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How to Use Amazon Price Monitoring to Outsmart Competitors and Increase Sales

Amazon Price Monitoring

Navigating Amazon's expansive marketplace can be considered the play of chess, wherein one erroneous move can cost a big chunk of the pie. The best way to stay ahead is to know how Amazon price monitoring works. With time, experience slowly taught me that much of Amazon's success lies with the ability to act quickly against market fluctuations. This is where Amazon price tracking and tracking of competitor prices go a long way in delivering a good deal as far as competitive advantage and better sales are concerned.

Understanding the Power of Amazon Price Monitoring

Amazon price monitoring refers to closely following the pricing strategy of competitors. It doesn't mean checking your competitor's prices from time to time, but it is actually about real-time dynamic monitoring of their price changes, promotions, and strategies. Done right, this empowers a seller to make data-driven decisions and stay ahead in the cutthroat world of e-commerce.

Why is this so important? In a recent survey, 82% of consumers said they compare prices online before making a purchase, and Amazon was usually their first stop. If your product is priced higher than that of your competitors, you are surely losing sales. Amazon's algorithm is highly dependent on the price when it comes to the ranking of products. Because of that fact, having a competitive price is very important in order to be visible and grow sales on Amazon.

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How to Choose the Right Amazon Price Monitoring Tool

For price monitoring on Amazon, choosing the right tool is where the game lies. I have tried several over time, but it again depends on what your business needs, budget, and detail of information you need. Some offer simple price tracking; others are fully featured with competitor analysis, product price tracking, and automated reprising.

Things to consider:

  • Real-time Tracking: Avail the tool that is able to provide real-time updates. During the dynamic Amazon marketplace, even a little delay in tracking prices will lead to missed sales opportunities.
  • Automated Repricing: Opt for a tool offering automatic reprising, which is competitor price-driven, sales rank, and other factors to maintain competitiveness without having to manually modify the prices.
  • Customizable Notifications: Look for devices that would allow you to set up customized notifications regarding specific competitors or products. This will keep you notified of big changes in real time.
  • Integration: Make sure the tool has the capability of integrating with your current systems, such as inventory management or even tracking of sales.

In my experience, tools such as Keepa, Helium 10, and RepricerExpress have some pretty cool features to track both Amazon prices and those of your competitors. Though Keepa has a good reputation and real-time price drops, both Helium 10 and RepricerExpress have gone a notch higher in adding automatic reprising and fully customizable alerts, respectively.

How to Effectively Monitor Your Competitors' Prices on Amazon

In monitoring competitor prices on Amazon, there is a way to go about it:

  • Identify your key competitors: Firstly, you will need to know who your competition is. This may vary depending on the product, category, and target market. Leverage Amazon's search feature and list out the top sellers in your category.
  • Create Price Alerts: Use your chosen tool and set up price alerts for these competitors. Whenever there is a change in the price, most especially when it is major, this will allow you to respond with much-needed urgency in that instance.
  • Map Price Trends: Don't use daily price movements; instead research the general price trends. You might discover, for instance, that one competitor periodically gives price cuts over the weekends. You can adjust your strategy accordingly.
  • Automate Repricing: It is critical to automate the process in order to maintain competitiveness. Use a reprising tool that will automatically adjust your prices against competitor data, ensuring your constant competitive positioning.

This gives you a proactive pricing strategy to respond quickly to market changes, take advantage of the pricing opportunities presented, and surge ahead of your competition in no time.

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Competitor Price Tracking: Benefits

The competitor price tracking on Amazon is not about just keeping pace with competitors but utilizing those insights to help drive sales and profitability. Some key benefits of competitor price tracking include:

  • More Effective Pricing Strategy: Real-time data with accurate information will enable you to set competitive prices that will ensure high sales without compromising significantly on profit margins.
  • More Visibility of Your Products: Competitive pricing will help you appear higher in Amazon's results page, which implies better visibility for more potential buyers to see.
  • Greater Profit Margin: By regularly checking competitors' prices for overpricing or underpricing, you are able to optimize your own pricing to achieve the highest profitability.
  • Faster Response to Market Changes: Real-time data enables you to respond immediately to the competitor's price change, promotions, or stockouts and reduces the chances of losing a sale.

