E-commerce has changed the deal for buyers as one can now choose the best price for a product from several buyers. For this very reason, the e-commerce players offer competitive prices for winning more and more customers. However, the thing with competitive prices is that they affect profit margins as well. Therefore, e-commerce companies need to optimize the prices in such a manner that the trade-off is managed successfully and their business grows sustainably.
Pricing intelligence tools are the solution to this issue. It is a strategy driven by data that helps the e-commerce firms in monitoring the competitor’s prices and adjust their prices accordingly to maintain their market share. With the help of pricing intelligence tools, you can get a competitive advantage over others.
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