Yesterday, a new competition monitoring service has been launched by DataFeedWatch by Cart, allowing online merchants to track the prices of all their competitors on Google Shopping. Pricing starts from $19.99 a month, making it the most accessible business intelligence tool on the market.
“We expect that within a few weeks Price Watch may be used by thousands of merchants to adjust their price strategies against their competitors during this Q4 holiday season. The information provided by our tool will significantly influence advertising and sales strategies in the coming weeks and months”, says Rahul Bali, Commercial Manager at DataFeedWatch, responsible for the Price Watch project.
Price Watch is a competition monitoring service that enables eCommerce advertisers to keep track of competitors’ prices for the same products they sell. The service is currently available for Google Shopping – the world’s leading eCommerce channel.
Manually checking competitors‘ pricing is strenuous labor still conducted by thousands of companies around the world. Considering the ever-growing volume of both product listings and advertisers, collecting this data by going through competitive offers on Google Shopping is a nearly impossible task.
“We’ve been working on this solution for a couple of years – inventing, tweaking, checking, and improving. With the service fully rolled out, online retailers are able not only to automate collecting price intelligence but also translate it into an effective price strategy”, says Rahul Bali.
“We are providing a truly cutting edge solution to all our clients no matter the business size”, he adds.
Within the basic package of Price Watch, advertisers can expect an in-depth market overview – including insight into competitors’ prices and their own price position for each product.
The service is available via a pay-as-you-go subscription and the fee depends on 2 factors: the frequency of the updates and the number of products. This means advertisers will pay according to their usage.
“Business intelligence tools are used on a daily basis by big merchants, specialized agencies, and large retailers. The novelty here is that we increase availability to the extreme – including all our clients regardless of the inventory size or payment plan”, says Rahul.
How it works and what can you do with it?
Price Watch uses GTINs (Global Trade Item Number) to identify and match competitor products with your products across Google Shopping. When matched, it provides users with data insight into competitors’ prices, their own price rank, the cheapest competitor, and the price difference. All of that, in a filterable view.
Want to only compare against your 3 key competitors? No problem, adjust the results with a couple of clicks.
The data can be updated with a maximum frequency of once a day.
With Price Watch, eCommerce advertisers are geared with actionable insights – for example, whether you have been undercut with cheaper offers, or maybe your pricing stands out as too cheap and you have space to increase your prices.
Needless to say, the price position vs competitors may change, and frequently – that’s why reaction time is crucial. Price Watch makes sure you can take timely action.
Can Price Watch change the eCommerce market?
“We’ve made the tool available to a pilot group of our few hundred clients and we see the dynamics behind the searches. It may be a game changer for smaller merchants and shops as well as large retailers and agencies. For the former it gives access to almost real-time data on their competitors, for the latter cuts the significant cost of business intelligence they already incur”, comments Rahul Bali.
From now the product is available to all DataFeedWatch clients.
© Fotos: John Schnobrich, Unsplash (1), DataFeedWatch (1)