Top 10 Price Monitoring tool in 2021 | Octoparse
Nowadays, people review and compare products and services online before they make a purchase. It is obvious that how user experience is crucial for companies to keep existing customers over time. However, price is the driving factor, especially for first-time buyers. That being said, price monitoring is critical for your business.
Table of Contents
What is price monitoring?
How does price monitoring help with the business?
What are the top 10 price monitoring tools?
Mozenda
Octoparse
Data Crops
Prisync
Omnia Dynamic Pricing
Price2Spy
Skuuudle
Repricer
Minderest
What Is Price Monitoring?
Price monitoring, also called price intelligence or competitive price monitoring, is the analysis of internal and external (the historical and real-time competitor’s prices) variables prices in order to optimize one’s pricing strategy.
How Does Price Monitoring Help with the Business?
For internal analysis:
Monitoring your pricing history can help to reflect the market strategy. Along with the product rotation and brand value, price monitoring can help to make the best pricing strategy and maximize the profit.
For market competition analysis:
Competitive price monitoring allows you to obtain competitors’ information. This is essential in a market report. Based on collected information, like product-price ratio and your target group, you will have an idea about your market positioning.
What Are the Top 10 Price Monitoring Tools?
In short, a price monitoring tool is a MUST!
This article will introduce the best price monitoring tools, I also categorize these tools for you to choose easier.
#2 Price monitoring platform/software
#1 Web scraping tool
The web scraping tool is the most cost-efficient for small and middle-size businesses with a limited budget. Comparing to a price monitoring software, the advantages of a web scraping tool are:
Multi-scenario: Besides price monitoring, a web scraping tool can also be used in lead generation, risk management, academic research, and market analysis
Multi-industry: In addition, a web scraping tool can also be used in many industries including real-estate, car industry, hospitality, consultancy and more. Rather, a price monitoring software is more unilateral which can only be used in e-commerce.
Related Reading: How to Track Competitor Price with Web Scraping
Type: Client | Price: from $250 per month | Free Trial: Free 30-Day Trial
Use case: Tracking Your Competitors with Price Monitoring
Type: Add-on Extension | Price: Customized($299~$9999) | Free Trial: N/A
Use case: How to monitor price with
Type: Client | Price: From $0~$249 per month | Free Trial: 14-day free trial
Use case: Get price information with Web Scraping Template
When using the Octoparse web scraping template, everyone can capture product price and some other information from Amazon anytime and anywhere. The following result could be what you can get with Octoparse.
Price monitoring platform/software, as its name indicates, is concentrated on contributing to the e-commerce industry for monitoring and tracking the prices. That says it’s a professional pay-as-you-go software when compared with #1 web scraping tools.
Introduction: Established in 2004, Aruhat Technologies is an India certified software company with a vision of offering technology for continuous business improvements and innovations backed by core competence.
Fee: Customized | Free trial: N/A
√ Data Crop cover from business intelligence to Pricing & Repricing tools.
√ Easy-to-use interface
× Limited data extraction
× Fail to extract data sometimes
Feature:
· Disparate data collection
· Image extraction
· Document extraction
· Email alert
Introduction: Prisync is a SaaS company the focus on pricing optimization and dynamic pricing for e-Commerce businesses. It provides clients with a price-tracking system for people to monitor competitor price.
Fee: From $59 per month | Free trial: 14-day Free trial
√ Omnidirectional services from helping defining product assortment to settle pricing strategies.
√ Real-time price tracking and updating.
√ Email alter.
× Not easy to set up a stable and efficient model.
× Some aspects of customization require fairly technical skills.
· Repricing Engine
· Comprehensive report
· Frequent Updates
· Unlimited Competitors
· Advanced Analytics
Introduction: Omnia provides a full suite of automation tools to help with taking control of product assortment, building pricing and marketing strategies.
Fee: Customized | Free trial: Get Free trial after contact sales
√ Flexible to set up a monitoring model in the software.
√ Easy to use as it explains how the software algorithm works and recommend a proper
√ Comprehensive training system
× Too expensive for a small-size company
× Only provide online support in business hours
· Customized pricing rules
· Price elasticity calculations
· End-to-end automation
· Total transparency
Introduction: Price2Spy is an online monitoring tool for eCommerce professionals.
Fee: From $19. 95 per month | Free trial: N/A
√ The app is available on both iOS and Android devices. Also has web-app version.
√ Widely cover most product assortment and provide in-time suggestions.
× The price information is not updated in time. Doesn’t update price information in a timely manner(Synchronization issue)
× The dashboard is not friendly for users is not user-friendly
· Price Comparison
· Price Change Alters
· Reporting & Price analytics
· Smart spidering
· API
Introduction: Skuuudle is an intelligent monitor platform which can is a clever little platform that compares your prices automatically with that of competitors’. Through a close understanding of prices in a certain marketplace, Skuuudle helps to generate price and product insights on a daily basis
Fee: From $89 per month | Free trial: Get Free trial after contact sales
√ End-to-end visualization pricing monitoring platform.
