Top 10 Price Monitoring tool in 2021

Nowadays, people review and compare products and services online before they make the purchase. It is obvious that how user experience is crucial for companies to keep existing customers over time. However, price is the driving factor, especially for first-time buyers. That being said, price monitoring is critical for your business.

What is price monitoring?

Price monitoring, also called price intelligence or competitive price monitoring, is the analysis of internal and external (the historical and real-time competitor’s prices) variables prices in order to optimize one's pricing strategy. 

How does price monitoring help with the business?

• For internal analysis:

Monitoring your pricing history can help to reflect the market strategy. Along with the product rotation and brand value, price monitoring can help to make the best pricing strategy and maximize the profit.

• For market competition analysis:

Competitive price monitoring allows you to obtain competitors’ information. This is essential in a market report. Based on collected information, like product-price ratio and your target group, you will have an idea about your market positioning.

In short, a price monitoring tool is a MUST!

This article will introduce the best price monitoring tools, I also categorize these tools for you to choose easier.

#2 Price monitoring platform/software

#1 Web scraping tool

The web scraping tool is the most cost-efficient for small and middle-size businesses with a limited budget. Comparing to a price monitoring software, the advantages of a web scraping tool are:

Multi-scenario: Besides price monitoring, a web scraping tool can also be used in lead generation, risk management, academic research, and market analysis

Multi-industry: In addition, a web scraping tool can also be used in many industries including real-estate, hospitality, consultancy and more. Rather, a price monitoring software is more unilateral which can only be used in e-commerce.

Mozenda

Type: Client | Price: from $250 per month | Free Trial: Free 30-Day Trial 

Use case: Tracking Your Competitors with Price Monitoring

Import.io

Type: Add-on Extension | Price: Customized($299~$9999) | Free Trial: N/A 

Use case: How to monitor price with Import.io.

Octoparse

Type: Client | Price: From $0~$249 per month | Free Trial: 14-day free trial

Use case: Get price information with Web Scraping Template

When using Octoparse web scraping template, everyone can capture product price and some other information from Amazon anytime and anywhere. The following result could be what you can get with Octoparse.

#2 Price monitoring platform/software

Price monitoring platform/software, as its name indicates, is concentrated on contributing to the e-commerce industry for monitoring and tracking the prices. That says it’s a professional pay-as-you-go software when compared with #1 web scraping tools.

Data Crops

Introduction: Established in 2004, Aruhat Technologies is an India certified software company with a vision of offering technology for continuous business improvements and innovations backed by core competence.

Fee: Customized | Free trial: N/A

√ Data Crop cover from business intelligence to Pricing & Repricing tools.

√ Easy-to-use interface 

× Limited data extraction

× Fail to extract data sometimes

Feature:

· Disparate data collection

· Image extraction

· Document extraction

· Email alert

Prisync 

Introduction: Prisync is a SaaS company the focus on pricing optimization and dynamic pricing for e-Commerce businesses. It provides clients with a price-tracking system for people to monitor competitor price.

Fee: From $59 per month |  Free trial: 14-day Free trial

√ Omnidirectional services from helping defining product assortment to settle pricing strategies. 

√ Real-time price tracking and updating.

√ Email alter.

× Not easy to set up a stable and efficient model.

× Some aspects of customization require fairly technical skills.

Feature:

· Repricing Engine

· Comprehensive report

· Frequent Updates

· Unlimited Competitors

· Advanced Analytics

Omnia Dynamic Pricing

Introduction: Omnia provides a full suite of automation tools to help with taking control of product assortment, building pricing and marketing strategies.

Fee: Customized | Free trial: Get Free trial after contact sales

√ Flexible to set up a monitoring model in the software.

√ Easy to use as it explains how the software algorithm works and recommend a proper

√ Comprehensive training system

× Too expensive for a small-size company

× Only provide online support in business hours

Feature:

· Customized pricing rules

· Price elasticity calculations

· End-to-end automation

· Total transparency

Price2Spy

Introduction: Price2Spy is an online monitoring tool for eCommerce professionals.

Fee: From $19.95 per month | Free trial: N/A

√ The app is available on both iOS and Android devices. Also has web-app version.

√ Widely cover most product assortment and provide in-time suggestions.

× The price information is not updated in time. Doesn’t update price information in a timely manner(Synchronization issue)

× The dashboard is not friendly for users is not user-friendly

Feature:

· Price Comparison

· Price Change Alters

· Reporting & Price analytics

· Smart spidering

· API

Skuuudle

Introduction: Skuuudle is an intelligent monitor platform which can is a clever little platform that compares your prices automatically with that of competitors'. Through a close understanding of prices in a certain marketplace, Skuuudle helps to generate price and product insights on a daily basis

Fee: From $89 per month | Free trial: Get Free trial after contact sales

√ End-to-end visualization pricing monitoring platform.

√ Get data on time with perfect accuracy

√ Provide monthly report

× Only provide online support in business hours

Feature:

· Data collection

· Product matching

· Quality control

· Easy-to-use Analytics

· Cloud-based

· First-class support

Repricer

Introduction: Repricer is a pricing monitoring tool that focuses on Amazon repricing.

Fee: From $69 per month | Free trial: 14-day free trial

√ Supports 11 international Amazon marketplaces

√ Buy box strategy optimization on Amazon

√ User-friendly navigation

× Only provides software and service to Amazon sellers

× The price information is not updated in time. (Synchronization issue)

Feature:

· Repricing

· Competitor analysis(Amazon sellers only)

· Flexible rules set up

· Safe & secure

Minderest 

Introduction: Minderest is a pioneering company in the price and assortment intelligence sector for both retailers and manufacturers.

Fee: Customized | Free trial: N/A

√ Not only provide monitoring service for retailing, but also for brand.

√ Mobile APP is supported.

√ API extraction is available

√ Client support: via telephone, in-application chat interface or email.

× Limitation to capture prices for sellers requiring an account

× Information is slowly updated sometimes.

Feature:

· In-Store mobile APP

· Brand relative monitoring services

Final Thoughts:

Price Monitoring could be a touch job without tools. While this is not a complete list of price monitoring tools, it’s a great start. Just choose the most suitable one for your specific marketing challenges. Though it could be a relatively long learning curve to make use of a new tool within your work, your business growth will thank you in the long term. 

Artículo en español: Las 10 Mejores Herramientas de Monitoreo de Precios en 2020
También puede leer artículos de web scraping en El Website Oficial

Author: Erika Foo