What to look for in a Competitive Price Intelligence Report?
An Internet buyer typically searches for the product in popular search engines (usually Google) or various eCommerce Marketplaces and selects the lowest-priced item from the search results. Inversely, as a seller, it is difficult to track each product in the eCommerce domain since multiple competitors could be selling the same product at different prices in various marketplaces. Alternately, the seller in context might be the only seller offering the product. Given this, sellers must always devise a strategy to optimally price its products without compromising on revenue.
A Competitive Price Intelligence (CPI) tool must offer precise SKU level data and have customizable reports enabling sellers to get precise and detailed pricing data. The tool ought to provide valuable insights and actionable reports required to accelerate sales and improve marketing performance on popular platforms such as Google, Amazon, or eBay.
Product Detail Report is one of GrowByData’s proprietary feature reports. The report provides detailed information about a product including a List of Competitors selling the same product, Competitor Prices with and without shipping price, Price Change Information, and Product Performance. Additionally, sellers can view and track the Price Change History and thus monitor Product Performance, which is vital for a successful Competitive Pricing Intelligence strategy.
Price Change
Our CPI tool monitors every competitor’s onset frequency intervals, i.e., daily, weekly, or monthly. The Price Change History of all competitors is plotted in the report’s Price Change Graph. Sellers or Advertisers can apply filters to view price changed by a single, multiple, or all available competitors in the interactive report.
Product Performance
The report provides accurate insights on how price changes impact overall revenue and gross profit margin. Sellers can closely monitor Product Performance in the eCommerce marketplace and formulate necessary actions and strategies to increase ROI and growth — either by optimizing advertising, or increasing advertising or selecting/de-selecting from specific channels or others.
Contact us to start with your Free Price Report here.
Originally published at https://growbydata.com on October 16, 2019.
