Price is the most important factor in a purchase decision. Many stores sell products from popular brands and customers reasonably choose the best offers among all. Giants like Amazon make more than 2Mn price changes in a day to offer the best prices. To thrive in this industry, you must pursue a competitive pricing strategy that'll help you become the cheapest address for the products you sell. The first step in building a competitive pricing strategy is to track competitor prices and there are three ways to do it:
- Manual price tracking
- Developing in-house software
- Using pricing SaaS
After deciding which method to pursue, we come to the second and more important step: making use of that knowledge. With SaaS, you can set smart pricing rules that'll automate the process of adjusting prices. This way, you'll be able to react to price changes immediately and preserve your price positioning. More importantly, you can observe the patterns in the historical data it provides, and build a long-term strategy that'll help you stand out in a crowd of competitors.