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In today’s ever-changing market, having your prices in place is one of the most critical assets. It’s specifically important in a very saturated market, such as the e-commerce field. Being able to observe the market, analyze competition and adjust the prices seems like a no-brainer, yet not every company pays that much attention to it.
There are many useful tools for e-commerce businesses looking to stay ahead of the competition and maximize profits. However, in this article, we’ll cover every important aspect of the competitive pricing analysis features.
What is competitive pricing analysis?
Competitive pricing analysis is an evaluation of the consumers’ reaction to new prices with the help of complex research. The main factors in the whole process are historical data and various polls. The whole point of doing this type of analysis is to measure customers’ response to a price, taking out things like the company’s costs and profits from the equation. After an initial price analysis is done, pricing analysts use the data to create an optimal offering.
This analysis and its outcomes wholly refer to the company’s competition and use it as a reference. This strategy is often referred to as competition-based pricing. Using your rivals’ prices as a benchmark is definitely one of the best ways to figure out how to shape your offering and how to price your goods.
How to Conduct Competitive Analysis Pricing
Dealavo – a price monitoring tool of the future | source: www.dealavo.com
As was already said earlier in this article, setting up pr… Read More
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