When you’re tired of the hassle, high costs, and inaccuracies of tracking your competitors’ prices, there are compelling reasons why competitor price monitoring and dynamic pricing software can be the solution in the ecommerce world.
Your data should always stay timely and reliable to compete on price. Companies of all sizes, from small businesses to market giants, rely on Prisync’s price and stock availability data to make informed decisions and take their business to the next level. Invest heavily in ensuring your data is accurate.
Regarding pricing and tracking competitor prices to help ecommerce businesses increase their profitability, we offer three different models. URL Based, Channel Based, and Hybrid Model. This blog post will focus on our new Hybrid Model. It combines the best of both worlds to deliver even more value to our clients.
What is the Hybrid Model?
You have several options if you’re a store owner looking to stay ahead of the competition. One way is through URL Based Competitor Monitoring, which lets you add competitor URLs individually or in bulk per product. This is an excellent option if your list of competitors stays mostly the same.
Another option is Channel Based Competitor Monitoring, which is perfect for those who want to keep a close eye on specific sales channels. With this method, you can track all your competitors on each channel, even the ones you didn’t know about before.
Finally, there’s the Hybrid Model, a comprehensive solution combining the benefits of both methods. This model lets you monitor your preferred sales channels while also keeping track of URLs that may not be active on those channels. This provides complete pricing intelligence coverage to help you increase profits.
Overall, the Hybrid Model is an excellent choice to automate your channel monitoring and stay up-to-date on the latest competitor activity. By adding new URLs and staying informed, you can make better decisions and boost your profits.
How to Set Up
Set up your panel with the new Hybrid model. You can choose Google Shopping and Amazon options for your panel or combine both options. By adding product barcodes one by one, continue filling out your channel requirements.
Your manual added competitor product URLs will appear on the top of your dashboard. So, you can easily distinguish between new and existing product information. By adding your store’s and competitor product barcodes into your hybrid panel, your overall place between your competitors will be clear.
You can see cheap sellers on the top and expensive sellers on the bottom. Compare your products’ positioning with competitors in your dashboard easily.
You can exclude some competitors and competitor products from your dashboard. Also, importing new products or competitors info with batch data import option helps to simplify your setting process a lot.
The Benefits
Our Hybrid model is a comprehensive solution that allows you to add competitor URLs manually in addition to staying up-to-date with competitors via specific sales channels.
- As you can see below, an easy to understand dashboard makes it very clear to see your positioning compared to competitors.
- Check if a competitor changed prices, their position in the market compared to your price, and stock information, if they are out of stock or not.
- After importing product/competitor information into your dashboard in minutes, you can have a channel summary.
- The service matches all the competitors from chosen marketplaces like Google Shopping and Amazon. This way, you can easily add all the critical competitor info to your dashboard and start tracking.
- It’s the simplest way to monitor competitors and boost profitability by competing on price!
