The days when occupying a niche in e-commerce already promised success are over. Today, there is virtually no product ...
The days when occupying a niche in e-commerce already promised success are over. Today, there is virtually no product that is not available online. As a result, competitive pressure in e-commerce is constantly increasing. It is therefore more important than ever to identify competitors' pricing strategies at an early stage so that you can adapt your own strategies accordingly. However, manually recording competitor prices is very time-consuming and carries a high risk of error. However, errors can be avoided by automating price and competitor monitoring.
What errors can occur during manual market and price monitoring?
As a result of the previous two points, the data collected is unstructured and cannot be used for further analysis. Neither can manufacturers supply their sales partners with unstructured, randomly collected data, nor can retailers use it to create meaningful price and competitive analyses. Accordingly, manual processes can hardly guarantee that the data is up-to-date.
The future of market and price monitoring: automation is the key
Automated data collection enables manufacturers and retailers to ensure that competitor product data and prices come exclusively from authentic sources. Whether it's manufacturer sites, marketplaces or online stores; solutions for automated market and price monitoring always access validated primary sources and thus always deliver up-to-the-minute information on products and prices.
Knowing your competitors pays off
The most important thing in market and price monitoring is to know the really relevant competitors. For example, a discounter that only offers a product online for a short time is just as irrelevant for automated market monitoring as special items or auction goods. The important thing is to focus on the "real" competitors. A solution for automating the process ensures this.
The advantages of automated price monitoring are obvious: Competitor data is collected systematically and periodically and stored in a structured manner in a database. This means that the data can always be kept up to date with minimal effort. The time required for manual recording is eliminated and the error rate is reduced. As a result of automation, employees who were previously responsible for manual data entry can now concentrate more on their main tasks.
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