The need of consumers to compare prices between producers before achieving purchasing a product and the competition between retailers in the online environment, leads to decisions on prices more often, to be always one step ahead of competitors.
In these conditions, the first step made by the retailers was to recruite dedicated and responsible persons to extract prices and reports from the market. But it was a temporary solution because of the nature of the activity, being time consuming.
What really can be a long-term advantage is a software solution for scanning online stores held by competitors and extracting periodic prices charged by them. Through such application, the prices are tracked and monitored at a time and a frequency established by the user. At the same time, the software offers a market overview of the history of changes that occur in a period of time and helps retailers to evaluate their pricing strategy compared to their direct competitors.
As a software solution, its development in certain directions depends only on the vision of user. For example, a complex feature may be the instant update of prices directly in your online shop.
What a price monitoring application do?
- Identify your main competitors and market positions in relation to them;
- Send alerts with price changes occurring in the market segment in which you operate;
- It gives you insight into the profitability of a product type that is not currently on sell for any reason;
- Monitors prices of a particular online store and provides reports with data and informations;
- Highlights competitors with the best deals and the producers with who they collaborate.
Pricescan, the solution developed by XFactorApp, has functions to monitor prices and offers the most important data from competitors. Based on a simple URL, application extract useful information in a retailer's attempt to position themselves in front of competitors.