What is Price Monitoring?
Price monitoring is an age-old business process. This was what had prompted the staff of retail companies to enter competitors’ stores and check product prices on every aisle. With a photographic memory (since a notebook and pen would be too obvious), they’d note prices and report back to their bosses.
The goal is for businesses to gain an awareness of the market’s pricing structure in a (relatively) timely manner. Because of this strategy, companies ensure that their pricing strategies are at par with the market.
Of course, the data they gathered was not really updated or in real-time. By the time they are done manually scouring competitor prices, these prices would have been updated already or new price promotions would have been put up by the competitors.
In the advent of the internet and technology, companies
- no longer have to physically send their employees to different stores,
- are able to gain pricing data in real-time by using price monitoring tools,
- get hold of competitor prices within minutes,
- make strategic business decisions based on the pricing data they collect,
- apply dynamic pricing.
If you’re looking into monitoring the prices of your competitors, you are definitely on the right track. A study by Crayon regarding the State of Competitive Intelligence in 2019 (you may need to sign up to access the report), 96% of businesses track their direct competitors while 93% track their indirect competitors.
This graph was taken from Crayola’s 2019 State of Competitive Intelligence which shows the percentage of companies that track their competitors and other audiences.
There is definitely a growing trend towards competitive intelligence, and price monitoring is included in this.
How Does Price Monitoring Help With Business?
Simply put, price monitoring allows companies to adjust their product prices in response to what’s on the market. Here are a couple of scenarios:
A company that sells sneakers at $80 for each pair will lose customers if competitors are selling the same type and quality of sneakers for only $60.
This company may also lose money if customers are willing to buy the same sneakers for $100.
How do companies ensure that they don’t experience any of these scenarios? Through price monitoring.
Uses of Price Monitoring Tool
In a separate blog where I tackled the importance of price monitoring, I have cited these four reasons why you should monitor the prices of your competitors:
*
Product prices affect advertising success.
- They play a major role in a customer’s decision to buy.
- Product prices give you an edge over the competition.
- They help you manage your supply and inventory a lot better.
In this section, allow me to present some case studies that show how a price monitoring tool can positively affect businesses.
Price Monitoring Tool for Hoteliers: Occupancy Rate Isn’t Everything
RoomPriceGenie, one of the tools that have made it to our list, has featured one of their clients, Siesta Hotel, on their website. Here are some details about the hotel located in Grenada:
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Number of rooms: 37, with plans to expand to 53 rooms
- Hotel type: Small, budget hotel
- Business type: Family business and the owner lives on the property
- Number of years in business: 30 years
When they started using the price monitoring tool, they experienced a 30% increase in revenue during their peak months (February and March).
At the start of their lean period which is the month of April, RoomPriceGenie suggested a price that is 10% to 15% higher than what they usually charge. While this is opposite of their usual strategy of lowering rates to increase occupancy, the hotel owner went with the tool’s suggestion.
The result was a lower occupancy rate, but a higher revenue!
Price Monitoring Tool for Sports: Global Company Goes Local
At this point, let’s explore the pricing strategy of one of the largest sporting goods retailer in the world - Decathlon.
Decathlon has 1,400 stores in 45 countries, and although it is easily considered a major player in the sporting goods industry, the company faced several challenges. One of which is how to grow in a crowded marketplace, especially when they decided to enter the Dutch market.
Decathlon’s goal was to become known as a value-for-money sports retail brand, and they used Omnia Retail as a tool to implement their pricing and marketing strategy. As a result, Decathlon NL experienced these:
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80% increase in conversion rates
- 20 hours of monthly savings on manual labor
- Return on Ad Spend or ROAS increased by 50%
Whatever industry you’re in, a price monitoring tool can greatly maximize your potential for growth. Choosing a price monitoring tool is one of the steps in implementing a price intelligence strategy.
To get you started, here are 15 price monitoring tools to choose from. Get to know their features, pricing packages, and ratings from different review sites.
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1. DataCrops
DataCrops is a data extraction software company that offers different products, one of which is a Price Monitoring software.
Among the features that DataCrops offers are:
Ability to obtain competitors’ product prices.
- Price promotions monitoring
- Track differences between your product and the competitors’.
- Optimize product variations
- Set automated pricing and repricing.
