The perfect price
The perfect price generates the highest profit on the sale of the stock. That is to say, the highest acceptable price for customers. The idea being to sell to as many people as possible with the best profit margin.
For a few years now, with the emergence of smartphones, things have changed.
Consumers now check prices on competitors’ websites prior to making their purchase (or not) with you.
That’s why it’s crucial to monitor competitors’ prices each day. Although you might not be aware of your competitors’ prices, you can be sure that consumers will have done their homework.
Today, price is key. That’s why brands which undercut prices are so successful. At a time when the cost of raw materials is on the rise, consumers have seen a drop in their purchasing power and are increasingly attentive to price
What is price monitoring?
Price monitoring is a technique which enables a company, distributor or brand to regularly or constantly check the prices charged by their market competitors.
This kind of monitoring can be applied to everything available and readable online, that is to say, sales prices.
It is vital for distributors and brands to remain competitive by adjusting their pricing policy in real-time and developing their sales strategy.
To find out more about price monitoring, click here:
Markdowns are a promotional technique in which prices are displayed next to one another: the old, crossed out price next to the new, lower price. This helps boost visibility, as well as the psychological impact of the promotion, by visually comparing the two prices.
Since May 2022, this promotional practice is better governed thanks to the Omnibus directive. If you would like to learn more about these new regulations, please read our article (link to article).
To optimize prices with regard to the market, try the EAN comparator. Simply enter the list of EAN codes into our tool along with the prices you charge. You will immediately obtain a comparison of the references among the competitors you have selected.
Automatic and customizable alerts
Daily monitoring of your competitors’ prices is important. To save time, you can program the price monitoring tool to obtain customized information and automatic alerts.
Depending on the brands you choose and the products you wish to track, you will get a report from our smart tool. Discover at a glance which of your products are the most expensive, and with regard to which competitors’ brands. You can personalize your dashboard to access the information of interest to you so that you can make the right decision, taking into account your stock, monopolies and purchase price, etc.
Automatic programmable alerts
The Retail Shake tool also lets you set thresholds above which you wish to receive alerts. This will help you to stay more reactive. When one of your competitors begins a promotion, a special sale or conversely, when they increase their prices for products of importance to you, you will be notified. This helps you to react immediately and to maintain your sales dynamic.
Each day we collate more than a million offers to analyze them and to present them to you in a clear fashion. Our tools process this data each day, but you can access it whenever you wish: monthly, weekly or daily. You choose the frequency of the reports we send you.
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