Here's what you may have missed in the world of ecommerce.
There’s so many factors at play when setting your prices, much more than the mere manufacturing cost. To truly optimize your pricing and maximize your profits, you need to consider areas like the market value, perceived value, personal finances of your target customer group and so on. But no matter how meticulously you calculate the ideal prices of your products, there’s one factor that can always undermine everything: your competitor’s prices.
More in ecommerce than traditional shopping, prices will make or break your store. With online shopping, customers can compare prices with just a few clicks; that means even if you don’t know what your competitors are charging, your shoppers likely will.
For this week’s Divvit Digest, we’re exploring the crucial component to setting the perfect price point: competitor price monitoring.
Most online store mangers understand the importance of competitor price monitoring, but when it comes down to actually applying it, they’re unsure how to proceed and stick to only amateur strategies. That’s why we wrote our guide piece on 5 advanced tactics. This article lists 5 effective approaches to price tracking that can give you the edge in ecommerce espionage.
ConversionXL compiles the best advice on competitor monitoring overall — not just prices, but product reviews and social media as well. This comprehensive guide goes in detail on the best methods for keeping an eye on your rivals, including actionable advice and links to additional free tools. The angle is geared towards ecommerce newcomers, but the advice is advanced enough that even experts might learn something.
Zabanga Marketing offers an academic approach to ecommerce advice with this quick list of pricing trips applicable to online and offline markets alike. While the blog may look outdated and its tone of voice stiff and formal, the reliable advice it shares makes up for it. This is the kind of article for those who prefer textbooks to blogs, thick with wisdom at the expense of entertainment.
Keeping up to date with competitors’ prices is a constant and involved process, but luckily there’s ecommerce tools to help. Prisync has built a strong reputation for itself as one of the most dependable tools in price monitoring, with a dedicated fan base and slew of features. This week, Divvit Reviews the popular software so you can decide whether or not it’s right for you.
While we prefer Divvit Digest entries to be as recent as possible, we wanted to make an exception for this 2014 article because it still proves useful today. Although at least one of the entries has since gone offline (Topsy), most of the others are still alive and well, making this a valuable list of ten free alternatives to paid ecommerce tools for competitor price tracking. Keep in mind these are all free options, in case software like Prisync is too costly.