Pricing Information
DataCrops has not provided pricing information but you can book a demo with them and inquire directly regarding their package plans.
Ratings From Top Review Sites
There are no ratings available for DataCrops on G2 Crowd, Capterra, and TrustRadius.
2. Prisync
Prisync is a pricing software that allows e-commerce businesses to listen in on their competition from a single dashboard. Companies can do this in three easy steps:
- Add their products and competitors into the Prisync system.
- Analyze all the gathered pricing data.
- Set dynamic pricing rules using the software’s dynamic pricing module.
Prisync boasts of the following features:
- Easy setup which does not require any depp technical know-how.
- SmartPrice which is a repricing engine that allows you to adjust prices automatically.
- Updated pricing data four times a day to ensure freshness of data.
- Ability to monitor an unlimited number of competitors.
- Reporting tools and options that enable you to get a glimpse of different data.
Pricing Information
Prisync has three price packages, all of which allow companies to track unlimited competitors:
Professional: At $59 a month, you get price updates four times a day, advanced filtering and reporting, price position comparison, batch import, and stock availability monitoring. This package can only track up to 100 products.
Premium: The Premium package includes marketplace price tracking, product variance tracking, daily excel report mail, daily price change notification, pricing analytics, and API access, all for $129 per month. This package can only track up to 1,000 products.
Platinum: This package also comes with API access, price history, instant price change notification, advanced mail reports, and advanced pricing analytics, for $229 per month. This package can track up to 5,000 products and suppliers can enjoy Prisync’s price violation module and recommended price module.
Ratings From Top Review Sites
G2 Crowd = 4.7 ( 32 respondents )
Capterra = 5 ( 96 respondents )
TrustRadius = No rating available ( None )
3. Omnia Retail
Omnia offers two products that can help businesses with their pricing strategies. First, there’s Pricewatch which allows you to track and compare your prices with that of the competition. The pricing data can be combined with your sales volume, popularity scores, and stock to help you come up with an informed business decision.
Main features of Omnia Pricewatch Include:
Comprehensive data processing
- Combine market insights with internal data
- Track multiple products
- Multiple daily price updates
- Simplified information
Omnia also has a Dynamic Pricing product which automates your price changes in accordance with the data that its algorithm gathers. The features of this product are:
Powerful algorithm that gives flexibility and freedom
- Ability to implement pricing rules
- Price elasticity can be taken into account
- End-to-end automation
- Transparency
Pricing Information
Omnia Dynamic Pricing and Pricewatch are both quote-based, so you have to contact the company to get their rates.
Ratings From Top Review Sites
G2 Crowd = 4 ( 4 respondents )
Capterra = 5 ( 4 respondents )
TrustRadius = No rating available ( None )
4. Price2Spy
Price2Spy is a cloud-based price monitoring platform, so there’s no need to install any software or maintain any server.
Among the features of Price2Spy are the following:
- Competitor price monitoring
- Brand value protection
- Better pricing decisions
- Price comparison
- Price change alerts
- Reporting
- Price analytics
- Smart spidering
Because the product is cloud-based, it’s very easy and simple to use. You can specify the websites that you want to track, or Price2Spy can also do website discovery if you don’t know who your competitors are.
All the tool needs is the product URLs and it will track the product’s prices and stock availability everyday for you.
Pricing Information
Price2Spy has a 30-day free trial that you can take advantage of. Once the trial period is over, you can choose between its basic plans and premium plans.
With a premium account, you can track an unlimited number of competitors, enjoy advanced features such as multiple price checks per day, instant price change alerts, powerful report mechanism, and daily emails. The price depends on the number of product URLs you will be tracking:
Price2Spy Premium Plan
Monthly Rate
Number of product URLs
Premium small
$39.95
100
Premium medium
$99.95
500
Premium large
$249.95
2,000
Premium XL
$499.95
10,000
Premium 50k
$999.95
50,000
If you need to track more than 50,000 product URLs, Price2Spy can still accommodate you. Just contact them to get a price quotation.
Price2Spy also offers basic price plans which will allow you to track an unlimited number of competitors and get instant or daily price change alerts in your email. Prices still depend on the number of URLs you can track. Please see the table below:
Price2Spy Basic Plan
Monthly Rate
Number of product URLs
Basic small
$19.95
100
Basic medium
$49.95
500
Basic large
$99.95
2,000
Basic XL
$249.95
10,000
Basic 50k
$499.95
50,000
The same thing with premium plans, if you need to track more than 50,000 product URLs, you need to contact them to get a quote.
