Benefit From Easy Pricing Intelligence
Price Compare allows you to add your product prices and those of your competitors so you can track which products are cheaper or more expensive than your competitors and see how this affects your conversion rates by linking to your Google Analytics account.
In its simplest form, you can use pricing intelligence to increase margins on products you are selling too cheaply and trim back prices on products which are over-priced in price-sensitive markets. There are many other benefits from pricing intelligence and how it aids your marketing, average order values and profit margins:
Price match to sell more products
Check whether your products are over-priced against key competitors and match where possible
Increase your margin
Identify under-priced products so you can increase your price and improve margins
|Increase your AOV (Average Order Value)||Focus on big ticket items to ensure they are price competitive to encourage more sales and drive up your average order value. Include cross-sell and up-sell options in your shopping cart process to push up the AOV further|
Plan better promos
Decide which products to include in your promos: either by discounting over-priced products or by highlighting those cheaper than your competitors
Retain your loss leaders
Make sure your loss leaders are not being under-cut, especially items which are typically first added to cart by buyers
Plan price updates
Check how regularly competitor prices change so you can plan when best to change yours
Monitor pass-through price hikes
Check to see who moves prices first, for example when raw material costs go up, and promote your products while your price is lower
React to competitor price changes
Know when competitors have changed their prices through daily email alerts and adjust your prices accordingly
See if competitors are spying on you
See if competitors are monitoring your site and price matching when yours change, thereby making your promotions less effective
Validate Price Match Claims
Look up a product on a particular day so you can confirm a "Price Match" claim.
Check suppliers aren't undercutting
Monitor suppliers' prices for dumping end of season stock or running discounts which undermine your prices
Understand stock positions
See when competitors / resellers are out of stock so you can corner the market or replenish reseller stock more quickly
Determine the effect of delivery prices
Check how delivery costs set by you and your competitors makes a difference to sales volumes
Monitor brand changes
Check whether sales are slipping or soaring due to brands becoming more or less popular on google search
Detect competitors pulling products
Monitor data feed errors to see if competitors are pulling products, or having website issues that cause pages not to be displayed
Check for price violations
Manufacturers, monitor your resellers for pricing violations and that your new pricing structures are put into place at the correct time
Identify reseller pricing strategies
Understand what's driving reseller volumes, whether through price reductions or higher prices with better service
How It Works
- Add Domains
Add in the domains you want to track plus your own and set up the templates to track normal RRP or special prices and whether the site displays prices inclusive of tax or not.
- Add Products
Add your products and matching ones from your competitors or distributors. Include delivery costs, categories, brand names, product codes and more.
- Monitor Daily
Prices are checked every day and can be viewed in the dashboard. Download over-priced and under-priced product reports to see where you need to trim or increase your prices.
For more information or pricing contact us on 0330 311 2810. For REC+ users, ask about our Premium Ecommerce subscription.