How to Create a Competitor Price Monitoring Strategy
Online shopping means online comparison shopping. If your prices are not similar to or better than the next retailer, you’re going to lose the sale. It’s that simple. You have to be competitive, because in the digital realm, you’re competing against everyone.
Competitor price monitoring is a crucial cog in the wheel of price optimization, the strategies and tactics used to find the perfect price at the perfect time. It’s both an art and a science (you need data… lots and lots of data).