Correct pricing is an important competitive parameter when trading online. That's why there are significant benefits to automating your pricing on your E-Commerce platform.
You can almost guarantee that your customers will have compared your prices with those of your competitors, such as on a price comparison site like Pricerunner. To create a competitive price, you need to monitor prices from your core competitors, or directly from price comparison portals.You can do this by doing competitor analysis, or by analysing your online users' behaviour on the Internet. Which other competing web shops have they visited? Have they visited review sites in your product categories, or price review sites that cover your product range? The basic aim of automated pricing should be to follow price developments on the market and price correctly according to your core competitors' campaigns instantly, so you don't lose turnover.
Once you automate price monitoring, you can also automate your pricing. The first step in this process is to identify important user journeys that you want to support with automated pricing in the product catalogue. Your user journey analysis will largely determine which products, product categories and competitors the solution should cover.Next, determine the price strategy and price elasticity. If you always want to be cheaper than your competitors by a couple of pounds, it's easier if the price also needs to be approved against your purchase price from your ERP system, for example. There may also be kickback agreements that you need to take into account or extra costs that you need to consider before the price is released with a price robot against the competitors.
You can choose whether it should work for the whole product list, categories of your product inventory or just for specific products. You can also decide to automate monitoring and pricing of all washing machines or just for Miele models, or something even more specific. However you choose to automate price monitoring and maintenance on your e-commerce platform, you can be sure that your prices remain competitive 24 hours a day.Read more about categorisation and filtering
Once you have uncovered your needs, you need to set up a price robot or a crawler that checks competitor sites at specific intervals and sends updated prices to your E-Commerce platform, which must be able to receive data and know how to use it.
We have created a price monitoring robot for Power. It compares prices from competitors and adjusts prices on the platform to deliver competitive prices that match the products' price development. Pricing is updated several times a day and ensures that Power is always updated with the best prices and delivers updated prices at the cost comparison sites. Power has chosen to give customers the same prices in-store as on their e-commerce platform, which is why the prices are also sent to their SAP system, which updates the electronic price tags in all the physical stores.Thus the price comparison robot has become part of their marketing.
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