Do you track your competitor prices? How do you manage that process? Manually or by using a service?

[tropicalpet]

I would like to learn e-commerce owners' thoughts towards this topic.
How do you define your e-commerce pricing strategy? Are you focusing on competitor price
tracking? Do you change your prices according to the price change of competitors?
How do you track your competitors' prices? Manually? Or, using a software?

 

[Rob Whisonant]

I tack my competitors pricing manually. BUT.... What I look at more is what added value they are adding. I shoot for adding more value than they do. That way I don't really have to compete on price.

 

[acemetillidie0001]

Rob makes a great point. There is so much competition with ecommerce, but this doesn't mean there isn't room for more. Giving yourself exposure means you have to not only be as more more accessible then the other guy, but you have to distinguish yourself from the other guy.

Maybe something simple as offering a coupon if they coupon, free shipping, etc, but then again, everyone's doing that. In order to truly seperate yourself from everyone else you can't be like everyone else. Of course, the objective depends on many factors such as niche, target market, and what else you can offer that these buyers would want when looking at your products.

Scott.

 

[Ram charan]

yeah! very true. In this tom & Jerry world if we only focus on price then I don't think it's gonna work for us. yes at the end of the day we need more sale to generate more revenue. But it's the quality of your product and service, which is the center point to attract a customer. Price is just a part of the business not everything.

I do follow my competitor's price manually and I believe if you are planning to run a long-term business then you must have to aware yourself what is someone doing behind and beside you.