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Price History: Monitor Your Competitors to Get Profitable Insights

Price History: Monitor Your Competitors to Get Profitable Insights

January 31, 2023

Discover which rival is raising or lowering their prices at particular times using the historical price index. Imagine taking advantage of these insights during periods of panic buying or big shopping holidays like Black Friday or Cyber Monday. Being much ahead of the game in putting data to use will be very helpful for your online store. 

Understanding the past campaign structures of your competitors can give you a competitive edge. Because this competitiveness is very critical during special shopping days since ecommerce is very competitive.

If you want to boost profitability, price management is a key marketing and development component. The price history of competitors can provide you with all the knowledge you need to position your new product effectively and gain an advantage over the competition.

On the one hand, the concept may appear very simple: buyers will typically favor options that are more affordable among a variety of options. The secret to success is to increase profits while giving customers legitimately lower prices. And you’ll get this key by finding out more about the pricing history and habits of your rivals.

What is price history? And how can it help?

Price History allows you to check the historical price of competitor products.

A historical stock price is a stock’s price on a particular day in the past. Investors frequently use historical stock prices as a tool to evaluate stock decisions. Price history also helps to determine the best offers and discounts on a product for special shopping periods throughout the year.

By keeping track of your competitors’ pricing strategies, you may offer a product with more revenue and decide whether it is worth selling. In other words, researching pricing trends with the price history of rivals not only supports firms in maximizing profits but also guards against losses. 

You can examine past price fluctuations and make future price predictions using this price history feature. Making informed judgments such as whether to sell something now or wait for the competitor’s price to go down, can be beneficial. You can also use price history to find pricing trends. Such as whether prices are lower at particular periods of the year or whether close competitors tend to rise or fall over time. 

Monitoring the prices of rivals and modifying prices accordingly is a must for online store owners. Overall, price history is a useful resource for anyone trying to reduce costs and increase profitability.

You have the opportunity to research and evaluate the prices of competitors in your market using price history. It enables you to easily examine how consumers responded to new prices and their dynamic changes.

pricing tool
Click Here!

Analyze your product performance with price history:

You can access your product’s performance history from your Prisync dashboard. On your product history page, you will get a list of today’s prices and the prices from the previous days of your product. You can view the minimum, average, and maximum price information of the products. 

On the chart view, all the fluctuations for the product from different market sites are available. Price history information from last week,  last month, or a specific period is provided.

This way you can analyze if your products are performing well(profitable) or not. You can choose to increase stocks for this product and promote it more if its price history is performing perfectly. Or lowering stock and selling it less is an option, too. Just get together the data provided by Prisync’s engine and decide on your pricing & business strategies according to it.

historical index chart

Rather than monitoring your competitor’s product history, you can also access your own products’ price history information from your dashboard: product page. Your product’s historical information will appear in detail when you click. You can search for any of your products’ price history at a specific time range.

dashboard

See how the prices of competitors change over time on the line chart. From the export button, you can download the full report. This way you can gather all the information and compare it throughout the wanted periods.

price history chart view

Another way of displaying historical data on your dashboard is Calendar View. Here, you can access the price, price change, position, and stock information of your competitors, especially in the date range you specify.

Calendar view of price history

Possible understandings from your competitor’s price history:

  • Change your prices: 

Especially during special holiday seasons, setting competitive prices is very important. Tracking competitor behavior is beneficial before deciding on your promotions and discounts. Price history is an analysis to understand how your competitors act during the last holiday seasons. Did they decrease prices, did they decrease their prices by 5%, didn’t they change any prices? 

Both with your competitors’ price history and your product’s performance history, you can achieve very successful and profitable sales during the shopping season and also during normal periods.

  • Change/rebuild your stock information:

Set dynamic prices for your good-performing products and increase their stocks. Once you get your historical index chart, you can see if this product is profitable in specific periods. Don’t let chances rule your ecommerce future. Take advantage of the analysis of Prisync’s engine and make smart pricing strategies based on your historical chart.

  • Set the same prices as competitors:

If you don’t want to be more expensive or cheaper than your competitors, setting the exact same prices might be your strategy. Based on your historical chart, decide which of your products can perform the best while being at the same price.

When the price history of your competitors shows growth, you can assume that their customers won’t react negatively to the price increase. However, if the historical price rate is unstable or continuously falling, it can be a sign that your competitor is having trouble selling that specific product. With this knowledge, you can decide which pricing strategy your business should use or whether it makes sense to introduce a specific product to the market.

pricing tool
Click Here!

Conclusion

Your pricing analysis will become logical and profitable the more knowledge you have about your products and competitor’s price history in ecommerce.

A highly effective method that can help you promote your goods most effectively. You can avoid expensive mistakes is learning the price history of your competitors. Price history data can help you to increase sales, reduce costs, and support you in locating new market niches.



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