Managing an e commerce business involves a crazy amount of activity, ranging from dealing with internal problems of the company to the challenges that the market puts in the way of the business. CEOs are the ones that have to be aware of everything that’s happening. So there are two things that are gold for them: time and information.
However, their work shouldn’t be collecting information; rather they should be making decisions and measuring performances. Sadly, many of them spend more time gathering the information than analyzing it. Read on and we will explain exactly how Prisync can gather the information regarding the harshly competitive e-commerce landscape for you:
For decision-making, CEOs have to take into consideration everything that is happening outside of the company. Competitors’ prices and assortments can give you a big part of this information, and many useful insights about how the market is moving.
By knowing your competitors’ prices, you will know your real position in the market. This is very important to make your marketing campaigns fit with how the customers perceive your products. You can’t promote an image of luxury and exclusivity if your prices are among the lowest ones. Prices give your brand an image, and your branding has to be in the same line.
Another important piece of information that comes from competitors’ pricing is the state of the market. With our software you can generate historical data and display it in graphics that will give you a general idea about the market trends and evolution. It is an easy way to know:
- Product lifecycle stage of your product.
- Whether market is going to have higher or lower prices.
- Regular patterns that are repeated every year.
- If your prices are too high or too low.
- Opportunities to launch promotions.
When you know your competitors’ prices you can notice things like:
- By lowering the price of a product you could offer the lowest price, meaning that with a small change, you will get many more visitors from price comparison engines.
- If your prices are too low, you could raise them and continue having the best price in the market, so you could rise your margin without affecting your competitiveness.
With all this information you can make more accurate decisions for the future of your business, but that’s not all. Prisync also allows you to track your competitors’ stock availabilities. For instance you can set a notification to know when a specific competitor ‒ maybe the one that appears just above you in Google searches‒ runs out of stock. This is a great opportunity to try to sell more, but it also gives you a warning. If they have sold everything, and your stock level is low, you may decide to make an order now to avoid running out of stock, too.
You might that thinking that getting all this information would take a lot of time. Businesses have a lot of different categories of products, product variations and references. If we multiply these for the number of competitors, the amount of pages that you need to monitor is overwhelming. For instance, 10 products in 10 competitors would require checking 100 different pages to record the price and introduce it into a database.
So, what would you think if I told you that you can achieve this in just a matter of minutes?
With our price tracking solution, you will be able to track all your competitors’ prices and assortments automatically. By spending less time, you can have your database updated more than once a day. And it is possible to implement APIs in order to set automatic reactions to market changes. For instance, if you run a best price in the market promotion for a week, you can set your API to automatically set your prices at the same level than the lowest price available.
In addition, Prisync can also help other workers in your business as category managers. So get the advantages that big data brings to e-commerce and invest your time in the most important aspects of your work: making decisions.