eCommerce is one of the fastest-growing industries globally. According to Statista, retail eCommerce sales are expected to surpass 8 trillion dollars by 2027. This significant number indicates how the eCommerce market is growing and how there is competition among retailers.
This competitive edge pushes retailers to look for an effective solution for ‘what they can do to expand their businesses’ and ‘how to outshine the competition.’ That’s where competitor price monitoring plays a crucial role.
Price monitoring is a useful tool for retail organizations that use the data on a micro-level to differentiate their products in a highly competitive pricing market. Then, why don’t you explore the top price monitoring tools? They help you make quick adjustments and strategies for your business. So, let’s examine the top 5 eCommerce price monitoring software in this growing eCommerce market.
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Understanding Price Monitoring Software
Price monitoring software is a web-based software that is used for continuously monitoring and managing the price of a product or service. This automated tool helps companies with price monitoring, whether they are getting too little or too much money for their goods or services.
It provides better insights into the market dynamics and their competitors’ pricing strategies. It also helps retailers understand customer behavior, which allows them to modify their product quality as per price.
Some of the notable features of the eCommerce price monitoring software are:
- Pricing extraction
- Dynamic and elasticity-based pricing
- Image Extraction
- Phone number extraction
- Web data extraction
- Email address extraction
- Text analysis and mining
- Data and activity dashboard
- Data import and export
Top 5 Competitor Price Monitoring Software in 2024
We’ve curated a list of the top 5 price monitoring software programs that are popular for their high quality. Let’s check them out:
1. Intelligence Node
Source: salestechstar.com
Intelligence Node is well-known for its outstanding automated competitor price monitoring tool, Price Intelligence AI. With this AI-driven price monitoring tool, you can monitor eCommerce websites and automate price adjustments.
It aims to identify products and competitors you want to track, helping you make decisions based on real-time insights. Moreover, Intelligence Node offers a free demo, so you can try it before getting a premium plan.
Key Features
- User-friendly interface
- 99% product matching accuracy
- 10-second data refresh rates
- Historical pricing data for up to two years
- Plug-and-play APIs
- Price monitoring across all competitors
- Assortment planning and trend forecasting
- Digital shelf analytics
- MAP monitoring
- Unlimited alerts and reports notified by email
- Multilingual feature
- Data standardization via AI & ML tech stack
- Real-time high-velocity data collection
2. Price2Spy
Source: apps.shopify.com
Price2Spy is a robust competitor price monitoring tool that stands out for its ability to handle large-scale tracking across different markets and platforms. Its advanced price detection can easily monitor stores, sites showing prices in images, and even the most complex bot-aware websites. It offers a 30-day trial before transitioning to a premium plan.
Key Features
- Benchmarking
- Budgeting and forecasting
- Dashboard
- Data analysis and data mining
- Data quality management
- Extract, Transform and load (ETL)
- Key performance indicators
- Online Analytical Processing (OLAP)
- Performance management
- Predictive and profitability analytics
- Report writers
- Semantic and text analytics
- Strategic planning
- Trend/problem indicators and more.
3. Prisync
Source: prisync.com
Prisync is another eCommerce price monitoring software that monitors competitors’ prices for any size eCommerce company to boost sales growth. With Prisyn, you can automate competitor price collection and stock availability data, helping in the online retail market. It offers a 14-day trial, and then you need to take a subscription plan that starts at $99 per month.
Key Features
- Batch data importing
- Product variant price tracking
- Bulk data management
- Stock availability monitoring
- Marketplace data tracking
- Worldwide site/currency coverage
- Unlimited competitor tracking
- Advanced filtering and price history
- Category/brand performance analytics
- Frequent price updates and daily email reporting
- Price/stock availability analytics
- Price change detection
4. Skuuudle
Source: softwareadvice.com
Skuuudle is a pricing intelligence service that provides insights into pricing trends by comparing millions of products domestically and globally. It can deliver automated, high-volume pricing analytics with 99% accuracy. These detailed competitor price monitoring help retailers with strategic decision-making. A free trial is available.
Key Features
- Channel analysis
- Competing product analysis
- Forecasting
- Market analysis
- Multi-store management
- Price list management
- Price optimization automation
- Pricing analytics
- Scenario planning
5. Dealavo
Source: dealavo.com
Dealavo is comprehensive AI-powered price monitoring software that specializes in delivering actionable eCommerce insights to brands and e-shops. It provides the highest-quality data with a double-verification process. State-of-the-art machine learning algorithms do 75% of the mapping. Dealavo offers a free trial.
Key Features
- Performance price monitoring
- Dynamic prices
- ROAS booster
- Competitor’s assortment
- Monitoring prices
- Promotions in the distribution network
- Detecting price wars
- Performance price monitoring
- Distribution report
- Market and competition analysis
- Price optimization Increased conversion and ROAS
- Analysis of international markets
Wrapping Up
Ultimately, competitor price-tracking software is an indispensable way for businesses to maintain a competitive edge. The software allows retailers to track data related to individual product prices and compare it with competitor data. With this updated data on competitor prices, you can create a better market strategy to improve competitiveness and profitability.
Are you still deciding which price-tracking software to use? Our top recommendation is the Intelligence Node. This software helps you find the optimal price by analyzing how price changes affect retail sales.
