What Is a Competitive Pricing Strategy?

 

Competitive pricing is all about selecting the prices strategically for your goods and services depending on the competitor pricing in your niche. It is not solely based on the business cost and profit margins. Competitive pricing is used by companies that sell similar products in the same market as theirs that too for a long period. Therefore, the prices of these products reach a level of equilibrium. WebDataGuru is one of the experts in providing competitive pricing intelligence solutions to varied clients.

Competitive Pricing Strategies

The competitive pricing intelligence strategy can be applied to the business in the following ways:

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How Competitive Pricing Intelligence Can Help Your Business?

 

Pricing plays a crucial role when it comes to the consumer decision of buying a product/ service. It can be challenging for your business to come up with the best prices for your goods/ services irrespective of whether you run an e-commerce business or an offline shop. New companies can relate to this challenge all the more as they are presented with the task of pricing products in a competitive market for the first time.

The price set for your product/ service will have an impact on every aspect of your business such as cash flow, business expenses, profit margin, product positioning in the market, and more. Therefore, choosing the prices wisely is crucial for any business, especially for scalability and beating competition in the industry. Fortunately, businesses can take resort to a tried and tested method known as competitive pricing intelligence.

With the help of competitive price intelligence, you can make sure that your pricing strategy remains market-relevant and that the buyers are less likely to shift to your competitors.

They are more likely to choose you over others and stay loyal for a long time. If you are not aware of the competitive pricing strategy, today we will have a look at the details.

 

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What is a Custom Web Crawler?

 

In laymen’s terms, a custom web crawler is a bot that scans or purposefully browses the internet with the sole purpose of indexing. Getting your website up there is the prerogative and a custom web crawler will help you achieve that.

As we all know that internet is brimming with information and data overload. In such cases, relevant information gets blurred. So, a custom web crawler makes it possible to get hold of the information or website that is relevant to your business.

With everybody having google in their hands and minds literally, data is the key to driving more sales and attention. And you can go ahead and say that data is the future. Gone are the days, when people asked other people for searching a product or compare prices by going shop to shop. Now, everybody is searching and comparing by going to different eCommerce platforms. And the database gets ready with the help of a custom web crawler. WebDataGuru is a company offering in-depth services like competitors pricing intelligence and web crawler software for all kinds of businesses.

 

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10 Effective Ways to Drive Your Product Pricing

 

Do you want to master the art of product pricing? Have you ever wondered how manufacturing businesses need more powerful and effective solutions to drive their product pricing? And most importantly, why competitive pricing intelligence plays a vital role in the manufacturing sector?

Before we answer these questions, let us give you an overview of the data analysis the manufacturing industry uses in 2022 and the walk-through about price optimization for retail businesses.

Producing finished goods by using raw materials to provide efficient and cost-effective alternatives is what has driven manufacturing to be one of the biggest contributors to the thriving economy.

And pricing of a product in the manufacturing industry can be very tricky. We can even say that it is probably the most significant thing to define a bottom-line in any kind of retail business.

That is why pricing a product should be done after due diligence.

Now, how to do that? The answer is with proper data monitoring and pricing intelligence for retailers.

So, in this blog, we will guide you to ace the product pricing game.

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Ways to Drive Your Product Pricing

 

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Price Optimization in Retail Industry: Importance of Analyzing the ‘Amazon Effect’ on Sellers

Shopping is no longer confined to ‘carrying shopping baskets’ and taking ‘word-of-the-mouth’ opinion. Today, the internet has made it easier for consumers to shop for their desired goods and receive them on their doorstep. Noticing the change, global manufacturers, retailers, and suppliers have started considering the changing shopping habits of their online shoppers, when optimizing their pricing strategy.

When it comes to online shopping, Amazon is one of the emerging giants in the retail industry. Today, it accounts for nearly half of the total online retail sales. Therefore, the number crunchers are transforming their pricing models to measure the ‘Amazon effect’ on their products and services. In other words, Amazon.com has surfaced as the key to interpret the differences between the market prices and maximizing revenues, based on the data scraped from competitors’ websites.

Why ‘Amazon’ is the Next Big Thing for Retailers?

For customers, spending 20 minutes on comparing prices displayed on different websites is not a big deal. However, it is difficult for a retailer, who sells a hundred products online, to compare the price of all 100 goods on 100 websites.

Knowing that Amazon guides most retail pricing strategies in the market, organizations can start leveraging the scraped data and use it to their competitive advantage. Here is how they do it

• An automated web scraper (or data extractor) helps retailers capture product price, rating, and review on Amazon.
• The software develops automated pricing reports based on your preferences—yearly, monthly, weekly, daily or ad-hoc.
• The auto-generated comparison chart helps determine the pattern of changing prices and ratings.
• The items vulnerable to market fluctuations and are in great demand are highlighted as ‘priority objects’.
• Retailers can determine what players have been added to or removed from the marketplace in a specific time frame.
• It becomes easier to determine the profit margin, discount percentage and discount offers on specific objects.

Thus, with the valuable data that Amazon and its contemporaries provide, one can easily formulate a competitive pricing strategy, using apt tools to achieve maximum profits and sales. Also, the retailers get to know what competitors are moving up or down in the ranking chart, which helps them understand their customer’s shopping preferences and behavior.