Gone are the days of needing a slew of employees to keep ahead of rival stores’ constant price changes. Technology along with the internet has changed how a business gathers price comparisons and uses pricing strategies. No longer is simply having the cheapest priced item enough to draw consumers. Pricing strategies today, are more complicated and may rely on years of patterns: customer buys, traffic coming to the site, what customers are looking at most when they visit your online store, and using online price comparisons of a rival store to determine an item’s placement on a webpage, its price, and how often discounts are offered.
However, is online competitive intelligence swot reports effective and why do I need it? In today’s tough business market, business owners need all the advantages available to be able to increase their customer base and increase sales. The nice thing about online competitive intelligence is that business owners have access to real-time updating anywhere they are, in which online access is available.
Unlike other computer systems (which offer online price comparisons based on averages), an online competitive intelligence is able to gather thousands of prices from e-tailer stores instead of estimates of online price comparisons. This better helps business owners plan because they have an actual retail price and not an estimate.
Online price comparisons are calculated using more than one method. Online price comparisons are determined by using a complicated system called online competitive intelligence and some systems can be operated by an easy click of the mouse. By using this online system (accessible from any computer), time restraints and additional pricing strategy obstacles are no longer hurdles. This leaves business owners free to handle other business matters and let an intelligent system determine the best pricing strategies for their web pages and products.
PriceManager is a powerful subscription based service that monitors and tracks pricing on thousands of products across your competitors and displays how it compares to your pricing. This allows you to focus on your strategy in regards to how you price your products relative to your competitors and marketplace or to keep track of the competitive landscape. Using PriceManager, you can generate many out of the box reports or customize reports to fit your needs. To learn more about how PriceManager can be a great tool for any business, visit us: