Price Comparison System

What is a price Online comparison tool for?

The objective of a tool is to monitor the prices of the competition of an online store in order to define a pricing strategy adapted to what really happens in the market. With the help of a tool of this type, an online seller can:

• Know what prices the competition applies for the products that he also sells, or similar. 
• Know when the changes in the prices of the competition occur.
• Obtain information on the distribution of costs covered by the prices applied by your comparison. 
• To promote products with high demand detect opportunities. 
• Control the stock of your products and compare it with that of the competition to make correct decisions regarding the established prices.

This tool is precisely the key to be able to develop a dynamic pricing strategy that can be perfectly adapted to market fluctuations. The possibility of automating all types of competitor tracking, as well as the massive but orderly data collection thanks to big data? In this way, you will be able to consult, review, and analyze all the information that you have at your disposal to draw accurate conclusions and make the appropriate decisions.

The basis of this comparison tool is, literally, the comparison between the products offered and the prices charged by all the actors. But that's not all: there are many other spheres to explore and functions to discover to maximize the use of all the features that the software makes available to you. For example, with the tool, it is possible to compare lots, products on offer, or promotions. This allows retailers to identify possible market gaps, to be filled instantly. If then, we can relate this information to a peak in demand. 

On the other hand, it is possible to set up an alert system. This allows you to react as quickly as possible to certain changes in the market. The tool offers you the possibility to align yourself with the most competitive prices of the moment. So as not to miss even a single sale.

In addition to the comparison tool, another fundamental element to monitor is the presentation of products by competitors. The tool allows you to check the product sheet shown by competitors in online stores and other marketplaces or sales platforms, comparators, etc.

What are the advantages of Price Comparison?

Taking advantage of a comparison tool offers innumerable advantages in itself. So much so that it becomes an attractive and essential resource for enhancing retailers' online sales. But what makes the tool so special?

• Commercial purpose

This tool does not actually find the cheapest product on the market for you, the essence of it is the commercial purpose. As the store owner, you subscribe to a comparison site, share the XML file. The site pulls your prices and product information and sorts your products by comparing them with the XMLs of other registered stores. In other words, the Comparison tool makes comparisons between member stores.

• Save money

When you click on a comparison tool for the product you want to buy, you save money on the site because comparison sites receive money from e-commerce sites for every customer they refer to. A feature to note is that some comparison sites do not always rank the cheapest products first. The products of the one who gave the most money may also be on display at the top.

• Monitor the prices 

The tool is able to monitor the prices of competitors, but also to report the various indicators that can help us predict these changes. It, therefore, makes it possible to identify with the utmost ease the factors that affect market fluctuations.

• The best rates tool

All experts agree that the tool has recorded the best rates of effectiveness in terms of coverage and accuracy of information. In fact, this Price Comparison tool has been reported as one of the most interesting and complete options offered by the market. Because it is able to obtain the largest volume of data, guaranteeing the highest quality of information. Two essential characteristics if we do not want to risk making the wrong decisions.

• Adapt perfectly to all the needs  

The tool also has another very important advantage: the high degree of customization. The tool is able to adapt perfectly to all the needs of your e-commerce or online store. At your free choice, you can present all the intermediate targets necessary to analyze the evolution of competitors, insert lists for monitoring all the e-commerce that you consider significant, and, even, define all the implementation variables in the event of price changes.

Its technology allows, for example, guaranteeing the profit margin of each product from a strategic perspective of dynamic prices. Because it allows pre-define a minimum threshold below which it is not possible to lower the price.

Conclusion:

Once the points to be examined have been defined, the interrelationships established between the various factors involved must be considered. This is why it is essential to have extensive historical data to support the final analysis, made possible by the comparison of prices. With the help of this tool, it will also be possible to obtain the data in a structured way, to facilitate the reading and study of the information. It will be possible to obtain periodic or punctual reports, aimed at shedding light on the progressive transformations taking place on the market. 

A complete Price Comparison tool must be able to guide companies in this titanic task within a digital scenario. Ultimately, its mission is to simplify the processes that make it possible to compare the pricing strategy of a seller with that of its competitors, supporting it in data analysis so that it can make the right decision at any time.