Ratings From Top Review Sites
G2 Crowd = 4. 9 ( 4 respondents )
Capterra = 4.5 ( 61 respondents )
TrustRadius = No rating available ( None )
5. Skuuudle
Skuuudle is a cloud-based price monitoring platform that boasts of tracking 1.5 billion product prices monthly, over 3,000 websites. This 12-year old price monitoring platform enables companies to track their competition and match products.
Skuuudle’s features include the following:
Data collection: You can set any website, location, and tracking frequency.
- Product matching: The platform can automatically match products so your price monitoring can be done at scale.
- Quality control: Skuuudle employs a human quality assurance team, assisted by artificial intelligence.
- Intuitive analytics: You can see different insights on Skuuudle’s easy to use dashboard.
- High quality technical support: Skuuudle offers expert and personalized customer support.
Pricing Information
Below are Skuuudle’s pricing packages:
Essential at $89 per month: Track competitor prices on your key marketplace.
- Professional at $199 per month: Monitor direct competitor websites for total visibility. Free trial is available for this plan.
- Corporate at $999 per month: Combine broad data with deep analytics.
- Enterprise (quote-based pricing): Full service partnership tailored to your pricing strategy.
All price plans features automatic part number matching, simple analytics dashboard, and phone and email support.
Ratings From Top Review Sites
G2 Crowd = 4. 5 ( 1 respondent )
Capterra = 5 ( 6 respondents )
TrustRadius = No rating available ( None )
6. Repricer
Repricer is a price comparison software especially made for Amazon Web Services. It works so that when a competitor changes their prices or goes out of stock, your products are automatically repriced at the optimum price.
Repricer’s features are as follows:
- Real time repricing: With the use of AWS, repricing is done in real-time, once a change in price or stock availability is detected in your competitors.
- Insights: You can monitor 10 competitors for the Amazon Buy Box. You can also gain insights on the success of each SKU.
- Optimal pricing: Repricer can also compute for the optimal price when you enter your costs and net margin on your SKUs.
- Easy setup: Repricing can be done on all of your SKUs, or just some of them. You can set rules, whether simple or complex and be ready in just a few minutes.
- Scalable: Repricer supports 11 international Amazon marketplaces and is able to handle four million repricing occurrences every hour.
Pricing Information
Repricer has three price plans, depending on the number of products you need to track and the features you want to enjoy. Below are the details:
Basic plan at $69 per month
- Plus plan at $229 per month
- Ultimate plan at $379 per month
The Basic plan allows you to track 2,500 products per month. Repricing is done hourly while competitor tracking is done for 24 hours.
The Plus plan can track 50,000 products, repricing is done instantly once price and stock availability changes are detected. Competitor tracking is done within seven days. You will also enjoy a one-on-one pricing workshop and the Buy Box predictor.
Lastly, the Ultimate plan allows you to track an unlimited number of products, repricing is also done instantly, and competitor tracking is done for 30 days. Aside from Buy Box predictor and one-on-one repricing workshop, you will also enjoy advanced features such as net margin repricing, profitability analytics, scheduler, and replicator.
Ratings From Top Review Sites
G2 Crowd = No rating available ( None )
Capterra = 4.5 ( 19 respondents )
TrustRadius = No rating available ( None )
7. Skulogy
Skulogy enables companies to monitor the prices of their competitors by using the websites’ search functions to search for similar products.
Some of the features of Skulogy are:
- Price and stock monitoring
- Email or text alerts
- Ability to search for the products themselves
- Automatic repricing through an API
- Import and export of data
- Calculation of competitors’ sales
- Automatic detection and conversion of currencies
Pricing Information
Skulogy offers a 14-day free trial of all their price plans. The price depends on the number of product URLs you need to monitor.
