Why Your Retail Business Needs Competitor Price Tracking Software

by | Mar 4, 2014 | Business

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Retail businesses today face challenges that are unique to our fast paced, Internet-driven society. One of the major challenges for retailers, both in brick and mortar shops and online, is the need to keep pricing competitive with other sellers in your industry. With simple Internet searches being conducted constantly by consumers hoping to get the best deal on their purchase, a successful retail business is one who monitors the pricing, sales and incentives being offered by their competition.  Competitor price tracking software is essential to both drawing in new business and keeping existing customers coming back for more.

If you’re not priced competitively, you will lose sales.
It is essential that retailers utilize competitor price tracking software in order to be aware of whether their prices are higher or lower than other similar sellers. Through comparison software, retail stores can be aware of what other stores are charging for the same product, and decide how much they need to adjust their own prices in order to retain their competitive edge.

If you study prices, you will have a better understanding of your market.
The best way to know what other retailers in your industry are selling and what they are charging is through competitor price tracking software. The retail industry is more competitive, creative, and customer focused then every before. Since most comparison software tools allow you to not only see what other sellers are charging, but also to see incentive programs, sale trends, and specific inventory carried by other retailers, utilizing this type of program truly can provide a business with a deep understanding of their particular market.

If you understand your market, you can target your customers.
While low price is often a big draw for a potential new customer, many customers also appreciate incentives such as loyalty plans or special sales or discounts. If a retailer is concerned about dropping prices too low, they can choose a few products to charge less than their competitors for as a way of drawing customers in. Once a customer chooses to do business with your store, you can ensure that they become a repeat client by offering them incentives thorough customer service and more.

At Price Manager, we offer subscription-based services that allow extensive price comparison and market reporting for retailers and manufacturers.

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