So, are you tired of guessing and testing the prices of your products? 

You’ve got a great product, your product pages are well-optimized, spent on marketing, but still aren’t getting the expected sales. Why? Maybe your price is a little higher than your competitor, and that’s just enough for the customer to walk away.

Yes, price is one of the biggest factors that most people consider before making a purchase. And today, shoppers can compare prices in just a few seconds. 

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Sellers on Amazon, Walmart, and all other eCommerce marketplaces are constantly adjusting their product prices to win more customers. Sometimes it’s daily. Sometimes it’s hourly. If you don’t keep up and adjust your pricing strategy accordingly, you’ll end up losing your market share.

Believe it or not, pricing has become an ongoing game of strategy, timing, and precision. One wrong move could cost you a hefty amount of revenue. That’s why relying on guesswork won’t work. You need real-time data with actionable insights to make informed pricing decisions, maximize profitability, and stay ahead of competition.

That’s exactly what price intelligence software does for you. It takes the guesswork out and helps you ensure your prices are always optimal, giving you a competitive edge in the market.

In this guide, we’ll explore what price intelligence software is, how it works, why it matters, how much it costs, and how to choose the right one for your business.

What is Pricing Intelligence Software?

Price Intelligence Software is a tool used to automatically collect and analyze competitor pricing data, helping you set optimal pricing for your products across marketplaces. 

By providing real-time actionable insights, it enables you to make data-driven pricing decisions and stay competitive in the market, while protecting your margins.

Importance of Price Intelligence Software

Let’s keep this short. Pricing is a critical factor that influences the customer’s purchase decision, and relying on static pricing strategies can lead to missed opportunities. 

You need to constantly check and update your pricing to align with the market trends, as competition keeps on increasing day by day. However, manually tracking this could be time-consuming and prone to errors. 

Hence, to gain real-time competitive intelligence and determine the ideal pricing for your products, Price Intelligence Software is essential. With this, you can respond quickly to the market changes and maintain a balance between competitiveness and profitability.

Smarter pricing decisions without any guesswork!

Benefits of Price Intelligence Software

Price Intelligence Software comes with numerous benefits, here are a few major ones:

Smarter Decision Making

With Price Intelligence Software, you can make confident and informed pricing decisions backed by real-time data. No more guesswork or relying solely on intuition. Just clear and actionable insights that help you stay ahead.

Better Pricing Strategies

By analyzing competitor actions, consumer demand and market trends, you can craft dynamic pricing strategies to keep your pricing relevant and competitive overtime. Plus, you can assess the price elasticity of the products and fine-tune your pricing to maintain competitive advantage.

Improved Market Alignment

The market is constantly moving. Monitoring and analyzing competitor pricing strategies, helps you identify patterns early and respond proactively to the market shifts. This not only helps you stay competitive but also strengthens your positioning in the market.

Enhanced Competitiveness

Knowing exactly where you stand against your competitors helps spot opportunities to outperform them. Whether it’s a sudden price drop or a seasonal discount, you can react faster and smarter without guessing. And, this ultimately increases your market share.

Increased Sales and Revenue

Price Intelligence Software helps you know when your competitors are planning their promotions or discounts. With that, you could adjust your pricing strategy accordingly and increase your sales without sacrificing margins. Yes, more sales without a price war!

Maximized Profit Margins

Understanding the market’s willingness to pay is important to maximize profits without losing sales. Price Intelligence Software helps you find that sweet spot between price and demand based on realtime and historical data. Optimal Price = More Sales = Higher Profits. It’s that simple.

Improved Customer Satisfaction

Cheapest isn’t always the best. You need to make your customers feel that they are getting the utmost value for their money. With better understanding of the market, you can offer fair prices that build trust and attract more loyal customers. 

Reduced Manual Work

Manually tracking thousands of products across multiple competitors is frustrating and prone to errors. Price Intelligence Software automates it all by giving you up-to-date, complete and accurate data without any manual effort or wasted time. You can now spend this time more effectively on other strategic tasks.

Key Features of Price Intelligence Software

Product Matching

You cannot compare Apples with Oranges! Accurate Product Matching is essential to ensure your products are compared against the right competitor products. Most platforms now do this automatically using AI. This eliminates errors in tracking and gives you reliable comparison data.  

Real-Time Price Monitoring

Keep a constant eye on your competitors across all the marketplaces like Amazon, Walmart, and eBay without missing a beat. This lets you spot the market shifts instantly and adjust your strategy accordingly before it impacts your sales.

Automated Alerts

Get instant notifications when your competitors change their prices, run promotions or discounts. You don’t have to keep on checking the screen to spot the changes; you’ll know the moment something happens without any effort. 

Dynamic Pricing Rules

Put your price adjustments on autopilot mode. Set up smart pricing rules as per your needs, whether it’s undercutting your competitors, protecting margins, or adjusting based on stock and demand. No manual intervention needed!

Integration with Existing Tech Stack

Connect seamlessly with eCommerce platforms, marketplaces, ERP, PIM, Inventory Management Systems, and any more you have. This integration makes sure your pricing is synced across systems, ensuring consistency and avoids any confusion within your teams.

Competitive Benchmarking

See exactly where you stand against competitors in terms of pricing. Know if you are overpriced, underpriced, or just right. Benchmarking helps you identify gaps and spot opportunities to grow your market share.

Analytics & Reporting

Turn your data into actionable insights via interactive dashboards and reports. With this, you can easily check what’s happening, where you stand and decide on what needs to be done with confidence.

Who needs Price Intelligence Software?

