Submitted by: James Mishreki

Competitor Monitor is currently hot in the ecommerce arena. Providing real time competitor price monitoring intelligence, Competitor Monitor allows etailers to know where they stand in relation to competition, and to adjust their prices accordingly. Competitor price monitoring can help any ecommerce business stay competive; remarkable profit increases are commonplace with the use of such services.

Selling online through an ecommerce store has both benefits and drawbacks to a brick and mortar store. In this article, we’re going to focus on one of the benefits it comes with, and that is the greater level of intelligence that can be gained. Whilst market research can be done offline, it is far more easy to do and accurate when done online. One aspect of this is competitor price monitoring, whereby etailers use an online service to get alerted of any price changes their competiyors make, so they can adjust accordingly. Such price monitoring services also include product monitoring, whereby the etailer is also alerted to any new products their competitors add, or any they remove.

This ability to monitor competitors with such ease by simply paying a ‘small’ monthly fee completely eliminates any need for effort on the etailers part, meaning they can concentrate on running their business.

Since online price monitoring means etailers can adjust prices in real time, they never have to worry about not being in the know. Services like Competitor Monitor monitor competitors websites 24/7 so that you know right away when any prices change, and by how much. Such intelligence helps online businesses to capitalise on certain situations, and increase their profit margins.

Competitor price monitoring is becoming widespread in the world of ecommerce. Those that don’t use a service, and operate in a competitive industry, are falling behind because their competitors most likely are.

Those etailers that are still manually checking prices, of which there are many that we come across (before converting them), are wasting time. There is no reason to still be doing that given the tools out there to monitor competitors. Not only does it take up a lot of time, and is very boring, but it is highly ineffective. Competitor price monitoring provides you with the ability to have all of this data pooled into one database for quick and easy analysis. This is a much better means by which to monitor competitors. Doing it manually completely restricts you, as you are not able to see trends and as a results, learn more about competitors.

This new trend means that even small players are able to compete effectively in competitive industries because they are using a tool to monitor competitors. Pricing intelligence is important in both online and offline business, but it is now easier than ever to do online. So if you run an ecommerce business, I advise you to seriously look into it as your competitors may well not know about it as yet. Popular uses of price monitoring are diet supplements, clothing, online luggage stores, gym equipment, catering equipment, computer accessories and much more.

About the Author: James Mishreki is Head of Sales and Marketing at Competitor Monitor,

competitormonitor.com

, the leading competitor monitoring service. They offer the most competitive pricing on the internet for such services, so check them out for a free 30 day trial with no payment details required.

Source:

isnare.com

Permanent Link:

isnare.com/?aid=751585&ca=Finances