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How-to 10 min read August 2, 2019

How to carry out the competitors' prices monitoring performed in the market

The process of competitors' prices monitoring is one of the key marketing tasks. It is helpful for successfully business running in the market. It is also possible with the help of monitoring to gain the maximum number of clients. It is the most convenient to carry out the dynamic analysis by means of competitors' prices parsing procedure.

What the competitors' prices analysis is necessary for?

The prices monitoring is regular or in other words, even constant market tracking changes, trends studying (future-cast), comparison of the competitors' prices and the detailed analysis of the last showings.

The price policy of the company is one of the key points that has a direct impact on the aspect of business success. The analysis of competitors' prices changes and variations of the cost parameters is a very important stage to complete. The depreciation factor that causes the costs reduction on the same goods you provide will have the negative consequences, to the point where potential clients can choose another e-commerce site for online shopping where prices are more attractive.

According to the research, 81% of American buyers consider the price policy as the important factor when choosing the website to deal with. At the same time. 85% of young users (the category of consumers in age up to 35 years) prefer to compare the different sellers offer on the Internet, while making some purchases with the help of pocket screens.

Now there is a wide range of online helpful services to monitor competitors' prices and other parameters, by filling information concerned the commodity group of interest. As the result, the netizen, who tried the prices parsing procedure, would receive the report with the dynamic analysis of the rival companies. Besides described options, the prices variance forecast with the available dynamic of the costs changes is generated.

It is possible to offer the most competitive prices in the market and gain more and more clients in this way. The automated parsers are able to analyze the prices several times faster than the by-hand procedure of analysis allows.

Online tools for competitors' prices monitoring – the analysis on Internet

Competitors' prices parsers will be useful both for those who only plan to open online store and for owners of the already operating commercial websites. Such services analyze online stores, price lists and information gathered on the e-commerce platforms. Among actual options, there is the capability to find competitors according to the set of parameters: product description, brand, model, etc.

Let's take a more detailed look at some available online price parsers:
#1

Priceva

This service automates the real-time pricing and monitors the prices of the competitive websites. There are ten thousand online stores from more than twenty countries in the Priceva database. This platform provides dynamic pricing. It allows to change the prices proceeding from the product availability and competitors' goods costs.

At the same time, the in-warehouse quantity of goods and their purchase value are taken into account. The dynamic pricing increases the sales efficiency of the online store. The free pricing plan for the prices monitoring analysis of one competitor is provided in Priceva rates table:
Priceva monitoring pricing
It is necessary to pass the standard registration procedure to start using the service range. Then it is possible to create a new campaign:
New monitoring campaign in Priceva
Let's fill fields with the contact information, data concerning your own online project. It is necessary also to add information about the region of monitoring and currency of interest. Then you should click "Create" button:
New campaign creation in Priceva
Our next step will be new goods creation. It is possible with having filled out the product description, item number, category, and the brand. Also it is necessary to mention the minimum possible product price. This way the Priceva service will not be able to take into account the lower prices forming up the recommendations roll:
Product price monitoring in Priceva
Then it is possible to specify references to their own goods and the same competitors' products offered. It is necessary for starting the process of the market pricing following and the actual price ratio provision:
Prices analysis in market
Fill the useful information in the "By price" tab and see the price relations. It will be available the comparison your own costs with the prices on the competitive websites:
Competitors' prices analysis in Priceva
#2

Competera

This tool allows to carry out competitors' price monitoring and to analyze the cost of goods while saving employees' working hours. The analysis is an optimal way to create the effective strategy of pricing which is based on daily data collection concerning the prices, special offers competitors' products availability.

There is a 14-day free trial period in the Competera service. Several separate software products developed for monitoring of the market, the competitors' analysis process, pricing management, and optimization are presented for users.

Google Chrome browser extension is also accessible for consumers. It is possible to get the following information with extension installed (while visiting the website of interest):

  • the goods prices both in own online store and on the competitors' websites;
  • percentage ratio of costs;
  • last update date of the of the prices;
  • monthly schedules/diagrams of the change in price.
Competitors' prices monitoring Competera
#3

Price2Spy

The online service was created in 2011 for monitoring and the price analysis. Now more than 35 tools are available in this online platform. The monitoring service range is used by more than 600 clients. For exact results, that depended on specifics of each business type, Price2Spy developers offer completely automated, by-hand type analysis or hybrid method of products comparison.

This service can be used according to individual requirements taken into account. Some clients monitor more than 500 thousand goods items on dozens of websites of interest, while other users prefer to compare parameters of several goods on 500 different resources. It is possible to monitor the prices in different currencies, to specify the regions of the analyzed competitors' websites.

Price2Spy service allows to integrate the flexible change in price mechanism on the website from CMS online store directly. The alternative option with the use of the FTP-client and the CSV-file is offered. This variant will be helpful because it would contain necessary data on the prices. The service sends this file to the client's email.

This online tool can be used within 30 days free of charge. The only stipulation to get the free pricing plan is to pass the registration procedure. Let's choose English, our country, a business type, and fill the gaps with the contact information. It is available to add competitors to the special fill-in-blank field. The final step is to press "Register" button.
Registration in Price2Spy monitoring service
When the first stage in terms of registration was completed, it is possible to add all necessary goods for comparison by hand or to use import of products by means of XML or the CSV-file. Also Price2Spy service allows to bind the online store to the account. Let's choose by-hand option for adding goods (manually adding):
Price2Spy competitors' prices monitor
Then let's mention product goods item URL and the check frequency and if necessary. You are able to fill out other additional data if it is necessary:

  • category;
  • internal identifier;
  • other information on a product.

Press "Save" when everything is done.
Product creation in Price2Spy service
The service will automatically add the product price, having followed the specified URL. It is necessary to put one more key point on - the reference is linked the service with own shop. Then press "To confirm and add".
Adding product price monitoring to Price2Spy
After that, we will add and confirm the URL addresses of competitors' goods the same way. If everything was done correctly, we would see the price analysis:
Competitors' prices report in Price2Spy

Conclusion

It is necessary to monitor constantly market parameters, adapting to the competitors' changes in price and navigate fast changing market backdrop. These are the rules of the most successful business.

Online parsers usage allows to save time that is necessary for regular prices monitoring, competitors' special offers and goods availability on the rival websites. It is possible to configure automatic change of goods items prices on the website with the help of these tools. The suitable pricing strategy will be taken into account.

This article is a part of Serpstat's Checklist tool
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Checklist is a ready-to-do list that helps to keep reporting of the work progress on a specific project. The tool contains templates with an extensive list of project development parameters where you can also add your own items and plans.
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