- 1,000 links at $160 per month
- 2,000 links at $256 per month
- 5,000 links at $412 per month
- 10,000 links at $604 per month
- 20,000 links at $796 per month
- 35,000 links at $1,116 per month
- 50,000 links at $1,436 per month
- 100,000 links at $2,500 per month
Ratings From Top Review Sites
G2 Crowd = No rating available ( None )
Capterra = No rating available ( None )
TrustRadius = No rating available ( None )
8. RoomPriceGenie
Dynamic pricing is an effective pricing strategy when it comes to the hospitality industry, particularly in hotels. This is what RoomPriceGenie offers — automatic price changes for small hotels with 5 to 80 rooms, enabling them to increase their profit margin by 10%.
The price monitoring software was inspired by the developer’s father who owned a small bed and breakfast in England. When the 15-room bed and breakfast started using RoomPriceGenie, the revenue increased by $50,000.
https://www.youtube.com/watch?v=cxaI27IPP8s
Below are some of the features of the price monitoring tool:
- One-year price recommendation: You will get a calendar with 365 days of intelligent price recommendation taking into account not only the competition but also your guest’s booking behavior, your hotel’s occupancy, market demand, events and holidays.
- Automated regular updates: You can manually update the prices, or enable automatic updates when new data is gathered.
- Still be in control: The tool recommends intelligent prices, but it’s ultimately your call. You can still put up your own pricing strategy and automate it as well. You can set minimum and maximum prices, overwrite price recommendations, and set rules depending on the room type.
Pricing Information
RoomPriceGenie calculates their prices based on a $6 per room rate, with a minimum of $110 and a maximum of $345.
For hotels with 5 to 22 rooms, for instance, the monthly fee is $110.
Ratings From Top Review Sites
G2 Crowd = No rating available ( None )
Capterra = 5 ( 9 respondents )
TrustRadius = No rating available ( None )
9. RepricerExpress
RepricerExpress is an Amazon repricing tool that claims to take into consideration the factors that Amazon uses in selecting the sellers with Buy Box. And if you are an Amazon retailer, you know that the more Buy Box, the more sales.
RepricerExpress is suitable for any type of seller, from an online retailer, dropshipping, retail arbitrage, to private labels. The tool has pre-built repricing templates that you can use and tweak according to your needs and requirements.
RepricerExpress also enables you to compete with different sellers in different ways too. It implements different strategies for Buy Box sellers, FBA, and MFN so you will always be on top regardless of the competition.
The tool is designed to give you the optimal price by responding quickly on changes such as your competitors running out of stock. RepricerExpress increase your prices when it detects that you are most likely to win the sale.
Pricing Information
RepricerExpress has a 15-day free trial period, which does not require any credit card. Their paid plans differ in terms of the number of listings you’re tracking, but all the features are the same for each package.
- 2,500 listings at £33.15
- 5,000 listings at £41.65
- 10,000 listings at £58.65
- 25,000 listings at £84.15
- 50,000 listings at £143.65
You can contact them if you want to monitor more than 50,000 product listings. Features of each price plan include instant repricing, monitoring of 13 marketplaces, automations, integrations, and email or chat support.
Ratings From Top Review Sites
G2 Crowd = 4.6 ( 4 respondents )
Capterra = 4.5 ( 18 respondents )
TrustRadius = No rating available ( None )
10. Blue Yonder Price Optimization
Blue Yonder is an ML and AI-based price optimization tool which is under JDA Software. The tool allows retailers, manufacturers, distributors, and even hoteliers, to maximize revenue and profit through its advance pricing analytics.
The features of Blue Yonder are:
- Automatic price updates
- Demand forecasting
- Profitability analysis
- Competitor analysis
- Scenario planning feature
- Excellent customer support
Pricing Information
No pricing information is available. You may contact JDA Software directly for a quotation.
Ratings From Top Review Sites
G2 Crowd = 4.8 ( 2 respondents )
Capterra = 4.5 ( 17 respondents )
TrustRadius = No rating available ( None )
11. Dynamic Pricing
Dynamic Pricing allows you to automatically change your prices in response to market demand, stock availability, and competitor actions. As such, you can optimize your profit margin and earn more.
The Dynamic Pricing tool allows you to run price promotions and then revert to the original prices quickly, with no manual work needed. Aside from this, you will get to enjoy these features:
Rule-based pricing
- Algorithmic pricing management
- Market alignment
- Digital marketing campaign optimisation
- Future campaigns repricing setup
- Notifications
Pricing Information
Pricing information is not made available by the vendor. You may sign up for a demo though by contacting them.