Price Intelligence Software is valuable across different roles in retail and e-commerce. Here’s how it helps:

eCommerce Managers

By tracking competitors in real time and adjusting listings accordingly, eCommerce teams could increase their chance of winning the Buy Box on marketplaces like Amazon and eBay.

Brand Managers

Enhance the brand reputation by ensuring the product prices are consistent across all the sales channels. Also, by monitoring resellers and enforcing MAP policies, brand managers could protect the brand value.

Pricing Managers

Pricing Managers could craft their pricing strategies effectively by analyzing the market trends and historical data. They can also assess the price elasticity, ensuring that prices are optimized for both demand and profitability.

Marketing Teams

Marketing teams could align their campaigns and promotional strategies with real-time competitor actions. By doing so, they could ensure effective allocation of the marketing budget.

How Does a Price Intelligence Software Work?

Product Matching

Your products are mapped against the most relevant competitor listings that you can compare with. This is the most crucial step as wrongly mapped listings could distort the results. AI-powered product matching avoids any mismatch and ensures accuracy, giving you reliable data for analysis.

Data Collection

Once products are mapped, the software automatically collects data such as prices, stock availability, and discounts across marketplaces. You can also set up the scraping frequency as per your needs.

Sending Alerts

The software will instantly notify you when competitors adjust their prices, run promotions, or when resellers violate the MAP policy. Alerts can also be set for your products going out of stock. You can customize the thresholds and rules for alerts as per your needs.

Pricing Rules

The system allows you to set-up dynamic pricing rules to automate your pricing adjustments. For example, you can set conditions such as “always stay 1% below your competitor” or “reduce price by 5% when inventory is high”. 

Analytics & Reporting

All the collected data is visualized in interactive dashboards and reports. You can easily analyze trends, track competitor behavior, measure the impact of your pricing changes without digging into complex data. This helps you make quick, smarter and data-driven decisions.

How to Choose the Right Price Intelligence Tool?

Not all the price intelligence software are same. You should find the right software that fits your business goals and workflow. Here are the steps to consider while choosing one:

Define Your Goals

Get clear on what you want to achieve with the software. Do you want to find the right price for your product, automate your pricing strategy, enforce MAP policies, or simply monitor your competitors? It helps you choose the right tool as per your needs. 

Identify Must-have Features

After defining your goals, identify the essential features that will help you attain them.  List them out. Focused on what matters most, like real-time tracking or integration with your existing systems. Also, don’t get distracted by the extra fancy features that you may never use.

Evaluate and Compare

Now that you have your requirements ready, start comparing multiple vendors with your checklist in hand. Look at the accuracy, scalability, ease of use, and the quality of support, along with your must-have features. A side-by-side comparison helps you filter out tools that don’t meet your business needs.

Test Beforehand

Never commit before trying. Utilize the free trials and demos offered to test the tool beforehand. This hands-on experience will help you assess the tool more better and see how well it fits in your workflow and meets your needs.

Assess Pricing and ROI

Take a look at the pricing model of the vendor and check if it’s worth it. Let’s explore this in more detail in the following section.

ROI and Cost Considerations

Price Intelligence Software has the potential to significantly impact your bottom line. It is wise to perceive it as an investment rather than an expense.  

Depending on the features offered, the tool comes in various price ranges. Some vendors may provide tiered pricing model, while others may charge based on your use. It could be based on the number of products, marketplaces tracked, the frequency of data collection, and the level of automation needed.

Here are the most common metrics that can be used to assess the ROI of a Price Intelligence Software:

• Sales and Revenue Growth
• Profit Margin Increase
• Market Share Growth
• Time and Effort Saved

While these metrics can’t be directly correlated to Price Intelligence Software, they give you a holistic view of the Return On Investment.

Top Competitive Price Intelligence Tools

While there are many price intelligence tools available in the market, here are our top 5 picks:

DigiSense360

DigiSense360 provides a complete view of your digital shelf. It helps you track competitor prices and product rankings in real-time, audit content, analyze reviews, enforce MAP policies, and dynamically adjust your prices. AI assistant inside the tool lets you get the insights easily by conversing in plain language without digging into complex data.

Minderest

Minderest offers solutions such as competitor price monitoring, MAP tracking, dynamic pricing, sales tracking, competitive benchmarking, promotion intelligence, and even in-store price and stock checks. It gives you a unified view of both online and offline channels. 

Competera

Competera is a competitive intelligence and price optimization platform. It helps you automate your pricing based on multiple strategies like competitive pricing, market-based pricing, elasticity-based pricing, dynamic pricing, or personalized pricing. 

Priceva

Priceva offers a range of features for eCommerce sellers, including real-time price monitoring, automated repricing, product availability tracking, MAP monitoring, price optimization, dynamic pricing, and digital shelf analytics.

Dealavo

Dealavo delivers a complete pricing solution that includes price monitoring, dynamic repricing, competitor assortment monitoring, and promotion tracking. It also helps with offline price monitoring, giving you a comprehensive view of the market.

Final Thoughts

Price wars are common in eCommerce. It might get you some sales, but in the long term it erodes both your margins and credibility. And guesswork in pricing? That’s even more risky. 

Price Intelligence Software transforms the way you approach pricing. It gives you real-time visibility into what’s happening in the market, and help you set the optimal price for your products backed by data, not intuition. With this, you can react proactively to the market shifts, automating price adjustments, and stay ahead of the competition. 

It doesn’t just help you react. With the right insights, you can anticipate the market trends, refine your pricing strategies, outperform competitors, and maximize your profits. 

So, ready to turn your pricing into your strategic advantage?

Start your free trial of DigiSense360 today and experience how price intelligence can help you make smarter pricing decisions.

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