The importance of Price Monitoring

The importance of Price Monitoring

Why is price monitoring important? The Ecommerce arena is highly competitive. With so many sellers competing for sales of similar products, the slightest advantage can make a difference. And pricing can a massive differentiator for the consumer.

The Need for Price monitoring

Price-monitoring is an important part of the strategy to stay competitive. Constantly keeping track of the merchandise and pricing moves of your key competitors helps you evolve your own strategy. In addition to your own internal data, it gives you deep insights into market trends and competition.

Pricing is a Prime Factor in Buying Decisions

More than 80% of customers do price comparisons for 50% of their purchases.

Consumers have now made price comparison a normal part of their regular shopping routine. There are numerous comparison shopping sites and price comparison tools that enable them to do this easily. Showrooming is a practice that every retailer is now familiar with. Shoppers look at online prices of the products they are looking at in-store, If the online prices are better they decide to buy the item online.

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