In the current commercial landscape, the main question for businesses is: how to be one step ahead of the competition? And what is the decisive factor that makes consumers choose one retailer over another? Consumers rely on digital platforms for their shopping needs, and due to high inflation, price plays a key role in their purchasing decisions. Therefore, knowing competitors' prices is vital in building pricing strategies for retail.
Utilizing e-commerce price monitoring tools can help your business make informed decisions regarding your pricing strategy and maintain a competitive advantage. Which pricing intelligence solutions are the benchmarks on the market? We have shortlisted six options with an extended functionality list and proven reputation, well-suited for diverse business needs in the e-commerce sector:
What are e-commerce price monitoring tools?
Price monitoring tools for e-commerce and retail are solutions designed to assist businesses in tracking the prices of their own products and their competitors. These applications utilize advanced algorithms to automatically scrape varying pricing data from competitor websites, marketplaces, and other online channels. Price monitoring tools provide real-time or near-real-time updates on price changes, enabling businesses to react promptly to market fluctuations and adjust their prices accordingly. What are other core features of price monitoring tools besides web scraping?
- Historical data tracking and analysis. Businesses can access and analyze past pricing data, which helps them understand long-term trends, seasonal variations, and the impact of past pricing strategies.
- Customizable alerts and reporting. This feature allows enterprises to set up custom alerts for specific price changes, promotional activities, or stock levels of competitors. This, in turn, ensures that businesses are promptly informed about market changes and can react quickly.
- Dynamic pricing. Apart from price monitoring, many solutions offer dynamic pricing features leveraging Machine Learning algorithms. In other words, businesses can automatically adapt their pricing policies based on real-time market data.
Related: A fresh look at Machine Learning in retail: Top 10 applications
- Market analytics. Some competitor price monitoring solutions provide businesses with advanced analytics capabilities – they can perform market share analysis and examine price elasticity.
Best price monitoring software: Selection methodology
While choosing the best price monitoring software to help you make informed pricing decisions, it’s crucial to assess it against certain criteria. Before shortlisting the price monitoring tools, we narrowed down our selection according to the following aspects:
- The solution’s popularity. The demand for the software indicates its reliability, user satisfaction, and overall solution performance. That’s why we added the most sought-after tools to our list based on data from Google Trends, Ahrefs, and GoogleAds.
- The extensive client list. A long list of use cases demonstrates the software’s capability to cater to various business sizes.
- Anti-scraping/CAPTCHA bypass capabilities. Our selection comprises only solutions that can effectively handle anti-scraping technologies, which ensures consistent and uninterrupted data collection.
- We chose only the solutions that allow for integrations with custom software or with popular e-commerce platforms. This feature is essential for seamless operations and better data synchronization.
- The customized reporting feature helps businesses focus on the data that matters most to their business. Therefore, we shortlisted only solutions that allow setting your own data filtration criteria.
Though in this article we cover only price monitoring tools for e-commerce, digital market leaders such as SAP, Oracle, and Blue Yonder offer more complex tools that go beyond price scrapping and analysis. However, let’s focus on the five best price monitoring tools that excel in e-commerce environments.
More on the topic: 15 best e-commerce software development companies
Top 5 price monitoring tools for e-commerce and retail
“Accurate competitor price monitoring to increase your sales growth & profit margins.”
The provider’s own description of one of the most searched e-commerce price monitoring tools in our selection speaks for itself. The solution’s features include price and discount tracking, product attributes scraping and comparison, as well as product description scraping and customized reporting. You can also use the software to track the competitors’ product availability, compare the exact product names, and explore the product variations. In addition, the provider supports the solution’s user, though only during business hours. The list of companies that utilize the solution spans Primark, Groupon, Citibank, Decathlon, and other top firms. The software’s pricing plan depends on your requirements and is accessible on request only.
“A price monitoring, comparison, and repricing tool meant to help e-commerce professionals keep an eye on their competitors or retailers.”
The target market of this solution is online retailers as well as brands and enterprises. It allows businesses to monitor competitor prices and get price change alerts. Other functionalities of this competitor price monitoring software include product matching, historical reporting, pricing analytics, and complete market overview. Moreover, the solution has a dynamic pricing feature, allowing enterprises to adjust their prices in real time based on market changes. The software functionalities vary depending on the pricing plan: basic, premium, or enterprise. The latter offers users advanced features such as customized reporting and even the development of tailored features on users’ requests. The software is available starting at $135 per month, and it includes a 30-day free trial period for users.
“Your one-stop pricing hub.”
Used predominantly for Amazon and eBay, this is the most popular price monitoring tool on our list. The solution provides you with comprehensive reports on competitor pricing, their sales history, and profitability. However, the key product’s functionality is Amazon automated repricing – adjusting prices relying on real-time competitor’s data. The solution also allows for tracking and analysis of repricing strategies, which helps businesses to make more informed decisions about their pricing policies. The starting price for the minimum set of features is $85 /month, with the ability to get the 14-day free version.
“Helping both e-commerce giants and small enterprises enhance their online retail performance.”
This price monitoring software tracks competitor prices, product availability, and competitive analysis. The enterprises also get alerts about profit increase possibilities – the software can filter products, the prices of which can be raised without customer loss. In addition, you can use the solution for MAP/MSRP and promotion tracking, as well as price war detection. Another useful software feature is dynamic pricing, which allows enterprises to adjust prices relying on real-time competitor data. The solution can be integrated with the most popular e-commerce platforms and ERP systems, including Amazon, Google Shopping, Shopware, WooCommerce, and others. The service prices are available after the consultation. However, users can get the 7-day free version.
“See your rivals in one UI.”
The e-commerce price monitoring tool focuses on competitor price tracking, price management, and stock availability monitoring. Its premium and platinum plans include additional features such as dynamic pricing, e-mail notifications, API access, and pricing history. The solution doesn’t have limits in tracking competitors, though the number of tracked products depends on the pricing plan. The platform supports integrations with Shopify, Google Shopping, Magento 2, Magento 1, and other platforms via API. Businesses can leverage the 14 days of free trial before signing up to one of three pricing plans, with the minimum price being $99/month. Among the solution’s users are renowned companies such as Cass Art, Suzuki, CEF, PlumbNation, and Primrose.
An alternative to existing e-commerce price monitoring tools: Custom price monitoring solution by N-iX
If you doubt that standard price monitoring tools can cover your business needs, opt for tailored software. Tech enterprises with substantial experience in retail software development can implement a custom pricing intelligence solution to monitor the competitor product prices in real time, generate custom AI-enhanced analytics and reports, as well as provide data-driven suggestions.
N-iX’s expertise spans the implementation of versatile tools for e-commerce and retail industries, including competitive pricing intelligence platforms, demand planning tools, personalized search engines, trend search applications, and other solutions. Our specialists are well-versed in Data Analytics, AI, Business Intelligence, Robotic Process Automation (RPA), and various other technological fields applied in retail software development. N-iX’s client roster features retail and e-commerce leaders, including Lebara, PrettyLittleThing, and others.
Maximize revenue with AI-powered pricing strategy in retail – learn how in the guide.
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