I have seen these benefits materialize right away and in very concrete ways. Once I put together a strategy of competitor price tracking, over the first three months alone, there was a 15% hike in sales, especially due to better pricing decisions and faster responses to changes in the market.

How to Outsmart Competitors with Product Price Tracking

Product price tracking is more than just a track of the competitors' prices; it means being in their shoes, trying to understand their pricing strategy, and trying to predict what their next move will be. Here is how you can beat your competitors:

  • Analyze past data: Make use of historical price data to find out the pattern. If a competitor drops prices on particular days every week, you can expect that and adjust your pricing accordingly.
  • Employ Dynamic Pricing: You only need to employ dynamic pricing strategies so that prices automatically change based on demand, competition price, among other market conditions.
  • Price Anchoring: Make use of price anchoring techniques to create a perceived value. For example, placing a similar lower-priced product next to a higher-priced product would make the sale of the former appear a better deal.

Put all these tactics together, and you will have a dynamic pricing strategy that will keep you competitive but at the same time put you in a position where you can be the choicest selling option for Amazon shoppers.

The Role of Automated Repricing in Increasing Sales

Each serious Amazon seller needs an automated repricing tool. It will track the competitors for price changes and will make necessary adjustments to keep your price competitive and at the top of the choices which the potential buyer is considering. In my case, using an auto repricer increased the Buy Box percentage by 25%, which is crucial for raising sales.

Here's why automated repricing works:

  • Constant Price Optimization: Automated repricing continuously optimizes the price to stay competitive without your interference.
  • More Buy Box Win Rate: More than 80% of sales that take place on the platform occur via Amazon Buy Box. An automated repricer increases the probability of being in the Buy Box by pricing competitively against other vendors.
  • Time Efficiency: Automated tools save you from having to invest innumerable amounts of time in monitoring prices and making manual adjustments to free you to attend to other critical aspects of your business.

Leveraging automated repricing tools will let you stay competitive with much less hassle and frustration.

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Challenges with Monitoring Prices on Amazon

While there are many advantages to Amazon price monitoring, it does not come without its set of problems. The most well-known is data accuracy. With so many different products and sellers online, even the best software sometimes pulls in incorrect data. This means going out of your way to use a good tool, then cross-checking the data on a regular basis.

One other challenge involves the difficulties of maintaining compliance with Amazon's pricing policies. Amazon constantly keeps a close eye on the pricing practices of its many sellers to prevent any manipulative or unfair competitive activity. Sometimes, you may actually get away with violating such policies, at times serving you with penalties and suspension. You should be informed about the pricing guidelines at Amazon and ensure your strategies will be within the circle of terms of service.

Finally, since Amazon is fiercely competitive, price wars are just about inevitable. Price cuts are bound to reach a level where the race to the bottom would imply sacrificing some profit margin. It is a balancing game between pricing competitively and being profitable.

Frequently Asked Questions (FAQs)

1. What is Amazon price monitoring?

Amazon price monitoring involves tracking competitors' prices in real-time, allowing sellers to adjust their pricing strategy quickly to maintain competitiveness and maximize sales.

2. How can automated repricing help increase sales on Amazon?

Automated repricing tools adjust prices in real-time based on competitors' changes, increasing the chances of winning the Buy Box and boosting sales while saving time on manual price adjustments.

3. What are the benefits of tracking competitor prices on Amazon?

Tracking competitor prices helps set competitive pricing, improves product visibility, increases profit margins, and enables faster responses to market changes.

4. What are the challenges associated with Amazon price monitoring?

Challenges include data accuracy, maintaining compliance with Amazon’s pricing policies, and avoiding price wars that can lead to reduced profit margins.

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Key Takeaways

Rounding up the discussion on how to use Amazon price monitoring effectively, it is quite clear that this process-so long as one masters it-will critically improve your competitive leverage. Key takeaways include the following:

  • Outcompete with Real-time Data: Make use of the various Amazon price monitoring tools to derive real-time insights about competitors in price and ensure agility at any turn of events.
  • Automate for Efficiency: Employ automated repricing for the efficient optimization of pricing strategies at a higher frequency of Buy Box wins, saving your time.
  • Be Competitive but Not at the Cost of Profitability: Although you have to be competitive, you will make sure your pricing strategy provides for lucrative profit margins.

