3 Signs You Need To Monitor Your Competitor’s Prices

Price MonitoringIt’s hard to keep track of evolving prices now that there are too many online marketplaces to keep track of. If you don’t have the time to constantly check your competitor’s prices, look for alternative methods to help you. You might already be needing it if you’re experiencing the following with your online shop:

Buyers are commenting that your prices are too high or too low.

If your personal analysis of their claims gives rise to conflict, it’s time to get yourself a price monitoring software to keep records straight.

Sure, purchases still conform to your predictions and are still giving you profit, but when comments regarding price pile on top of each other, you might be looking at weaker demands in the future, in the case of too high an asking price, and missed potential profit in the case of it being too low.

You’re not making a profit from a product you’re selling at all.

This would only happen if you have a very large catalog of products; there’s not enough management on your side, and especially if you’re the middleman. Prices evolve. Add to all of that the different management styles of each product manufacturer you’re working with, and it’s a recipe for disaster.

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The people you’re dealing with in other companies could be prone to miscommunication; and if you’re a middleman without price updates, you’re in for a loss. You can stay on top of it all if you know how your competitors price similar products. If you can’t do it manually, get yourself an automated service that would do it for you.

You have a lot of incoming traffic but few purchases are registered.

Yes, your online shop has a lot of traffic; yes, it’s making a profit; and yes, it’s all according to your predictions, but don’t you know you might still be doing it wrong?

If a lot of people pass by your website but don’t stay for long, it might be because of mistakes in pricing. Potential customers might see the difference between what you’ve listed and what they see somewhere else as a security risk, so it’s better to keep your prices similar to the competition.

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