Competitor Price Tracking & Dynamic Pricing Software

Price tracking tools, such as BlackCurve, are commonly adopted where an online retailer has hundreds and even thousands of products. Price tracking tools will automatically find competitor matches for your products on the web, as well as automatically collect competitor prices each and every day, in order to provide competitor pricing insights.

Online shopping makes it easy for consumers to do their pricing research. If a retailer is significantly more expensive than the market, consumers will be more likely to shop elsewhere. Conversely, if a retailer is too cheap, this can also cause consumers to shop elsewhere, as it encourages fear that something is wrong with the product or the retailer itself. If a product that is too cheap relative to competitors does sell, it is likely a higher price for the product could have been achieved, meaning revenue has been given away unnecessarily. Therefore, competitor price monitoring is important to not miss out on sales as well in order to maximise revenue in every transaction.

It involves using data sets in order to make pricing decisions. The most common data set used to make pricing decisions is competitor prices, but increasingly historical sales performance, stock levels, as well as marketing performance data are used. Pricing Intelligence is typically done via a pricing tool, such as BlackCurve, that presents pricing insights in a dashboard and report-based form.

Competitor price analysis is defined as the identification of relevant competitors selling the same or an equivalent product, the subsequent collection of the price displayed to the public by the identified competitors, followed by the analysis of your own relative price position against the collected prices in order to determine whether your own price should be changed.

An e pricing strategy sets the objective of pricing decisions for an eCommerce company and how price changes will be implemented. It is typically set once the business objectives are known. For example, if the business objective is to grow market share, it is likely the pricing strategy will ensure prices are typically held at a lower market position, and that tools are in place to automatically maintain this price position. Conversely, if the business objective is to increase profits, it is likely the pricing strategy will be more intelligent, ensuring it not only considers competitor price position, but also takes into account product performance.

Shopify customers can simply add the BlackCurve app via the Shopify App Store. Non-Shopify customers can create a BlackCurve account via the BlackCurve website. After the setup steps have been completed, and BlackCurve has been given access to a product feed, it will automatically mine the web, match competitor products, and collect competitor prices each and every day, presenting the insights to users via a dashboard and report-based form.

Shopify customers can simply add the BlackCurve app via the Shopify App Store. Non-Shopify customers can create a BlackCurve account via the BlackCurve website. After the setup steps have been completed, and BlackCurve has been given access to a product feed, it will automatically mine Google Shopping, match competitor products, and collect competitor prices each and every day, presenting the insights to users via a dashboard and report-based form.

It is important to monitor competitor prices so retailers can identify where they’re too cheap relative to the competition, so prices can be increased, to avoid giving away too much revenue in each product sale. Conversely, to identify where a retailer is too expensive relative to the competition, so prices can be reduced, to avoid missing out on selling the product entirely because it is available cheaper elsewhere.