We have mentioned all the critical approaches toward how to use Amazon price monitoring to outsmart your competitors and bring in more sales. Now we would like to know your opinions and experiences. Please feel free to share them in the comments section below.

For the latest news and strategies about Amazon, please do not hesitate to visit our social network accounts: Facebook, Instagram, and Linkedin. With us, you will be involved with dynamic e-commerce.

Top Two Tools and Extensions for Amazon Price Tracking

Amazon Price Tracking
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In the vast world of online shopping, finding genuine deals can sometimes be daunting. With the emergence of various events and seasons, tracking prices on Amazon is crucial to ensure you're getting the best possible deal. Fortunately, reliable Amazon price tracking tools can take the guesswork out of deal hunting. Two highly recommended tools in this regard are Honey and CamelCamelCamel.

Both Honey and CamelCamelCamel offer browser extensions for seamless integration into your online shopping experience. Additionally, they provide websites that offer extended functionality, such as managing your droplists and exploring price history directly. These tools are compatible with multiple browsers, ensuring accessibility and convenience for users.

In this article, we will also explore the best Amazon price-tracking services. Let’s dive in!

Honey: The Versatile Amazon Price Tracking Tool

Honey is a versatile Amazon price tracking tool that comes in the form of a browser extension. Its main goal is to simplify the process of finding the best prices while shopping online. One of the standout features of Honey is its ability to compare prices among different retailers, including Amazon. This ensures that you are always aware of the best available deals across various platforms.

Features of Honey:

Another valuable feature of Honey is the creation of droplists. With drop lists, you can add items that you're interested in purchasing and receive notifications when their prices drop. This eliminates the need for manual checking and allows you to seize the opportunity when a deal arises.

Additionally, Honey enables you to track the price history of items, which is especially helpful in verifying the authenticity of discounts. By examining the price trends over time, you can make more informed decisions about when to make your purchase.

Step-By-Step Guide to Using Honey:

To start using Honey, you simply need to install the browser extension. Once installed, you can easily add items to your drop lists with just a few clicks. Honey also provides a user-friendly interface where you can explore the price history of your tracked items and compare prices from different retailers. This saves you the hassle of manually searching for the best prices and streamlines your online shopping experience.

Additional Features Of Honey:

Apart from its core Amazon price tracking functionalities, Honey offers additional features to enhance your savings. For instance, it automatically applies coupon codes at checkout, ensuring that you're getting the maximum discount available.

This eliminates the need to search for coupon codes individually before making your purchase. Moreover, Honey provides a website where you can manage your droplists, review past purchases, and access other useful tools and features.

CamelCamelCamel: The Comprehensive Price History Tracker

CamelCamelCamel is a comprehensive price history Amazon price tracking tool that specializes in providing a detailed overview of prices on Amazon. To access its features, users can install the CamelCamelCamel browser extension, known as The Camilizer. This extension offers a seamless way to track and analyze price trends while browsing Amazon.

Key Features Of Camelcamelcamel:

One of the standout features of CamelCamelCamel is its ability to present a complete price history of Amazon items, including information about pricing for used items. By offering a comprehensive view of past prices, users gain valuable insights into the fluctuation of prices over time. This historical data allows for a deeper understanding of pricing trends and helps users make informed purchasing decisions.

CamelCamelCamel also enables users to set desired prices for specific items and receive notifications when the price drops to the desired level. This feature ensures that users never miss out on a deal and allows them to wait for the price to reach their desired threshold before making a purchase.

Utilizing CamelCamelCamel Effectively:

To utilize CamelCamelCamel effectively, users can install the browser extension or use it as a bookmarklet, which can be added just above the bookmark bar. This allows easy access from the Amazon product page to CamelCamelCamel with a single click. Once accessed, users can explore the price history of an item, analyze trends, and compare current prices to historical lows or highs.

Camelcamelcamel's Additional Functionality And Product Search:

CamelCamelCamel provides a website that offers extended functionality beyond the browser extension. Users can visit the website to access additional tools and features, such as managing price alerts, searching for other Amazon products, and further exploring the price history of items.

Amazon Price Tracking from Vserve

Your goal as a vendor will be to outperform your competitors and gain more attention. Vserve's competitive price tracking service is an important tool in this regard. They closely monitor your competitors' prices across all channels to assist you in repricing your things. Their specialists can assist you in attaining a higher ranking in Amazon's listings and increase your chances of making more money.