Ratings From Top Review Sites
G2 Crowd = 4 ( 4 respondents )
Capterra = 5 ( 5 respondents )
TrustRadius = No rating available ( None )
12. Darwin Pricing
Darwin Pricing is primarily a data science consulting firm. It has two pricing optimization products — Darwin Pricing Geo and Darwin Pricing Dynamics. The first product provides geo-targeted pricing strategy while the second product makes dynamic pricing easier to implement.
The key features of Darwin Pricing are:
Real-time market analysis
- Local prices (for Darwin Pricing Geo)
- Local currencies (for Darwin Pricing Geo)
- Artificial intelligence
- Cloud-based services
- Seamless integration with any e-commerce platform
- Forward-looking price strategy
Pricing Information
Darwin Pricing has six price plans which you can pay monthly, annually, or in a one-time payment. Companies can save more if they choose to pay one-time or annually.
Instead of looking at the number of products URLs, Darwin Pricing sets the target sales as the differentiation factor in their price plans. These are the packages:
- An Entrepreneur at $50 per month, for monthly sales of up to $5,000.
- Starter at $150 per month, for $5,000 to $15,000 sales per month.
- Small Business at $250 per month, for $15,000 to $25,000 monthly sales.
- Mid-Sized Business at $500 per month, for businesses with target sales of $25,000 to $500,000 per month.
- Professional at $1,250 per month, for sales between $500,000 to $5 million a month.
- Enterprise at $2,500 per month, for over $5 million monthly sales. This plan also includes on-premise deployment
All of the price plans above include email support, exit-intent coupon box, geo-targeted newsletters and promotions, dynamic geo-pricing, and A/B testing.
Ratings From Top Review Sites
G2 Crowd = 2.5 ( 1 respondent )
Capterra = 5 ( 4 respondents )
TrustRadius = No rating available ( None )
13. PriceLab
PriceLab is a revenue management software for vacation and short term rentals, optimizing the prices of your rooms based on the competition, market demand, and other data.
Among PriceLab’s features are:
Integration with different booking platforms such as Airbnb, BookingSync, Hostfully, Hostaway and Lodgify.
- Multiple listings management
- Easy to use and setup
- Global pricing and availability
Pricing Information
PriceLab offers a 30-day free trial period and a flat monthly pricing rate. For one listing, the rate is at $19.99 per month, and the price goes up after the first listing, depending on the additional number of listings. Here’s the breakdown:
- 2 to 5 listings - $14.99 for each listing after the first.
- 6 to 15 listings - $10.99 for each listing after the 5th.
- 16 to 30 listings - $6.99 for each listing after the 15th.
- 31 to 100 listings - $4.99 for each listing after the 30th.
- 101 to 1000 listings - $4.49 for each listing after the 100th.
- Over 1,000 listings - quote-based pricing
Ratings From Top Review Sites
G2 Crowd = No rating available ( None )
Capterra = 5 ( 4 respondents )
TrustRadius = No rating available ( None )
14. EReprice
EReprice is an Amazon repricing tool that is capable of matching prices against FBA and non-FBA sellers.
The key features of EReprice are:
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Global selling and pricing
- Secure and safe since repricing will always be within the rules you’ve set
- Intelligent and advanced repricing
- Fast repricing
- UK-based support team
- Intuitive and responsive user interface
- Advanced filtering and analytics
- Multiple users
Pricing Information
- EReprice has four price plans, and all of them come with UK-based support, storage of logs, and repricing. These are the packages:
Basic plan (£15/month): This plan allows you to track 5,000 SKUs in one marketplace.
- Plus plan (£35/month): The Plus plan lets you monitor up to 10,000 SKUs in one marketplace.
- Premium plan (£80/month): With the premium plan, you can track up to 35,000 SKUs in an unlimited number of marketplaces.
- Enterprise plan (quote-based): If you need to track an unlimited number of product listings, contact EReprise sales team to get a quote.
Ratings From Top Review Sites
G2 Crowd = No rating available ( None )
Capterra = 5 ( 3 respondents )
TrustRadius = No rating available ( None )
About the author
Rachael Chapman
A Complete Gamer and a Tech Geek. Brings out all her thoughts and Love in Writing Techie Blogs.
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