Why Retailers Need To Monitor Their Online Pricing More Effectively
Added: (Wed Jan 11 2012)
Pressbox (Press Release) -
E-tailers need to monitor their pricing daily in order to ensure that their products are competitively priced and they are not losing out on traffic from search engines such as Google because of their prices - high prices or incorrectly priced are the most common reasons for losing out on online sales.
It is a simple task to check the online price of one of your products, but what happens when you have hundreds or thousands of categories and you need to check the prices of all products?
Profitero recently found a range of products where the electronics retailer Big Apple was not monitoring pricing effectively. Many of Big Apple's products are listed on Amazon.co.uk as £999.99. This error may have occurred in the upload of the product data to Amazon or at an earlier stage of Big Apple's pricing exercise.
Big Apple's incorrect pricing entries on Amazon.co.uk:
http://www.amazon.co.uk/gp/aag/main?ie=UTF8&sshmPath=at-a-glance&isAmazonFulfilled=0&marketplaceID=A1F83G8C2ARO7P&isCBA=&orderID=&asin=B003IBB6M4&seller=A2RJAP1PB86OQC&isPopup=
Profitero found a similiar entry for a set of headphones by Skullcandy; the price of a set of Skullcandy Headphones HESH (Stattered Blue) rose in the first week of 2012 from a competitively priced £45.99 to £999.99. Skulldaddy's incorrect pricing entry was found on Amazon.co.uk.
Retailers must ensure that their prices are correct in all channels - stores, eCommerce site, reseller websites, price comparison websites etc. Retailers using a price monitoring system can enjoy a competitive advantage over less sophisticated competitors.
As well as providing competitor price monitoring intelligence for your business, Profitero can also help you to monitor your own online prices more effectively to ensure this scenario never happens as a result of your competitive pricing strategy.
About Profitero:
Profitero is an easy-to-use web dashboard that empowers your pricing team, giving them accurate data on multiple competitors and thousands of online products on a daily basis. With Profitero you can monitor and analyse your competitor’s online prices, stock availability, shipping costs and benchmark your product prices against your competitors. With a clear ROI, Profitero simplifies the complex process of monitoring your competitor’s products online.
Profitero currently monitors 27 million products across 2,500 retail websites; algorithmic matching coupled with manual approval provides the best accuracy on pricing data. Profitero expects to grow its database to at least 100 million products by the end of this year.