Enhance Your Amazon Competitor Price Monitoring

Vserve's Amazon competitor pricing tracking services are designed to enhance the number of clients you can acquire at a low cost. They are in charge of tracking your purchases and related products on Amazon and the Internet. They can provide a list of available products and their pricing and a list of your competitors' costs. Their price tracking service will show you the price range and average price of products that are the same or similar to what you're offering.

Vserve Competitor Price Tracking Services and Expertise

Insights on Product Level Pricing

Vserve competitor price tracking on Amazon offers a comprehensive one-on-one comparison of your competitor's product pricing to yours.

Monitoring Pricing History

Get a detailed look at your competitors' pricing strategies over time. They can help you spot patterns in your competitors' pricing activity. This will provide deep insights into how to reprice your product and make well-informed pricing decisions dynamically.

Vserve's Amazon price tracking specialist will also examine the minimum and maximum price levels that can be calculated. As a result, you can avoid avoidable losses while also impressing your customers with affordable prices.

Market Price Monitoring

Every brand manufacturer will strive to keep product prices consistent across all channels. However, some suppliers deviate from their agreement and change the pricing above the intended scale.

Vserve, as an integrated service, accepts the challenge of preventing such infractions. Their crew constantly checks your registered sellers' prices and alerts you of any significant price adjustments.

Delivery and Storage Fee Analysis

The cost of proper storage and fulfillment affects the price of your product. You cannot afford the freedom of storage and fulfillment as a merchant. Their specialists will assist you in developing appropriate storage and fulfillment procedures.

Establishing Offer/Promotional Prices

Seasonal discounts and offers are necessary to meet client expectations. However, these complimentary price cuts must not result in losses. Their competition price tracking tools use top analysts to determine the appropriate offer/promotional prices. As a result, they benefit from making the correct margin and persuading customers.

Maintaining Brand’s Value

Any pricing plan should not have an impact on your brand's worth. Setting your prices too low will harm your brand, while pricing too high will hurt your sales results. They progressed in their approach to balancing product prices and brand value. Vserve ensures a profitable profit for the seller and a reasonable price for the buyer.

Conclusion

In conclusion, Amazon price tracking is crucial to ensure you get the best deal possible. Fortunately, two highly recommended Amazon price tracking tools are Honey and CamelCamelCamel. Amazon price tracking experts like Vserve are also here for you.

Vserve competition Amazon price tracking service pays close attention to your competitors' pricing on all channels so that we can help you with repricing your items. Our experts can help you get a higher position in Amazon's listings and improve your chances of getting higher revenue.

This blog is inspired by the video: "How to Track Prices on Amazon | The Best Price Tracking Tools and Extensions" by "Tasia Custode."

Top 7 Reasons to Outsource Amazon Price Tracking Services in 2020

Top 7 Reasons To Outsource Amazon Price Tracking Services In 2020
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Price matters on Amazon!

Maintaining competitive pricing on Amazon is the key to win both the buy box and your customers. But, there is a fine line between staying competitive and losing your profit margin. A smart Amazon pricing strategy should have the right balance of maximizing your profits and selling steadily in the marketplace. Here is where monitoring your competitor’s pricing is essential, as it plays a crucial role in shaping your pricing strategy.

What is Amazon Price Tracking?

Amazon price tracking is the method of monitoring and analyzing competitors and market price trends to optimize your pricing strategy. It is either done manually or using an automated competitor price tracking tool.

Amazon Price Tracking Comparison

Why Do I Need to Track Competitor Pricing on Amazon?

As we explained, setting your pricing strategy with detailed market insights has a competitive advantage and improved sales performance. To define further an effective pricing strategy is essential –

To win the Buy Box

Stats prove that 82% of Amazon sales happen through the Buy Box

Amazon’s “Buy Box” algorithm focuses on adding value to its customers by evaluating the right seller for every purchase based on a series of metrics. And, pricing is one of the predominant factors to win the “Buy Box”. To gain this opportunity, an Amazon seller should consistently monitor the market prices and dynamically reprice the product to stay on top competitors.

Amazon Buy Box

To Win your Customers

 90% of shoppers will head to Amazon and search for the same product, even after finding their product on another website.

