Weavr: Price Tracking for E-commerce - What it is and How it Works?

The eCommerce sector is constantly scaling and is demanding fast-paced changes from its key players. Even though it's hard, you must keep up with the pace to ensure your eCommerce business is ahead of your competitors. In the process, you should equip yourself with the right tools and use them to thrive in the market. 

Among all of the other tools that you use to operate your business, an eCommerce price tracker is of utmost importance. Do you want to know why?

Well, imagine you are sailing in a boat that's low on fuel, but there are oars or rowing sticks in case the motor runs out. So, if you are out of fuel and you pull out those oars, you might be able to reach your destination but ultimately will not be there on time. 

Now imagine the same scenario with your eCommerce business. You are using an incomplete set of tools and are manually tracking your price through strenuous measures. Well, you will achieve the result, but your competitors will already be at a point where it will be difficult for you to thrive. 

Therefore, you must get along with eCommerce price tracking software to ensure you make the right pricing decisions to generate more sales and revenue. So, let's get a deeper insight into eCommerce price tracking and how it works.

Understanding the Purpose of An eCommerce Price Tracker

A price tracker is any software that monitors prices across the internet for specific products or services. It is a type of tool that you can use for comparing prices, analysing them and making decisions for your business offerings. But, not all price trackers have the features to meet specific business needs. 

No one size fits all when it comes to availing price tracker tools. If you are an eCommerce business, then you should count on getting a tracker that has specialised features to help you scale your sales. 

The dedicated eCommerce tracking tools come with a practical interface. It gathers humongous data by comparing products across your competitor sites or stores. 

Now imagine you are selling a product with a very competitive market pricing. In that case, eCommerce tracking and pricing details of competitor products across different marketplaces will help you decide your feasible price tags. This way, you can strategically decide your pricing window to incur no loss while getting more sales.

How Does the eCommerce Price Tracker Benefit Your Business?

To give you a better idea of why you should integrate an eCommerce price tracker for your online retail business, here are a few ways it would benefit you:

1) You Will Have A Lot of Sales

As stated earlier, when you are setting optimal pricing, after comparing it with the market rates, you are all set to attain success. If your pricing is most competitive and makes sense to the consumers, considering value and affordability, they will prefer your product over others. 

Pricing is one of the most important consumer considerations, which is the deciding factor for their purchase. So, integrating an eCommerce price tracker might help you turn around those purchase decisions in your favour. 

2) Your Profit Margin Can Be Maximised

Creating a pricing strategy demands more than just comparing a few numbers. Alongside assessment of the competitor's prices, you should be able to specify where your product stands amidst their offerings. Determine if your price is too low or too high compared to the market. 

With price tracking and added analytics, you can decide if you have enough room to lower or increase your price and still be competitive in the industry. Thus, you will be able to scale up your profit margin accordingly. 

3) Your Response Time to Pricing Changes Will Be Quick

When you get your hands on quality eCommerce price-tracking software, you will be able to make quicker turnaround decisions. In the arena of analytics eCommerce, it isn't enough just to have the data in hand; what's necessary is to be reminded of any potential changes in them at the right time. 

The right price tracking software will let you enable instant email notifications every time the tool observes a price change for competitor products across various marketplaces. Thus, you will have enough response time to beat the competition and keep your products and brand on the top of the pricing ladder. 

4) You Can Track Historical Data to Navigate the Market Fluctuations

Your eCommerce growth will be categorised with respect to diverse and rapid price fluctuations. There is a possibility for the prices to change multiple times in a single day, and the same product might cost a lot more in a week. And such data is of utmost consideration for eCommerce businesses. 

It is because tracking such historical data will help you understand the strategy of your competitors and also understand the behaviour of customers. As a business owner, you should know when the pricing of your competitor's products are highest or lowest in a year and what were the respective price tags. 

5) Enter New Markets or Launch New Product Ranges

When you are planning on launching new product categories to your eCommerce business, a proper pricing analysis of similar products and brands will be of great help. This way, you will have an idea of the market you are entering and the challenges you will face in positioning your product in that price window. 

Even though you are just expanding your product's reach to a foreign country, it is important to compare your pricing with that of the competitors. It is because your pricing might be a hit in the current market, but the new one might be even more challenging. So, adopting a pricing tracking solution will be of great help. 

Important Features of A Stand-Out eCommerce Price Tracking Software

The key to achieving success in your eCommerce business is to get more sales, repeat purchases, and high customer retention. And, among all of the key metrics that you keep track of within your performance measurement system, pricing holds prime importance.

So, to convince you even further on how beneficial it is to add an eCommerce price tracker to your operations, here are some of the features that you can expect to get along with it:

1) Compare Competitor Product Prices Across 50+ Marketplaces

A perfect eCommerce tracking software will enable you to compare the pricing of your competitor's products with yours across various marketplaces. May it be Walmart, Amazon, Curry's, Flipkart, Costco or others, the wider your comparative analysis goes, the better will be your pricing decision. 

2) Instant Notifications

When relying upon the best price tracking software for your eCommerce brand, you must get updates on noteworthy price changes. It isn't possible for you to manually check the dashboard in intervals to catch the price changes in action. Instead, you will get instant notifications or alerts every time the price for your select competitors changes.

3) Reporting Capabilities

Alongside sending you alerts, the best price-tracking software will be embedded with a reporting mechanism. Thus, it will provide you with a user-friendly and understandable report on how many times the pricing of competitors' products has been changed within the course of time. It will help you make better pricing decisions for the future. 

4) Manual and Automated Product Matching

Finding the products that you want to compare with yours in terms of pricing might be a strenuous job when the entire thing is done manually. But, opting for the best price tracking software enables you to automate the matching process to find the competitors' products and compare their pricing. But, it is possible that not all auto-matched products will be relevant. Therefore, you might have to make a few manual changes to set things up. 

Give Your eCommerce Business A Next Leap Into Success With Price Tracking by Weavr Sense!

WeavrSense is a dependable system for tracking eCommerce prices and measuring performance. It allows you to compare your competitors' product prices across various marketplaces. 

As you will have a unified dashboard to check the pricing metric, compare them and derive actionable insights, it will be easy to identify the anomalies. Thus, you won't have to engage many employees to monitor or assess the pricing data. 

Moreover, you will also be getting compelling and detailed reports with pricing comparisons. Following that, you can also set WeavrSense to provide you with reports on other crucial performance metrics, such as review & rating analytics, customer sentiment mapping, product listing hygiene and others. 

If you want a demonstration of how WeavrSense can help streamline your eCommerce price tracking needs alongside other features, get in touch with us immediately! 

Conclusion

Keeping an eye on how the pricing of your competitor products changes is necessary to ensure you offer a better deal to your customers. And this article just gave you clarity on how price-tracking software can help your eCommerce business thrive. 

Among the best tools in the industry, WeavrSense makes a stand-out exception with its all-round eCommerce performance measurement metrics. With it, you won't just be tracking the product prices of competitors but will also be assessing customers' responses towards your offerings. 

Get a demo of WeavrSense, and you can practically review the benefits it would provide you with!