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Competitor Monitoring By Koutsoudopoulos George Co-Founder & Client Services Director of PriceComp

Competitor monitoring

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Quick review of Competitor Monitoring steps that help online retailers to be effectivly ahead of ther competitors when it comes to pricing desicions. After explaining the steps we provide brief information of PriceComp, a competitor monitoring online platform with analytics console and super easy to read excel reports that is believed to be the best platform in the market.

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Page 1: Competitor monitoring

Competitor MonitoringBy Koutsoudopoulos George

Co-Founder & Client Services Director of PriceComp

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What is Competitor Monitoring?

Competitor Monitoring is a segment of a bigger process called Business Intelligence.

Based on

“Business intelligence (BI) is the set of techniques and tools for the transformation of raw data into meaningful and useful information for business analysis purposes. BI technologies are capable of handling large amounts of unstructured data to help identify, develop and otherwise create new strategic business opportunities. The goal of BI is to allow for the easy interpretation of these large volumes of data. Identifying new opportunities and implementing an effective strategy based on insights can provide businesses with a competitive market advantage and long-term stability.”

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What are the steps of Competitor Monitoring• Step 1 Browsing ->Find and browse website that sell your

products• Step 2 Matching ->Match different products in entities• Step 3 Monitoring ->Monitor these data 24/7/365 for changes• Step 4 Updating ->ReFind, ReBrowse for new data• Step 5 Reporting ->Report data via analytics console and exports

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Step 1 Browsing

For an average competition of 6000 products, given an average of 15 competitors per product we can easily do the math and see that we have to Find and Browse about ~90.000 Web Pages.

Yes 90.000. Even if we had 10 employees , 10 lighting fast employees that could non stop find and browse webpages in a rate of 3 pages/ minute / person. That would resolve to 50 working hours.

So we would need 10 super fast employees, working for a week , non stop 8 hours/day only on this project.

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Step 2 Matching

So, in order to deliver quality data from the browsing process of step one, you also have to have rules for matching as products come in different colors/bundles/pair or single etc.

You have to either divide the browsing results of a product in different product entities, for example (one entity for the black colored product and one for the white) or during the browsing you must record small description for diversion in order to later be able to sort those diversions and compete only with the ones you need.

Of course such a task is not eligible in a 3 pages/min rate .

Match them if you can!

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Step 3 Monitoring

Even if we acknowledge that you manage to deliver the tasks of step 1 and step 2, you delivered it in a week via 10 employees.Prices have changes thousand of times up and down during this week that as soon as you deliver the first two steps, its data is false and trash.You would have to be able to monitor these data in a rate close to “live” in order to be sure that the pricing decisions you take are based on present data and not past.

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Step 4 Updating

Ok, so you hired 10 employees, they worked for a week , you got your data, and somehow in a magic way you were able to monitor these data in a close to “live” rate. Is that enough?

Nope. Cause during the week of browsing, there were stores that did not sale your products first but now they do. Or new stores selling your products arrived in the market. Or the stores that you recorded selling your products now have removed them.So even if you came this far.. that I doubt you did, how are you going to win the battle of REbrowsing and updating your recorded data?

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Step 5 Reporting

Don’t forget. Steps 1-4 are just to be able to find the data, match it, monitor it and constantly update it.

Reporting step is considered to be hardest that all the previous steps combined. Because now you have to take these raw data and transform them into tools that managers and price decision makers can use in order for you effort to have a cause.

You have to create automated charts, historical tables, competition matching reports and much more to deliver your data into the hands of those who really know what to do with it.

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How does PriceComp handle these StepsPriceComp delivers all the steps needed to complete competitor monitoring in a faster, better way that you could even do it, without you doing anything along the way.It is able to find and browse all the stores that sell you products online, match them and divide them into different entities with descriptions like “BLK”, “SLV”, “BUNDLE” etc with a proven matching error percentage of less than 1%. It monitors these data 24/7/365 based on a sophisticated importance distribution system that updates prices in a close to live rate. It constantly updates these data ensuring that the monitored data are present. Finally via a state of the art analytics console with graphs, live price change logs, historical data and excel reports that blow the minds of even the best sales managers, enables you to always be ahead of your competition when you make pricing decisions.

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Who uses PriceComp

PriceComp is not a fresh technology. It has been around for several years serving customers from small web shops to huge Ecommerce channels of Multinational Companies.

PriceComp clients come from two sections. First are the competitors, web shops and ecommerce channels that need to constantly have data and analysis of their competitors pricing strategies and movements.

And second come manufacturers of big brands, that monitor prices of their distributors in order to keep the market into the MAP prices.

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What’s the leverage of PriceComp

Competitor monitoring platforms in the scale of PriceComp can be finger counted. Even in these small marketplace, PriceComp is the only platform that delivered all 5 steps of competitor monitoring without using even 1 minute from the client.

PriceComp ensures that your time will be spent only on reading reports, graphs and exports, processes that will make you money via better profit margins without wasting your time.

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The End

Thank you for reading, for more information you can visit the official webpage of PriceComp at www.pricecomp.eu or send and inquiry to

the support team at [email protected].