The advent of e-commerce has revolutionized the way consumers shop. Thanks to the wide range of online services available, consumers have many options for purchasing products, and price remains a key factor in their decision.
In 2021, a survey conducted by Accenture found that 72% of global consumers stated that price is the most critical factor in their online shopping purchase decisions, while a study by Rakuten Intelligence in the same year revealed that 60% of US consumers surveyed would switch to a competitor’s website if they found the same product at a lower price.
The Challenge for Retailers
In the rapidly evolving market environment, it has become imperative for retailers to adjust their strategies to stay relevant and competitive. One key aspect of this adaptation is offering competitive prices while keeping a vigilant eye on their competitors’ pricing strategies. By doing so, retailers can not only identify potential opportunities but also proactively detect any emerging threats to their market position.
By remaining alert and flexible, retailers can attract more customers and keep their profit margins stable despite the constantly evolving market conditions.
However, to carry out this monitoring activity, retailers need to collect and manage a large amount of data through advanced analytics and competitive insights, which requires a significant investment of time and money, which is not always sustainable.
The Solution: E-commerce Plan
To help retailers effectively monitor their competitors’ prices, Competitoor offers a price monitoring service for similar or identical competitor’s products. The Competitoor’s E-commerce Plan, with AI and machine learning support, allows retailers to identify similar or identical products on their competitors’ websites and monitor their prices on a daily basis.
For example, if an e-tailer wants to sell a pair of sneakers on an e-commerce site, Competitoor can identify all competing sites that sell the same or similar model of shoes and monitor their prices every day. This way, the e-tailer can be informed in real-time about its competitors’ prices and adjust its own prices accordingly to remain competitive.
In conclusion, monitoring competitors’ prices is crucial for retailers who want to remain competitive in the e-commerce market. Competitoor offers a highly efficient and effective service to help retailers achieve this goal, ensuring greater transparency and a competitive advantage in the market.
Do you want to discover how the E-commerce plan works? Click here or book a free demo below.