Contents
Release Note
Release Date: January 14, 2025
Introduction & Use Case:
Price Monitoring feature enables companies to track, analyze, and react to competitors' pricing strategies across online retail platforms. Below are the primary business use cases for this feature:
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Price Optimization:
By monitoring competitor’s prices, businesses can adjust their pricing dynamically to remain competitive while preserving margins. For instance, lowering prices when a competitor undercuts them or increasing prices when competitors raise theirs. -
Competitor Benchmarking:
Businesses can analyze pricing trends over time to identify patterns, such as peak discount periods, competitor pricing models, or regional pricing differences. This data can guide strategic planning.
Key Capabilities:
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Competitive SKU Pricing:
This feature will enable brands & retailers to compare whether their products are the lowest priced among a collection of products. Brands/Retailers can create a product collection and add their official store products & competitor products to the collection. The system will automatically detect whether your product is the lowest priced or not as compared to other products added to collection. -
Competitor Price Monitoring:
A bar graph which shows the average price of the category for both the Official Store and Competitor. This feature will help brands/retailers get a understanding of how they are priced for a particular category as compared to their competitors & it can aid them in adjusting the pricing strategy. -
Grey-Seller Identification Based on Price & Keyword:
This feature will enable brand/retailers to detect sellers which appear on top of share of search and have not been tagged as competitor or grey-sellers. The products that appear on top of share of search are mostly lowest priced products/most sold products and there are chances the sellers of these products may be a grey seller.
User Guide:
- Login -> Go to Scorecards -> Product Scorecards -> Show Harmonized Products/Product Collection.
- Click on Add New Harmonized Collection/Product Collection.
- For Example: Name the collection as Cordless Vacuum Cleaner.
- Click on Product Mapping in the Top Right Corner
- Select Harmonized Collection/Product Collection as Cordless Vacuum Cleaner.
- Add Products you want to add to the collection by searching products from the raw products list displayed on the left side.
- Once you have added the products, click on apply mapping.
- The products that were selected have been added to the product collection.
- Now go Pricing Analysis -> Price Monitoring and search for any of the Product Collection created.
- Example Search for Product Collection = Ninja Blender User will be displayed all products that have been added to collection and digital shelf system will also tell whether your product is lowest priced or not among the collection of products.
- User can also click on Trend icon and see the pricing trend for products that have been added to collection.
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