A brand must keep up with new tools and software to boost its sales in the digital market. The competition is touching new heights as many brands are expanding their arms in the digital market. Old methods and techniques are becoming redundant and obsolete. Competitor price tracking & Monitoring Software are one of the latest tools available for brands to increase their sales.
What is Online Price Monitoring Software?
We are living in the age of digitization where almost everyone is using his or her smartphone to interact with the outer world. According to statistics average time spent daily on the smartphone is 3 hours and 34 minutes. This ultimately gives a hint to brands to expand their sales from traditional marketing to Digital Shelf. This is where Online price monitoring software plays its part. It compares the prices across the internet and gives you real-time data that allows you to instigate what is your competitor planning.
Why Pricing and Digital Visibility is Important?
Talking about the pricing first, it is difficult to check all the competitor’s prices in the digital market. As researchers have found that 80% of customers compare prices while shopping online. So, price monitoring software has an essential role in boosting your sales online. By providing a real-time check on your competitors you can easily manage your Digital Shelf within time.
Just like when we go shopping at departmental stores, we tend to buy those products that are visible on shelves. Exactly, a digital shelf is a place where all the products are available either on owned websites, social media, or third-party platforms. According to research, 90% of online buyers only scroll and shop from the first page. They only shop from these products without looking at what is placed on the website.
How can Online Price Optimization Help Brands?
Sometimes different brands work on the same product, I-e clothing, and accessories. They have to check when other brands offer a discount on their items. Price optimization automatically performs optimization across the different products and provides you with an analysis of how much discount your competitors are giving on various products.
There are different seasons across the globe. For example, winter and summer collections on brands are different but competitive pricing is very important as the buyers want to get a cheap and cost-effective product. It is pivotal for brands to buy Competitor price tracking and Monitoring Software to boost their profit.
To Sum Up,
The world is changing rapidly in the 21st century. And, digital world is becoming a marketplace for brands and businesses. So, the brands have to take a step further to conquer the market place and it is only possible when they will get along with the latest technology. The brands are making more profit through online buying rather than conventional shopping because people are so much busy making money that they do not bother to go to markets and buy things.
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