It seems that soon enough, no retailer will be left that does not use the power of price comparison software. Yet, not many understand the proper way of using the tool, which can be a difference between money and time spent in vain and the right pricing strategies received
It’s common knowledge that the world of retail has been experiencing a rise sharp in e-commence and the number of people shopping online. Respectively, the more people turn their purchasing behaviors to the digital realm, the more capabilities they receive to check the prices across competitors. In the context of such changes, it is vital to understand the benefits price comparison software can bring to a business.
Price comparison software in a nutshell
Price comparison software, such as a price crawler by Competera.net, is a tool using advanced algorithms to determine the best pricing strategies based on different data points. Price comparison software uses the full potential of Machine Learning and Artificial Intelligence to collect and analyze massive volumes of data.
In a nutshell, price comparison software revolves around three key factors: speed, data accuracy, and the ability to work with different platforms. Following these elements makes the instrument a vital tool for retailers. They can process information faster. And with accurate data on competitors, companies can devise pricing strategies that bring revenue. Yet, using the price comparison software should be an easy endeavor even for the uninitiated, people who have never encountered such software before.
How does the phenomenon operate?
Price comparison software operates within a certain workflow scenario. Some define it within different stages, while others simply speak of key elements included. Universally, price comparison software needs to be fueled with data. First, you find a proper data source and check its credibility. Second, one should obtain data through price comparison software. THird, there is a matching process determining the most appropriate competitors to investigate and the most accurate data to process. Finally, teh matching process leads to outputs, which are later translate into decision-making and viable pricing strategies.
At the final stages of price comparison software functionality, there are particular tools that can be extremely handy. The general package includes Manual QA, Amazon S3, and Google BQ. These will help validate and verify chosen data sources and ensure that the data fueled into the price comparison software is accurate and correct.
In addition, along with key aspects of the instrument’s functionality, it is important what valuable insights the output can bring. Respectively, the senses can help you discern between the real competitors and those that do not impact your business. Besides, you can find the most recommended price for each product within your portfolio. Finally, the results brought by price comparison software can arm your team with insights that can be translated into an increase in sales or margin.
Choosing the software correctly
There is enough evidence to suggest the impact of pricing on purchasing behaviors, says frontiersin.org. People make their purchasing decisions based on many factors, and the price is the primary among them. In such a case, choosing the right price comparison tool depends on the number of steps to follow. There are four of them, to be exact.
First, one should start by checking the data. Price comparison software works with data and fully depends on it. At this point, choosing the accurate and correct data is a difference between valuable insights and those with no significance. When selecting the price comparison software, look at the data rate of candidates. Universally, it should be somewhere above 85 percent.
Second, along with data, the tool needs to be evaluated on its accuracy, quality, and delivery. Determining such factors is about reading the legal service agreement (SLA). IT guarantees the elements mentioned earlier and ensures that the tool is dedicated to the customer’s ability to customize the process of dealing with data and transforming it into valuable insights.
Third, the price comparison software should be easy to handle. It means the instrument needs to have an intuitive design and UI/UX that allows users to navigate it without much effort. Essentially, the harder you use the software, the more valuable time you will waste. As a result, choose the software with an intuitive design and good customer support.
Finally, remember what price comparison software is all about. In simple terms, it should deliver insights that can be turned into higher revenues and increased sales volumes. The tool exists to save time and money. The software is not worth considering if you cannot easily integrate the instrument into your given pricing strategy.
Follow these stages when it comes to choosing the right price comparison tool. They will help you make the right decision and turn out with insights that make your business thrive.
The business value of price comparison software
How can it make your company thrive? There are several things to consider when answering the question. As a starting point, one should suggest that COVID-19 has changed online shopping forever (more info here). People use the Internet to make purchasing decisions. It means that have greater capabilities in comparing many prices to make the right decision. Essentially, the price comparison software can help you distinguish your product and its price from rivals.
For instance, you can monitor the MAP offered by competitors’ customers. Or, you can match and compare similar products across a range of rivals, especially if you sell a unique good. In more universal terms, price comparison software can give you a comprehensive picture of the entire market. As a result, you will be one step ahead of the competition and know what turbulences to expect and how to react promptly.
Conclusion
Having price comparison software in your toolkit is a must. E-commerce will continue to grow, and more retailers will use advanced software to meet its growth. Remember the aspects to consider when looking for a price comparison tool. Remember that choosing the right instrument is the most important part of translating the data into viable pricing strategies.
Last Updated: July 5, 2022
