Choosing the right price tracking software can be a challenging task – both for online shops and for brands. That’s why in this article we will present you with a list of the most important functionalities which a price monitoring tool should have and a list of the top price tracking software.

PRICE MONITORING SOFTWARE – WHAT IS IT?  

Price monitoring software is a solution for:

• Online shops which want to understand their price competitiveness on the market, check their competitors and market dynamics, and save time with price automation (dynamic pricing)
• Brands that want to see their price positioning, price range in which their products are sold, availability of their products in the market as well as data about their competitors’ products

KEY FUNCTIONALITIES OF THE PRICE TRACKING TOOL 

What is relevant when looking for price monitoring & repricing software?

• Clear market overview – price monitoring tool should enable you not only to check your position on the market but also to identify the most relevant competitors. In the Dealavo tool, you can see your position on the market in regard to every single product and see how many other online shops offer it. You can also easily see which products you have in common with each of the competitors.

• All data integrated into one place – thanks to having the data from all the platforms in one panel, you can understand the situation with one glimpse only.

• Data displayed in charts – there is no easier way to see a trend than looking at a chart. Charts should include information about different competitors’ prices in a specified time range

• Dynamic Pricing – to react quickly, it is recommended to implement dynamic pricing based on customizable conditions. Some shops use different rules depending on the channel or country – with professional price monitoring software it shouldn’t be a problem.

• E-mail alerts – to be always up to date with relevant changes in the market, you should make sure you can receive e-mail notifications every time there is an important price increase/decrease in the market, or when there is an opportunity to increase your price, etc. For example, in the Dealavo tool, you can choose when exactly you want to receive such an e-mail (e.g. when the prices decrease more than 15%).

• Different variants tracking – it is important to take into account different packages of the products. Each variant should be treated as a separate SKU (e.g. 50 ml bottle vs. 100 ml bottle)

• API integration – to implement data from the tool to your system, API integration is crucial – especially if you monitor hundreds or thousands of products.

• Data available in csv – for data analysis, it can be important to have data in csv format as well.

• Availability information – it happens that your competitors offer products at very low prices, but then it turns out that they are not available. It can even happen that even though there are several listed offers, you are the only shop that actually has the product. That’s why it is crucial to have availability information in the price monitoring tool.

• Frequency of the updates – to react fast, you need frequent updates. Some shops offer promotions only at certain times – e.g. during the “night sales”. If you monitor prices only at 8 am, it is possible that you don’t register such actions.