According to recent research, more than 65% of customers prefer to buy a product from online marketplaces purely in terms of the best price. Customers like to shop from eCommerce websites because it is convenient, easy, and offers so many choices to them. In addition, customers can efficiently compare the pricing of individual products on various marketplaces and select the best deal. It means you must maintain your products’ price hygiene across various eCommerce channels. You risk losing valuable customers if you don’t know how to set a dynamic price for your products. It can diminish your brand value as well.
As a brand, you need to understand and visualize what is happening in the online industry. In terms of building a successful brand, you also need to track your competitors’ prices as well. To attract customers to your products, it is crucial to keep a check on competitors’ prices. It will help if you implement a price tracking strategy to establish your brand as one of the customers’ favorites. It is one of the powerful aspects of SCRAP, our new strategy to power up your brand effectively. In this blog, you will learn why price tracking is essential to building a successful brand and how etraKY BS can help you with this.
Why Price Tracking is Important for Online Brands
You can not deny the fact that competition is surging on a daily basis in the eCommerce industry. Customers have millions of options for buying one single product. To attract customers to buy your product, you need to track, compare and analyze your competitors’ product prices. In such a way, you can offer something different to your customers. Remember one thing, until or unless you are not offering the best deal to your customers, you won’t be able to increase your sales. Apart from that, price tracking is essential in terms of maintaining price hygiene across the channels. It can not only help your brand to stand out differently but also helps you in generating more sales. Let’s see how tracking price benefits your eCommerce brand.
Monitor Your Competitors’ Price
Price tracking is beneficial in monitoring your competitors’ prices across various eCommerce channels. Suppose your competitors sell the same product as yours at a lower price. Why would a customer buy your product instead of theirs? However, by monitoring your rivals’ prices, you can set up your product prices accordingly and accelerate your sales rapidly. In this varied process, etraKY BS works as an eCommerce price tracking software. It offers you quick reports on who is on the buy box at present. This software can provide you with the sellers or brands’ name that has attained the highest buy box button. etraKY ensures you won’t lose your revenue because of poor pricing management. It provides insights into competitors and lets you be on the same page.
Dynamic Pricing Control
The importance of price tracking increases when it comes to controlling the prices of your products in diversified markets. Price tracking is not only about applying a lower price than your competitors. Sometimes customers don’t prefer to buy the lower price products. Because of their mentality, most of them think that if a product is lower in price than others, that means the manufacturer has compromised with the quality. At this point, you need to control the prices dynamically. After analyzing your competitors’ market trends and prices, you need to act smart and offer a reasonable price to your customers. To implement this process vigorously, etraKY BS can incredibly help you.
Control Price Breaching
Pricing tracking is crucial in terms of controlling the price breaching across multiple eCommerce platforms. As an eCommerce brand, you must have experienced the issue of price breaches from the sellers’ end. Sometimes sellers sell your products at a lower price than the authorized ones. It is called price breach, and this practice takes place due to the less surveillance on eCommerce platforms. This activity can affect the pricing policies of your brand and leave a destructive impact on customers as well. To avoid this situation, you can take the help of etraKY BS. This enormous software provides you the assurance that you have complete control over every seller’s operating system. It sends you real time WhatsApp alerts whenever a seller breaches the market operating price. You can monitor them and can take the required actions against them.
Historical Price Movement
History repeats itself, and this statement also applies to the eCommerce pricing strategy. Historical access to pricing is essential to analyzing your past pricing strategy and can help you improve your current prices. Historical prices help you know what may go wrong and what can help you generate more sales. It is one creative way to revamp your pricing policies while dealing in this highly competitive and sensitive industry. As an intelligent price tracking solution provider, etraKY BS helps you extract your historical price data. In such a way, as an eCommerce brand, historical price movement can let you apply most dynamic prices to your products. Eventually, in such a manner you can retrieve more customers and stand ahead of competitors in terms of pricing management. To get your historical price movement, etraKY BS is here to help you. It provides you the data of your pricing history, and you can specifically use that information to power up your brand at various eCommerce sites.
Seller-Wise Price Monitoring
Price tracking is essential in the manner of seller-wise price monitoring. It provides information about all the various sellers at what pricing they are selling your products and who have achieved the buy box button. However, you can not get this data manually; it requires automation. In this regard, etraKY BS can help you effectively. It works as server-based software and doesn’t leave any chance of mistakes or delays. By accessing these data from anywhere at any time, you will be able to see the pricing of every seller and analyze who is performing well. Later on, you can use the most prominent pricing to sell your products. etraKY BS provides you the seller-wise monitoring data through tracking their locations and rectifying the price at which your products are being showcased on channels. Our software is eligible to monitor the price of your sellers from diversified eCommerce channels such as Amazon, Myntra, Messho, Flipkart, Ajio, etc.
Now hope you understand why price tracking is essential to building a successful brand. Pricing can affect your overall brand success as it directly impacts the shopping decision of your customers. In case of a poor pricing strategy, you can lose your potential customers, and they can buy similar products from your rival brands. In such a manner, as a price tracking software, etraKY BS can help you intake a hold of conversions through tracking price on various eCommerce channels. We provide you with a real-time Whatsapp alert to notify the situation of price breach and MOP (Marketing operating price). Apart from that, etraKY BS provides you with extensive data on historical price movement and seller-wise price monitoring. All these features can ultimately help you provide an excellent customer experience and automatically upsurge your sales.