What To Do After Getting A Price Alert From Your Competitor
All you have to do is copy and paste your competitor’s PDP link and click Start Tracking.
Your competitor’s price tracking for that product will now be automated. You will receive notification via email and Split Dragon dashboard whenever there is a change including the price. When a competitor’s price change alert is sent to you from Split Dragon software – it will trigger your repricing workflow. Based on your competitors’ mapping, you should be able to make near real-time decisions about how to change your prices based on your competitors’ actions. The repricing action usually boils down to the following:
You will see your competitor’s price history
When you switch to the chart view, you will also see price trends over a certain period of time.
- Match a Competitor – For this competitor where you are trying to always stay matched to a competitor’s prices. You will change your prices and match that competitor.
- Beat the competitor by X% – For this competitor, you always try to beat the competitor’s price by a certain percentage. This is invaluable in the product launch phase and when you are still focused on increasing sales revenue at the slightest expense of profitability.
- Inaction – For this competitor. You would ignore their price changes as they deemed it unimportant for you to react sharply to their activity.
You can create a simple mapping of phone number list your competitors and their pricing strategy like in the example below. This will allow your team to react decisively and ensure that you are always competitive in category navigation and search results to get the most click-thrus and sales.
Another important component of your pricing
strategy should be setting minimum and maximum prices for each of your products. This will help ensure that you don’t get caught up in overreacting to price changes and hurting your profitability beyond a set amount.
There is no clear formula for your UK Cell Number Lazada/Shopee pricing strategy. Always remember to react sharply to key price triggers such as campaigns, product launches and competitors’ price changes. But most importantly, you need to add AB testing to your vending arsenal. This will give you a data-driven view of the best price points for various products.
