Working in an online or E-commerce business and sustaining a satisfactory return on investment (ROI) is not an easy task. The competition is quite high, and even it will become tougher as the demand is rising, that’s when dynamic pricing comes into the picture.
The key factor in ROI is basically dynamic pricing. That means the careful and well-planned price monitoring that plays a major role in improving the ROI. The customers now have a wide range of choices, and they have a much better scope to compare the pricing of the product they are looking for from various online sites. To be on the right track and improve the ROI, we need to research our competitor’s pricing and plan our strategies accordingly. We cannot expect a good return if we are not opting for dynamic pricing as the market demands.
Of course, it is not humanly possible to track all your competitors, track their pricing and plan your working strategies accordingly. The solution comes from the online platforms that are offering services to give you support in this process.
Features to look for in your dynamic pricing platform:
1. There should not be any combust some process like tracking the URLs of your competitors and uploading them manually. The platform itself should do it for you based on your product, brand, and pricing.
2. The platform should give you scope to upload CSV files if your working platform is not available with them.
3. There should be an option to add new competitors other than what the package selects for you.
4. The customers respond to your competitor’s products, and their pricing should be available to you to plan your strategies more efficiently.
5. Some platforms are even offering powerful AI search algorithms, which will even make your job easier.
6. It should be fully automated, and full-time support should be available for any problem you face.
7. Should be covering the most common platforms like Shopify, Woo Commerce, Big-Commerce, Magento, etc.
Reports to be provided by the online services:
1. A prompt Price Alert whenever there is a change in your competitor’s product pricing.
2. A report showing your position in pricing as compared to your competitor’s pricing based on the brand and products.
3. Automated product matching by using powerful AI search algorithms and tracking your competitors automatically.
4. Should allow you to do market in-depth market research with powerful search engines about your competitors and statistical reports with in-depth analysis. Definitely, you need to compare the price also for this kind of Price Tracking online packages. Check for the price tag and the features offered by the packages at first. Some are even offering a free trial with some limitations. In that case, it may be a wise decision to go for a free trial at first, and then if it is found suitable, avail the package that suits you the most.