is about user satisfaction. When a competitor introduces a new product, you could react quickly and add value to your customers by introducing the same product with special offers.

Thanks for reading! If this post gave you smart advice to develop your business using data, share it with your team! See you.