With the availability of multiple e-commerce platforms, customers can easily compare the pricing over several platforms before deciding to purchase. However, if you are a retailer, you cannot compare the pricing of each product with that of your competitors. This is not a practical solution and you would waste a lot of time!
As we know, the e-commerce industry has been facing cut-throat competition, which is making getting ahead of the competition harder than ever. This is where price monitoring tools come into play. These tools are specifically designed to track and monitor the changes and strategies implemented by the competitors in real time.
Over time, price monitoring tools have become much more advanced and offer many features like automated price tracking, automated alerts, and insights into pricing trends. With the right tool, retailers can not only stay competitive but also predict market shifts and respond before competitors do.
What is Price Monitoring
Price Monitoring is the process of analyzing prices of products and services using various techniques including web scraping, machine learning, and data analysis. It involves creating large spiders that collect products from multiple platforms such as Amazon, Walmart, etc, to create pricing strategies, track stock availability, sentimental analysis on customer reviews, and much more.
Best Price Monitoring Tools in 2024
Here are the top 10 Price Monitoring tools of 2024 that will help you empower your e-commerce strategy:
EcommerceAPI
EcommerceAPI is a dedicated API made for e-commerce platforms to scrape real-time product data at scale from multiple channels at a time. Its robust infrastructure is capable of handling millions of API calls and is backed by an advanced infrastructure that returns you with readymade JSON data from websites like Amazon, Walmart, Flipkart, etc to help you extract any information about the product and its pricing easily.
It has dedicated documentation for each of the APIs, and 24/7 active support to help you out with any problem.
Features:
- Country and postal code targeting.
- Supports custom changes in the API and has integrations in all major languages.
- Supports featured snippets like sponsored results, videos, etc.
Pricing:
Pricing starts from 30$ with 150k credits.
Prisync
Prisync is one of the best price monitoring tools out there in the market. It is SAAS-based price-tracking software offering a free 14-day trial to test their services. They can monitor an unlimited number of competitors irrespective of the plan.
Features:
- Real-time Price Monitoring.
- Provides historical trends to check when the competitor can change its pricing.
- Stock Availability Monitoring.
Pricing:
The pricing starts from 199$ with a limit of 100 products.
Price2Spy
Price2Spy is a popular feature-packed price-monitoring tool that monitors and accesses the competitor’s product pricing and also collects data over time to provide its users with historical pricing data so you can set your product pricing strategically to attract customers.
Their dashboard has advanced features where you can find the most up-to-date pricing data and send price alerts over email.
Features:
- Dynamic Pricing Functionality.
- Price Alert over the email.
Pricing:
Pricing starts from 67.95$ in which a user can add 500 product URLs and up to 50 competitors.
Skuuudle
Skuuuddle is a well-trusted British price intelligence and monitoring company that lets you get details about more than millions of products across multiple marketplaces and allows you to set dynamic repricing rules in response to the current market conditions.
Features:
- Large Scale Ecommerce Scraping.
- MAP Monitoring is also available.
Pricing:
You need to consult with customer support for the pricing model and solutions you need.
Competera
Competera.ai is a powerful AI-driven platform that reshapes the complex part of pricing into data-fueled science. It is trusted by major retailers worldwide who have increased their profit margins by 8% by mastering the pricing game with precision and intelligence using well-calibrated strategies designed for increasing profit margins, winning over customers, and keeping you ahead of the competition.
Pricing is the most important part of a product. Too high, you will be losing customers, or too low you will be leaving money on the table. But Competera’s AI stands out by analyzing large amounts of data including, historical sales trends and competitor pricing patterns — and provides AI-based price feedback that helps to elucidate the customers.
Features:
- AI-powered price optimization.
- Focuses on long-term sustainable growth strategies.
- Real-time price adjustments based on competitor moves.
Pricing:
Consultation is required before getting the pricing.
Conclusion
Offering quality products is not sufficient to win the war in the market, it is also about winning the delicate dance of pricing and keeping up with current e-commerce trends. With the above best price monitoring tools you’re well informed by data and acting with precision. Each tool comes with its own unique features and can help you navigate the right path in this high tide of competition.
In this tutorial, we explored the best price monitoring tools in the market. I hope you like this blog. Feel free to message me anything you need clarification on. Follow me on Twitter. Thanks for reading!