1
Competera
G2 5.0
Capterra 5.0
GetApp 5.0
Software Advice 5.0

Competera is one of the leading pricing software vendors operating mostly in the United States and EMEA region. The company offers a diverse product setup for online and omnichannel multi- or mono-brand retailers across all types of retail industries.

2
Dataweave
G2 4.2
Capterra 4.7
GetApp 4.3
Software Advice 4.3

Dataweave is a company specialized in providing competitive intelligence to e-commerce retailers and consumer brands by means of collecting, aggregating, and analyzing web data at a massive scale. The company was founded in India and today provides services for countries all over the world. 

3
PriceCop
G2 4.1
Capterra 4.5
GetApp 3.9
Software Advice 3.9

PriceCop is a popular and easy-to-use price monitoring tool gathering data from the Internet to provide businesses with up-to-date market data about the particular products in online stores across the market or regions

4
BlackCurve
G2 3.6
Capterra 4.0
GetApp 3.6
Software Advice 3.8

Blackcurve is one of the most popular price monitoring software providers on the market. The company has a solid record in helping e-commerce businesses to understand their competition and keep prices up-to-date in regard to a particular price positioning

5
Edge by Ascential
G2 3.6
Capterra 3.4
GetApp 3.4
Software Advice 3.5

Edge by Ascential offers a diverse range of services covering different types of needs that retailers, and, particularly, resellers or consumer packaged goods producers might face.

6
Numerator
G2 3.6
Capterra 3.0
GetApp 3.4
Software Advice 3.5

Numerator is a solution designed primarily for brands and retailers. It uses purchase data, advertisement intelligence, and surveys to provide insights about consumer buying. The services of monitoring competitive data and product matchings are also provided by Numerator which makes it particularly interesting for retailers and brands willing to enhance their competitiveness by means of making more data-driven decisions.

What is competitor price monitoring software?

Price monitoring software is a unique SaaS tool designed for a sales team to get trustworthy and up-to-date information about prices, product assortment, stock availability, customer reviews, and other related data valuable to e-commerce companies. Thus, based on all these market insights, you determine your positioning and guide your marketing strategy in the right direction.

The importance of competitor price monitoring tools lies in staying afloat under the influence of other companies. No business operates in isolation but interacts with other retailers in one way or another, so it is essential to track prices and include this process in your business strategy.

Undoubtedly, online shoppers take many factors into account when choosing a product. Still, pricing remains one of the top ones. Therefore, to increase the chances of becoming a buyer’s choice, monitor competitors’ prices on a daily basis.

Why is it critical to track e-commerce competitor prices?

First of all, it is worth noting that if price management were not so important, there would hardly be a high demand for software such as price monitoring tools. Moreover, some tend to believe that the price in online stores attracts more attention from buyers than in physical stores. The reasons for this are as follows:

First, when people shop in physical stores, they are usually influenced by the level of service, music, scents, cleanliness, etc. Since all these factors are absent on online trading platforms, the issue of price becomes more significant.

Secondly, comparing prices in physical stores requires more effort and takes a lot of time. At the same time, for online retailers, the process takes a few clicks. Therefore, they can monitor price evolution, track thousands of products and price updates, do deep analyses, allowing them to stay competitive and adapt to the changing marketplace.

And finally, clients of marketplaces are well aware of the prices for most goods and services. And if they don’t know something, they can check the price in different online stores in a few seconds. Therefore, sellers must keep a close eye on changes to be the best deal for buyers for higher sales and profits.

How does price monitoring help with the business?

Price monitoring is vital for companies depending on their type. For example, at the micro-level, this data is valuable to retailers, which are highly competitive. The advantage is that tracking prices and promotions enables them to change the market strategy reasonably.

In addition, price information is also valuable at the macro level. For example, tracking a particular basket of products provides insights into changes in the market or inflation, which may entail the need for action.

In more detail, price monitoring software may help your company in the following ways:

  1. Pricing policy improvement. Special automated tools for getting reliable information about the market help make informed strategic decisions in the pricing process. Thus, you always stay ahead or keep up with the competition.
  2. Increase in conversion. If you have excellent pricing strategies, you have a broad understanding of the current market situation and price trends. Therefore, you can offer promotions or discounts at the best time.
  3. Pricing optimization. Some price monitoring software offer customers dedicated tools for pricing optimization. In short, by collecting data on competitors, the program can determine the best price for your product through the rules based on this information.
  4. Competitive edge. A thorough understanding of how the competitive price monitoring software works gives you a competitive advantage over your competitor’s pricing strategy, so the program gives you valuable data after web scraping competitor sites.
  5. Brand creation. Many buyers depend on specific brands, which determines their choice when shopping. Therefore, keeping track of competitors’ prices helps build your own brand based on market trends, but you should not forget about the quality and durability of the product.
  6. Always in the know. E-commerce platforms are characterized by frequent changes in the cost of goods. That is why it is essential to monitor changes in the market. Fortunately, the software provides up-to-date information 24/7.

In addition to the described ways to support business with software, read about the tool benefits in a nutshell:

  • monitoring prices and their optimization in real-time
  • always competitive prices
  • enhanced conversion rates
  • increased profits
  • error-proof and automated analysis of competitors’ offers
  • accurate matching of product and price

Find the best competitor price monitoring software for your business

You certainly have the skills to monitor prices and thorough knowledge of your industry’s market. However, price monitoring software can make all of this even more helpful by providing relevant information on trending products, demand, and cost.

So, having decided to install the solution, customers are faced with choosing the best service for them. Fortunately, some specific criteria and guidelines may give you valuable knowledge regarding this issue right now. So here are a few things that the platform should offer.

Historical data tracking

Before launching a product, retailers have an assortment and pricing plan. For this, the software should help you determine the right replenishment point, optimal prices, and the best launch time through competitors’ historical data. So, give preference to a solution with this feature.

Determining cost frequency

A good e-commerce price monitoring platform determines the cost frequency of services and products based on an analysis of competitors’ prices. For this reason, look for software with the right ways to determine cost frequency.

Easy competitor price monitoring

This option is one of the most critical when choosing a platform since the software clients receive lots of real-time data on prices non-stop. To ensure that this tool is useful, check the clarity and readability of the information.

Thorough competitor analysis

Before buying, check if the competitor pricing tool offers insights about price monitoring, descriptions of competitors’ and bestseller products, customer reviews, etc.

Tracking the most important sites

The tool should make it possible to monitor the most significant marketplaces, online stores, and price comparison sites. For example, one of the most relevant resources today is Google Shopping, which allows you to compare the prices of different suppliers.

Customer support

While using the price tracking tool, you may encounter difficulties. And since errors in price monitoring and management can cause financial damage, a provider should offer you a professional team of experts to quickly adapt and help you through difficulties.

Various data format

Price information can be displayed in several ways. For example, some solutions offer an Excel format while others provide a web application. Therefore, the best solution for you should be accessible in various forms, including application, Excel, API, and email notifications.

Reliable information

The price monitoring software should only provide accurate supply chain and price information.

Final thoughts

Price tracking software works based on machine learning and data science, offering the user beneficial information about competitors’ prices, demand, supply, and market trends. As a result, it helps online merchants determine their pricing strategy.

To find the state-of-the-art tool for your company, consider the criteria mentioned in this guide. Thus, the product will definitely increase sales and income.