If you’re serious about scaling your Shopify store and increasing profitability, tracking prices and utilizing dynamic pricing is a must. Whether you’re running a small Shopify store or managing a large enterprise, having a system in place for competitor price tracking, tracking your own prices, and adjusting them based on real-time market data is essential.
Dynamic pricing allows you to adjust prices in real-time based on factors like competitor pricing, customer demand, and stock levels. By tracking your competitors’ prices and adjusting your own, you can find the sweet spot that maximizes your profit while remaining attractive to customers.
But how do you track prices effectively? Let’s dive into three methods for tracking competitor prices and improving your Shopify store’s dynamic pricing strategy.
1. Competitor price tracking on Shopify using a spreadsheet
When starting out with a Shopify store, using a simple spreadsheet may seem like a practical solution for price tracking. You can manually enter the prices of your products alongside your competitors’ prices and use basic formulas to calculate differences or identify trends. This method has one primary advantage: it’s free.
The manual work required to maintain accurate data can quickly become overwhelming though, especially as your product range expands or more competitors enter your niche. Manually updating competitor prices every day is time-consuming and ripe for human error. Not only that, but you’ll also struggle to keep up with the rapid pace of price changes, which can leave your pricing strategy lagging behind the market — and leave you exhausted.
A spreadsheet also doesn’t account for the dynamic nature of pricing. In the time it takes you to update your competitors’ prices manually, their pricing strategies could change again.
Spreadsheets might work for very small stores or those with minimal competition, but they’re far from ideal for anyone serious about implementing a ongoing competitor tracking on Shopify
2. Track competitor prices using all-in-one software
As your store grows, you might look for a more scalable solution — enter all-in-one software. All-in-one software might offer some automation features that seem convenient. These tools can sometimes scrape specific competitor prices, saving you some of the time and hassle of doing it manually.
But there’s a catch: all-in-one software tends to take a broad approach to pricing, which means you might not get the detailed, real-time insights needed for a successful Shopify dynamic pricing strategy. These solutions often use generalized data models, which don’t always reflect the nuances of your specific market or products. As a result, you may not receive the precise information needed to optimize your pricing for each individual product.
Another limitation is that these tools often lack true dynamic pricing capabilities. While they can give you a snapshot of your competitors’ prices, they don’t always allow you to adjust your pricing automatically in real time based on the changing market. This means you’re still left with some manual work to implement price changes, defeating the purpose of automation.
For Shopify store owners looking to optimize every aspect of their pricing, all-in-one software may be convenient but lacks the depth and flexibility required for long-term success with competitor tracking.
3. Track and dynamically update prices using best-in-class software
You need more than just automation—you need real-time insights and intelligent pricing strategies that adapt to market changes the moment they happen. This is where best-in-class software like Intelis shines.
Intelis goes beyond just tracking competitor prices. It integrates directly with your Shopify store and Google Merchant account to provide AI-powered dynamic pricing where it matters most, allowing you to automatically adjust prices based on factors like competitor actions, customer demand, and market trends. With Intelis, you can beat your competitors without constantly monitoring their every move.
Intelis AI analyzes factors like supply and demand, sales velocity, and even customer behavior to recommend the optimal price for your products. With real-time pricing adjustments, you can capture more sales when demand spikes and avoid losing customers to lower-priced competitors.
The ability to monitor your competitors and adjust pricing dynamically takes the guesswork out of your Shopify pricing strategy. Intelis doesn’t just save time—it boosts your bottom line. It’s the ideal solution for Shopify store owners looking to maximize profits through intelligent, data-driven pricing.
Why dynamic pricing matters for your brand
Dynamic pricing isn’t just a buzzword—it’s a proven strategy to maximize revenue, enhance customer satisfaction, and outperform competitors for Shopify brands. Whether you’re running a growing store or managing a large enterprise, having a system in place to track prices and adjust them based on real-time market data is essential.
Implementing Shopify dynamic pricing without the right tools can be challenging. Manual methods like spreadsheets are error-prone and time-consuming, while all-in-one software often lacks the precision needed to stay competitive. That’s why investing in best-in-class software like Intelis is a game-changer.
Don’t just track prices — leveraging AI and real-time data to optimize your entire pricing strategy.
