Price monitoring software becomes increasingly important in today’s competitive marketing environment. Marketing and product managers need to price products competitively based on market forces and trends. It’s also important to track what prices your business associates are charging in marketplace platforms such as Amazon, eBay and industry-specific marketplaces.
Enterprise businesses are organizations that want to build brands and create new markets, and these companies face some extreme challenges such as managing competitive pressures, identifying opportunities and threats and providing the kind of enhanced customer experience that consumers and business buyers demand. Artificial intelligence and automated monitoring are increasingly important technologies for dealing with the demands of today’s business operations.
We offer our Market Mole software to monitor prices for you automatically. Marketing and product managers today face an increasingly complex job to stay on top of prices and to manufacture or order products with just-in-time efficiency. Companies need to limit external risks that arise from unauthorized sales and vendor prices that are too high or too low.
The Signature Benefits of Price Monitoring
Keeping track of prices across multiple sales platforms, wholesale and retail operations and online and brick-and-mortar sales platforms can be challenging without automated technology. Automated online price monitoring offers the following benefits for B2C and B2B sales organizations:
- Fine-tuning Supply and Demand
It’s easier to determine market trends, temporary pricing spikes and emerging threats to sales when you automate your price-monitoring activities.
- Providing Customer Access to Business Intelligence
You can offer your customers self-service features using automated connections with business intelligence resources.
- Optimizing Product Variations
You can track prices and sales of product variations to fine-tune your sales efforts and increase conversions.
- Maximizing Profit
Price monitoring is the best way to maximize your profit margins and to prevent overcharging or undercharging.
- Automating Prices
You can automate your prices to offer special incentives, bulk pricing tiers and dynamic pricing for B2B customers.
- Monitoring Your Business Associates
More and more companies sell their products in multiple forums such as marketplace platforms like Amazon and through affiliate marketing. However, business associates sometimes charge prices that are too high or too low. You can track the prices that your partners charge and find out instantly if your associates are violating contractual terms, selling products illegally or creating a PR nightmare by undercutting your prices.
- Responding to Market Changes Instantly
The e-commerce landscape evolves at lightning speed as retailers and wholesalers offer dynamic pricing, modify prices and offer discounts and sales incentives. Retailers often undercut the prices of their competitors and inadvertently sabotage the sales of their own manufacturers. Monitoring prices automatically prevents all kinds of surprises and enables companies to respond quickly to new information that could affect brand value.
- Preventing Unauthorized Sales
Many sellers employ questionable marketing tactics such as selling unauthorized products. Companies will often buy your products from other retailers as loss leaders to attract big buyers to their websites. Monitoring software can find these grey-market sellers no matter where they try to hide.
- Detecting Operational and Compliance Risks
The internet is vast, and manual monitoring becomes increasingly impossible. Better online price monitoring can detect exposure risks and compliance violations – of your own brands and those of your competitors.
- Streamlining Operations
Some repetitive jobs – such as monitoring prices – are essential but troublesome for companies. Low employee morale is a major problem when your staff members monitor prices and compliance manually. Labor costs are also increasingly prohibitive for monitoring multiple sales platforms, competitor websites and stakeholders. The right monitoring software can automate, simplify and streamline business operations.
- Triggering Alerts
Price monitoring software can ensure that jobs are never run out of sequence, forgotten or subject to manual errors. The data are always validated and kept current. When unusual situations are detected, special process can be automated. The software can also trigger alerts when staff input is needed.
Price monitoring requires a special skill set, and staff members need to make quick decisions and solve complex problems frequently. Unfortunately, monitoring staff spend most of their time pushing buttons and performing error-prone jobs. Monitoring applications can eliminate most errors and speed decision-making without the mind-numbing tasks required by manual processing. Your employees will be happier and more efficient while enjoying greater job satisfaction.
Excuses for Not Automating Are Seldom Cost-Effective
Many key decision-makers worry about the costs of monitoring software, but automation can increase productivity, performance and availability while reducing overall operating and labor costs. Excuses for not automating include:
- Budgetary limits
- Too many development Issues
- Decision to develop an in-house system
- Concerns about eliminating the jobs of loyal employees
The right software can be surprisingly affordable. For example, our Market Mole price-watching software can monitor prices to ensure that your vendors aren’t dropping prices too low and that unauthorized companies aren’t selling your products online.
Our expert advice and customer service can reduce any development problems and generate unexpected business opportunities so that you can quickly recover your initial investment. We understand your needs and concerns, and we work collaboratively with you to support your goals.
Employees tend to view automation as a direct threat to their jobs, but savvy companies understand the importance of encouraging staff participation in any development project. If you help your employees to “own” the developments, you’ll have fewer problems implementing automation software. Disgruntled and determined employees can defeat any implementation with subtle acts of sabotage, so it’s important to explain why automation is critical for future job security.
Your employees can learn to monitor automation software in company positions of greater authority and increased responsibilities. Staff members can spend more time on core business activities and customer service.
In-house coding and development might be successful, but the focus is usually too narrow for long-term success. More and more companies integrate their software applications to run features for end users, customers and staff. Maintenance and upgrades can interrupt workflow, cause unexpected problems and generate expenses that offset any initial savings. That’s why professionally tested and debugged software is usually the most affordable and efficient choice.
Machine Learning Takes an Expanded Marketing Role
Artificial intelligence programs now command a great deal of marketing and monitoring tasks for businesses – both retail and wholesale. Data engineers can build intuitive software that’s capable of machine learning. The software can monitor online prices because of increased pricing transparency. You can find out whether you’re charging more or less than competitors and adjust your prices to be more competitive.
You can also use price monitoring software to enable customer-facing features such as dynamic pricing where you can negotiate prices with wholesale customers directly. Your customers can enjoy dynamic pricing even when using self-service so that you never lose a sale because of pricing inflexibility.
Extraordinary Operational Savings Generated by Monitoring
Advanced machine learning can detect new threats and opportunities based on your business model. Your company can expand sales, cut staffing needs and reduce costs with intuitive software that learns more about your business each day. The software can handle increasingly complex jobs based on the parameters that you set. These tasks include automating backups, increasing communication options, identifying threats, releasing jobs and providing intelligence to customers and end users.
Human error is a big problem in today’s digital processing. Boring, repetitive jobs can result in manual entry errors, duplicate data and slow responses. Automation ensures that monitoring is never forgotten or put on the back burner. Market Mole software is one solution that we hope you’ll explore – but regardless of your choice – we strongly recommend that you automate your price-monitoring activities to stay competitive in today’s digital marketplace.
MarketMole provides an up-to-the-minute holistic view of what’s happening in your market, including product pricing, product reviews and trending topics. Our market intelligence tools can be applied to any pages on the web, sending you notifications about stock levels, pricing and competitor pricing, negative reviews, MAP violations detection and more.
Contact us to learn how we can help you save time and make more money.
Learn more about MarketMole and our services.