Indeed.com currently has 6,832 job listings for pricing analysts in the US alone and 24% of those state the requirement to monitor competitor pricing. With competitor retail pricing available for anyone to see online, it’s necessary that a pricing analyst is able to easily gather web data. This is becoming an imperative for any retailer, big or small, as competition online draws consumers most often to the lowest price.
What is a Pricing Analyst?
A pricing analyst is the person responsible for analyzing competitor prices along with market expectations in order to determine the ideal target price for the products the business sells. The job of a pricing analyst has evolved from having teams of people going store to store to gather price data to monitoring competitors online.
While monitoring one or two competitors online seems much easier than visiting a few stores, most retailers don’t just have one or two competitors. Manually gathering competitor price data from multiple websites is time-consuming and error prone. In addition, competitor price monitoring needs to happen daily, sometimes hourly to feed a pricing strategy that stays ahead of the competition.
What does a modern retail pricing analyst need for success?
Import.io can help. Our solution gathers data from any ecommerce website and provides a spreadsheet of that data. In addition to getting the price and inventory data, Import.io has two types of reports that are beneficial to pricing analysts.
First, the Import.io Comparison Report allows a retailer to compare their prices and competitors in one report.
After that benchmark is set, then the Import.io Change Report comes into play.
Set to run on an hourly, daily, or weekly basis, the Change Report shows what’s changed on any website, such as prices on items, as well as what items have been removed or added. A pricing analyst receives an email alert with links to both a PDF and Excel version of the report. Continuous monitoring of competitor pricing and availability of merchandise has never been easier.
You can get a free Comparison Report on one competitor here.