21 Feb Why Retailers Need Price Comparison Tool For Their Business
Wondering why some retailers could always stay ahead in the latest price trend?
One of the biggest challenges for retailers is to make sure that their product price falls in the range which provides them the maximum profit, but at the same time remains attractive towards consumers.
By solely making decisions based on guts, there will be chances that the product price would appear to be too expensive, or would appear too good to be true when the product price is too low (it means, poor profit margin for retailers).
How could retailers determine the best price that they could offer, so they can stay ahead in the market? Through the Price Comparison Tool, you could obtain instant reports on the comparisons between the price of the products they are selling and their prices on your competitors’ sales platforms. These are the two main reasons why retailers need a price comparison tool for their business.
Why Retailers Need Price Comparison Tool For Their Business
- Quick update on the price trend of your products
- Make quick and accurate price adjustment decision
1. Quick update on the price trend of your products
Ever wonder why some retailers can react quickly towards the price changes of their competitors? Are you constantly browsing through your competitors e-commerce and multiple online marketplaces accounts to ensure that you can always stay ahead of them in terms of product’s price attractiveness? Retailers who always stay ahead in the market no longer manually check each of their competitors’ sales platforms one by one. For that reason, you can now leverage on the Price Comparison Tool to keep track of your products’ price against your competitors’ products’ price of the same products. This tool will send you a summarized report on the list of items that your competitors priced significantly lower than yours (based on the preferred percentage). Whenever this happens, you will automatically get informed on the details through an email. This would significantly save your time on tracking your competitors’ products’ price and ensure that you do not lose out in the market whenever your competitors change their products’ price out of sudden.
2. Make quick and accurate price adjustment decision
How do you react when your competitors sell the product you are selling at a significantly lower price? Do you adjust your price accordingly? Or do you wait and observe consumers’ reaction towards your competitors’ price adjustment before you make any decision to counteract? Through the Price Comparison Tool, you can have up-to-date information on your products’ price competitiveness and you can quickly understand where you stand in the market. Based on this information, you can also use this information to negotiate with your suppliers or manufacturer to obtain a more competitive pricing. It can help you to save the hassle of doing extensive products’ price research before you obtain all required information to convince your supplier or manufacturer to offer a better price.
Maintaining products’ price competitiveness has always been crucial to win the heart of the consumers. To stay ahead in the fast changing retail word, retailers would need to always keep track of their competitors’ price adjustment. With Price Comparison Tool, you can now make appropriate and quick action toward your competitors’ price adjustment without worrying about missing out from your competitors’ sudden price adjustment.
Price comparison tool is a must have tool for retailers, so that we can always stay ahead of the price trend. Do check out on Senwave’s price comparison solutions or drop us a message on Facebook to get a demo today.