Price monitoring software can save your time and make your work much more efficient.
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As a category manager, you need to have extremely well knowledge in the competitive market of the full category. This means that you need to follow up on the stock availability, prices, new offers, deals, analysis, promotions, etc. The big issue with this is that while customers do it for one single product, as a category manager you need to follow up on dozens, hundreds, or maybe thousands of products. So if customers spend 5-10 minutes researching for the best option to buy with great efficiency thanks to price comparison engines, things are quite different for a category manager. Let’s say you have to manage 100 products. It means that these 5 minutes are multiplied for the full amount of products, so you would need 500 minutes…actually more than 8 hours of work.
It’s wise to approach applying a competitor price tracker which will cover the needs of all potential parties within your e-commerce company.
You will be able to gather all the information you would need 3 times a day automatically. So we can assure you that the first thing our price monitoring software can do for you is to save your time and make your work much more efficient.
Even if you have an agreement with your supplier, you can negotiate the prices if they change. You will strengthen your negotiation position by getting your supplier's real price data.
There is another important element in the category manager’s responsibility. They also have to buy from the suppliers. So it is not only that you have to be aware of what your competitors are doing when selling, but also notice the opportunities and price changes in the suppliers’ offers.
Someone may think that when you start to track prices you will end up lowering them, but that’s not true. Competitor price tracking software is a powerful source of information to adapt the decisions to the market.
You’ll detect that competitors don’t have stock or if you notice your prices are too low in comparison to them, you can benefit from that opportunity and raise your prices.
You also will be able to generate graphics from the data collected, which will help you to better understand the market movements.
You will be able to find out regular price changes so in special times of the year, like winter holidays or sales periods, you will be able to adapt your prices before your competitors change theirs.
The category manager role has changed a lot lately. Their responsibilities are increasing with time due to the need of developing a customer-oriented scope. With a great effort focused on customers, a product manager can’t afford to have good information about his competitors. While managing jobs are getting more and more responsibilities, technology is allowing workers to increase their performance and achieve what the market is demanding. So don’t wait any longer to take advantage of the power of big data by implementing a holistic pricing strategy with our price tracking tool.