Every single day, more and more people start to sell on Amazon. There are estimated 500,000 individual sellers on Amazon that make more than $1M. This is an incredible way to hit target sales.
It’s obvious that Amazon continues to be the most dominant marketplace in Ecommerce. This creates a great opportunity for Amazon sellers. They have a great ability to reach new customers and increase their traffic every day. But it has some downsides. The most important one is the competition.
You need to define your target customers, find who your competitors are, and then track their actions consistently. Since Amazon is very crowded and you might have lots of competitors you need to know how to compete with them. The main driver of that competition is pricing. There are very harsh price wars on Amazon you cannot keep track of every minute.
In this blog post, we will explain to you a solution for monitoring your competitors on Amazon. First, we will show the main reasons to do channel based monitoring, how to do it then show you some quick tips.
Channel Based Monitoring, What is it?
Monitoring your competitor’s prices on specific channels like Amazon is called channel based monitoring. You can monitor the frequent price changes and out-of-stock levels of your competitors.
Main Drivers to Do Channel Based Monitoring
There are many reasons why you need to do channel based monitoring. Here are some:
- You will always know when your competitors change their prices. There are lots of price changes happening every minute. Not knowing what is happening with other pricing means you ignore the competition. It can also result in losing your customers.
- You will be able to compare your pricing strategy with your competitors. Tracking your competitor’s prices means that you will have a better understanding of their pricing strategy. You can offer competitive prices and beat your rivals in price wars.
- You will be better able to anticipate price wars. Since you will track price changes all the time it can give you great insight into anticipating future events.
- You can take action to price changes immediately. Channel based monitoring saves a huge amount of your time and effort. You will be notified automatically when there is a price change and take action if necessary.
How to Do Channel Based Monitoring?
- Set up Your Panel
First, if you are new to Prisync, register for a 14-day free trial. Proceed with the “Set up Your Panel” option for using the channel monitoring method.
- Enter Required Informations
Then, pick your own country and type your website URL.
- Choose Amazon Channel to Monitor
Continue with the Channel-based Monitoring option and choose the Amazon country you would like to monitor.
- Enter Product Barcodes
After, select which product detail you would like to use when getting the results. The channel engine brings the best results with 12-13 digit UPC/EAN/GTIN codes. You can also add websites to the exclusion list that you would not like to see among the results.
Note: The exclusion list and barcode/product code section can be edited later.
- Add Product Information
You can add your product information such as product name, brand, category, product code and the following details. Or you can do batch import by downloading the same file we have added. Then fill in the product details from that file.
- Get Automatic Alerts When Price Changes
Lastly, Prisync will be tracking all your competitors’ prices and send you automatic alerts when your competitors change their prices. Note that new competitors are searched daily to make more detailed and extensive tracking. Therefore, this channel allows you to track up-to-date pricing.
Quick Tips to Improve Your Profits with Channel Based Monitoring
Offer dynamic pricing with channel based monitoring. You can set pricing rules for your products and make your prices dynamic. You can create a rule in comparison with your competitors. For example, a rule might be I would like my price to be $10 higher than my competitors. And then you can select for which products you want to set dynamic pricing.
Make instant price matches with daily price updates. On channel based monitoring new competitors are searched daily. Therefore, you will be able to know when you have new competitors immediately. This can help you to take action and improve your profits!
Always compare your price with competitors. Amazon is the up-most competitive marketplace. You need to track your competitors’ pricing all the time. Ensure that your prices are competitive to make the highest sales.
Amazon is definitely one of the most competitive Ecommerce marketplaces. That’s why it’s crucial to track your competitor’s prices to be better prepared for upcoming price wars. If you want to be one of the most competitive Amazon sellers to improve your profits consider doing channel based monitoring. It can help you offer the best competitive price and increase your number of sales.amazon