√ Get data on time with perfect accuracy
√ Provide monthly report
× Only provide online support in business hours
· Data collection
· Product matching
· Quality control
· Easy-to-use Analytics
· Cloud-based
· First-class support
Introduction: Repricer is a pricing monitoring tool that focuses on Amazon repricing.
Fee: From $69 per month | Free trial: 14-day free trial
√ Supports 11 international Amazon marketplaces
√ Buy box strategy optimization on Amazon
√ User-friendly navigation
× Only provides software and service to Amazon sellers
× The price information is not updated in time. (Synchronization issue)
· Repricing
· Competitor analysis(Amazon sellers only)
· Flexible rules set up
· Safe & secure
Introduction: Minderest is a pioneering company in the price and assortment intelligence sector for both retailers and manufacturers.
Fee: Customized | Free trial: N/A
√ Not only provide monitoring service for retailing, but also for brand.
√ Mobile APP is supported.
√ API extraction is available
√ Client support: via telephone, in-application chat interface or email.
× Limitation to capture prices for sellers requiring an account
× Information is slowly updated sometimes.
· In-Store mobile APP
· Brand relative monitoring services
Final Thoughts
Price Monitoring could be a touch job without tools. While this is not a complete list of price monitoring tools, it’s a great start. Just choose the most suitable one for your specific marketing challenges. Though it could be a relatively long learning curve to make use of a new tool within your work, your business growth will thank you in the long term.
If the tool is not your thing, and you’re finding a data service for your project, Octoparse data service is a good choice. We work closely with you to understand your data requirement and make sure we deliver what you desire. Talk to Octoparse data expert now to discuss how web scraping services can help you maximize efforts.
Related Articles on Price Monitoring:
Competitor Monitoring for Price Strategy and Product Planning
A Fast and Easy Way to Build a Price Monitor
What Can A Price Monitor Help You?
A Free Price Monitoring and Product Status Tracking Tool
Artículo en español: Las 10 Mejores Herramientas de Monitoreo de Precios en 2020También puede leer artículos de web scraping en El Website Oficial
Author: Erika Foo
Price Monitoring – Premise
Struggling to Capture Pricing Data? Track Changes in Price and Other Economic Indicators Impacting Macro and Micro Trends Understanding the macro and micro trends in global prices is extremely valuable for both public and private organizations. Fluctuations in price or other economic indicators can be helpful indicators for understanding the complete environment or future trends. Changes in prices can serve as early signs of economic change in a region and can also be used to inform pricing strategies. Pricing data needs to be up to date in order to use it, but often there is a lag between the time the data is collected and then released. Utilizing old pricing data doesn’t allow you to have an understanding of the real-time environment. Additionally, not every country has the capacity to collect pricing data continuously. Relying on pre-packaged data doesn’t provide the granularity most businesses need. In emerging markets, there can often be a great deal of price volatility that is best observed through continuous monitoring. When you continuously track indicators that are relevant to your organization, you can make more tailored decisions and strategies. Why Monitor Prices? For different organizations, price monitoring can serve different purposes. On a micro level, this data can be valuable for retail organizations where pricing is extremely competitive and can be a huge product differentiator. It enables businesses to quickly understand changes in prices and promotions, allowing for quick strategy changes. Pricing data can also be extremely valuable on a macro level. Monitoring a select basket of goods can provide an indication if there is inflation or changes in the market that might need to be acted upon. This may help you understand if you need to redistribute resources. How Premise Monitors Prices Through crowdsourcing technology, Premise is able to use local Contributors to capture pricing information on-the-ground in real-time. This unique approach to data collection allows organizations to monitor a wide range of pricing information around the globe. By continuously monitoring different factors, you can gain a deeper understanding of fluctuations in specific markets. Use Cases Here are a few ways clients have used pricing data: Product and Commodity Monitoring: Monitor or verify the price of any product, service or commodity in a targeted area or in multiple locations. Competitor Price Tracking: Track the prices of your competitors’ goods or services in selected retail outlets or regions. Price Verification: Ensure that your brands’ pricing is accurate at retailers across the globe, including promotional efforts. MSRP Benchmarks: Through regular visits to a subset of all stores, Premise Contributor’s can help create price trackers and establish benchmarks against the recommended sales price, allowing for price compliance analysis. Monitoring Economic Stressors: With the help of Premise, monitor different price variables in directed locations that can serve as early indicators for economic stress. Inflation Monitoring: Monitor products and commodities for indication of inflation or monitor changes in inflation within specified regions. Pricing Indexes: Using fewer observations but with the same results, we can provide high-quality and more cost-effective pricing indexes to measure changes in price over a period of time. Conclusion For any organization to excel, it is critical that they integrate timely and accurate data into their operations from the beginning. Getting real-time pricing information can greatly help inform strategies and drive business decisions that otherwise would not have been possible.
