As online suppliers and brands have thousands of products to be sold by online retailers, MAP monitoring and daily benchmarking could be very tedious work if it is done manually. Price tracking software is the fastest and the most efficient way to conduct brand monitoring and tracking the prices that retailers are assigning to your brand. You may have signed a contract about minimum advertised pricing (MAP) , but if you can’t manage to monitor whether or not they are respecting it, you are risking the brand value.
- You can automate MAP violation tracking with the automated notification system.
- You get real-time price data on any number of products you would like to monitor.
Know the demand for your brand
Competitor price tracking software will give you an important insight: an indicator of the current demand in the market.
By using our software, you can track your customers (which are the online shops) and their competitors’ (again, the other online shops’) prices. If your customers and competitors are setting higher and higher prices, this means the market has a great demand for your product. Here the price is important, but its evolution is even more so.
- You can generate historical graphics that will help you to understand where the prices are going.
- You can see how online shoppers are behaving currently and also how they change over the year. That way you can be ready to respond every fluctuation of season.
Anticipate the market and boost sales
Apart from negotiation, price tracking tools and the ability to check price evolution give you plenty of options to improve your sales. By making decisions just before the market moves, you can be ahead of your competitors. For instance, if you know August is a bad month for you, you can plan a special promotion or advertising campaign during it. Or maybe you can just lower your production.
Sometimes decisions are not just about earning more, but about selling more in the future. If you know your customers will need a high volume of products, you may decide to raise your prices. But another option is maintaining the prices and offering your customers faster supply than ever thanks to the fact that you can forecast their peak demand periods. Remember that the best way to boost your sales is helping your clients to grow.