It’s because Amazon is known for its competitive pricing, speed-to-light shipping, and reliable customer service. Customers are more likely to purchase the same product on Amazon than with other online retailers when they have a prime membership.

That is why Amazon has made pricing as an influencing factor to rank on top of its search results and appreciate sellers following a competitive pricing strategy.

Now, if you ask, whether you have to develop an in-house Amazon Price Tracking Solution or Outsource it?

Here’s what we would recommend –

Competitor price tracking not only means continually checking on your competitor and pricing your product lower than theirs. But about achieving greater profitability through the effective use of competitor’s data, which makes it time and resource-intensive with a need for expert support.

So we suggest, it’s best to leave the job to an expert. This helps you get back the time and resources needed to focus on your customers.

Let’s look further on reasons to outsource Amazon price tracking services –

Manual Price Tracking on Amazon is Time Consuming:

Amazon sellers who have dabbed in manual competitor price tracking knows it is essential to make analytics based on the vast datasets acquired. Especially when you want to manage thousands of SKUs, it is a daunting task to manage the prices of those SKUs while monitoring their competitors as well.

And with dozens of prices changing dozens of times per day on Amazon, retailers would be remiss to try and control everything manually in-house. A pricing specialist can make sure that you have a complete and accurate set of data, acquired faster, and accessible as and when needed.

Automated Price Tracking is not a Stand-Alone Solution:

Nowadays, automated Amazon price tracking tools are trending in the online market. The tool automatically identifies all your competitor prices for your product and updates your price as per the predefined rules assigned to it. Sellers find it useful to integrate the tool with their Amazon seller account. Still, there are reasons why it cannot be a stand-alone solution for price monitoring.

Not every competitor price tracking tool can be compatible with your Amazon seller account. You need expert support to identify the right tool that best fits your business on Amazon and manage it. Moreover, you need the right skills to understand the algorithm and feed the correct data, as any minor error can result in inaccurate pricing.

Outsourcing can help Save Cost upto 40%

Automated price monitoring tools are expensive and besides hiring an expert, setting up the infrastructure, and training your employees can crunch your margin. Outsourcing competitor price tracking can provide the same quality output but at an affordable cost. Expert Price monitoring partners can offer a complete solution, including the tools and infrastructure needed to provide the service. You only have to pay for the projects and the hours worked.

You can Gain Access to Extensive Analysis and Insights

The purpose of competitor price tracking is to set your price for profitability by capturing more value and sales. An outsourced team can provide a detailed and timely report on competitor pricing details beyond the product level. They can provide information on competitor pricing trends, Amazon price history tracking, and detailed analysis of the marketplace. This information can help you to make well-informed marketing decisions and stay ahead of your competitors.

You can Focus on your Customers:

And, let your outsourcing partners take care of your competitors. Outsourcing allows you to pay attention to the critical decisions facing your customers instead of getting data. A third-party offering should enable you to quickly analyze and visualize market data. So, you can focus on devising marketing and sales strategies instead of juggling with data analytics.

Outsourcing can Ensure Data Accuracy.

An automated price monitoring system can be a real time-saver. But data accuracy can be at stake, especially with extensive product volume input. With tools, it is practically not possible to ensure a 100% match of your product data with that of your competitors. Because not every product specification and SKU detail will automatically match with that of your competitors. That’s when it’s essential to have an integrated price monitoring approach.

With a combination of cutting-edge AI technology and human expertise, Vserve’s Amazon competitive intelligence solution ensures you receive the benefits of both the methods. Our price monitoring experts can manually complete the data search for the missed product matches to ensure results with improved data accuracy in quick turnaround time.

Maximize your Revenue by Optimizing your Pricing Strategy with Vserve Amazon Price Tracking Services:

At Vserve, we deliver a wide gamut of Amazon price tracking and repricing services. We consistently observe your competitor pricing and product details, their pricing history, competitive ranking to provide timely reports and alert notification to make better pricing decisions. Our services are designed for global clients in increasing their opportunity to rank higher on Amazon; magnetize customers and drive more revenue to their business.

 

Related contents to read:

How Amazon Store Re-Pricing Tools Can Maximize Your Profits

Top 3 Ways to Improve your Amazon Listing to Sell More