8 Techniques To Create Price Monitoring Strategy For Your …
Having the contextual and solid based go-to-market (GTM) strategy with the ultimate execution plan is more important for every business to thrive innovatively. In the modern business world, marketing mainly plays the most important role in building extensive brand awareness, customer nurturing as well as lead generation. The most important key approach for the business is that the 4 Ps that includes the Product, Place, Price, and Promotion for getting the complete approach to solid marketing in a more extensive manner. With the use of the complete team’s marketing strategy, it is a much more efficient option for transforming the goal into reality. Monitoring the competitor’s product price is more important for the business to thrive in the most effective way. Based on the country, marketplace or currency, each of the competitor’s products price varies accordingly on a daily basis. Upon discovering that you are higher than that of the competitor then it would be quite difficult to sustain in the business. it is important to know about each of the price ranges and adjust the prices for creating more profit in the field. When compared to other services, a price optimization strategy is important to monitor the complete Marketplace for analyzing the eCommerce platform. Below are the most important Steps to Create a Successful Competitor Price Monitoring Strategy for your business.
Determine Your Business Goals:
Each business varies based on the goals that include both short term goals and long term goals. Determining the business based on the marketing along with the GTM strategy is more important ascots to consider. Having a complete business goal is more important for determining the pricing aspects to the extent. Based on the business Competitor Price Monitoring Strategy, it is common that you get the following benefits
Increased profitability
Improves cash flow
Beats competition
Market penetration
Fills capacity
Utilizes resources
Increases revenue per customer
Reaching out the new segment
New product introduction
Prospect conversion
Large market share
Increased prospect presence
Go Beyond The Google Search:
Nowadays, it is common that everyone uses Google for a simple search on the internet as it is a much more convenient option for getting adequate information. Visiting the competitor’s website is also much easier on the Google search engine these days. However, there is any number of tools available from the third party that looks more accurate than Google’s search results or the AdWords campaigns. When you are interested in determining the complete competitor’s price monitoring strategy then you could choose the alternative option. SpyFu is one of the great sources that most of the researchers are using as it is much easier for knowing more about the competitors. Google Trends is helpful and lets you to easily stay ahead on the list. It also is helpful for determining what people like to get. Google Alerts would efficiently keep you complete alert about the various competitors and gives you constant updates. Knowing the complete price monitoring with the use of these ultimate tools becomes much easier and saves your time to the maximum.
Conducting Market Pricing Analysis:
With setting your business goals, it is easier to know about the pricing strategy. In fact, it is much easier to consider the context of the market as well as service in a more significant manner. Most of the Low-cost provider’s markets to the wide number of the audience but the high priced providers would only market their products to a specific audience. When your product and market are broader with the number of players who offers similar products then there would be a chance for completing the price. It is important to keep everything for keeping the complete operational costs for ensuring that you gain more profits.
Setting The Right Market Positioning:
Normally, the Market positioning for every business is considered as an essential component based on the price monitoring strategy. This would definitely allow you making the best price data. Finding the right competitor to sell the products at a low price would be quite difficult. Therefore, it is important to set the appropriate market position of your brand. Taking appropriate time for determining the price data mainly lets you preserve the brand in a more efficient manner. Market positioning based on the complete value positioning mainly gives you the complete branding option without any hassle.
Analyzing Your Target Audience:
Analyzing your target audience is one of the most important steps that lets you concentrate on the business strategy to the extent. Based on the specific needs, it is important to get the complete innovative way to analyze the target audience without any hassle. When you have the complete best-of-breed product it mainly enabled with more innovative aspects to the extent. Creating the most low-cost promotions with the better giveaways would mainly confuse the consumers that lead to shrinking of the profit margin.
Outlining Competitive Landscape:
Pricing model along with the price point of competitors is more important and this significant pricing places the most important strategy influencer. Choosing the finest price optimization strategy would be easier to identify the direct competitors and easier to study their structure for pricing. Determining whether the competitor employing value-based pricing to their clients or enabling the complete perceived ROI would mainly give you the extensive approach.
Creating A Better Execution Plan:
With formulating the complete pricing strategy for your business products in the modern market based on the information that you have gathered, it is a more convenient option for formulating the action plan. Varied type of pricing plans are available that includes
Penetration pricing
Economy pricing
Premium pricing
Promotional pricing
Psychological pricing
Versioning
Sandwich pricing
Competitive pricing
Value pricing
Social Network:
Most of the companies mainly have increased their marketing based on social networking features. With the advancement in Facebook, Twitter, LinkedIn, it is much easier to get faster communication with the audience to the maximum. in fact, it mainly gives you a complete marketing outlet to the extent. Choosing the most interesting way of marketing business via social media platforms becomes the modern trend.
Frequently Asked Questions about market price monitoring
What is a price monitoring?
A price monitoring extension is activated when the matching process would have otherwise resulted in an execution price that is a pre-determined percentage above or below the price of the most recent automated execution today. The applicable percentage is set by reference to a security’s Millennium Exchange sector.Sep 17, 2021
Why do we need to monitor the market price?
It enables businesses to quickly understand changes in prices and promotions, allowing for quick strategy changes. Pricing data can also be extremely valuable on a macro level. Monitoring a select basket of goods can provide an indication if there is inflation or changes in the market that might need to be acted upon.
How do you analyze market price?
You need to figure out the price at which you can maximize your profit.Document your cost structure.Capture your main competitors’ prices.Estimate how sensitive your market is to price fluctuations.Calculate the price and volume that will maximize profit.Recommend a price.