Today we are offering our two cents, explaining in this article how e-commerce suppliers can benefit from using online price tracking.
Price tracking for more data-driven management of your online channels
As an e-commerce supplier, you provide your own brand of products and want to be aware of the price of those products. Price tracking software is the fastest and most efficient way to monitor the prices that retailers are assigning to your brand. You may have signed a contract about minimum advertised pricing, but if you can’t check whether or not they are respecting it, you are risking the future of your business due to lack of information. Be careful with this strategy because in many markets it is not allowed to dictate prices for retailers. If you think it is interesting, make sure try out an online price tracker.
How to know the demand for your brand by using online price tracking
Online price tracking will give you an important insight: an indicator of the current demand in the market.
By using online price tracking software, you can track your customers (which are the online shops) and their competitors’ (again, the other online shops’) pricing. If your customers and competitors are setting higher and higher prices, this means the market has a great demand for your product. Here the price is important, but its evolution is even more so. With Prisync you can generate historical graphics that will help you to understand where the prices are going. You can see how they are behaving currently and also how they change over the year. That way you can be ready for meetings depending on the phase of the year you are about to face.
Using price tracking to anticipate the market and boost sales
Apart from negotiation, price tracking and the ability to check price evolution gives you plenty of options to improve your sales. By making decisions just before the market moves, you can get very nice results. For instance, if you know August is a bad month for you, you can plan a special promotion or advertising campaign during it. Or maybe you can just lower your production. On the other hand, you can prepare your company to be ready during hard sales periods for your clients.
Sometimes decisions are not just about earning more, but about selling more in the future. If you know your customers will need a high volume of products, you may decide to raise your prices. It is fair. But another option is maintaining the prices and offering your customers faster supply than ever thanks to the fact that you can forecast their peak demand periods. Remember that the best way to boost your sales is helping your clients to grow.
Besides, knowing when the business-to-consumer businesses are setting higher prices, you may find new selling opportunities. Chances are that they have higher prices because their suppliers are providing the products for higher prices. Sending a message to them and offering your products may open their eyes so they notice they can get the same quality for a lower price by working with you.