Two approaches to price monitoring

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Retailers are prone to pricing errors. This is partly due to traditionally complex pricing in markets with many sellers with different information. The price you think is right may be completely wrong in the marketplace.

However, in today's reality, shoppers who u portugal telegram number database se online tools to find products are more likely to make a purchase at a lower price. According to TalkBusiness , inflated prices can lead to a drop in sales for a brand, as customers will refuse to buy from a store that is "too expensive."

This is why you need a competitor price monitoring solution.

Manual price monitoring
Price monitoring, also known as “price research,” involves collecting data on all prices of your product in the market. In its simplest form, this type of competitor price monitoring can be done manually. This process is known as “manual price monitoring.”

Automation of the process
A more sophisticated approach to price monitoring involves the use of software and computer applications that automate routine work.

However, the subtle differences between manual and automated approaches to price monitoring and the potential shortcomings of each system are not always obvious. For those who have not used automated solutions, it may be difficult to imagine that the entire process can be automated.

Let's compare the two types of price monitoring so you can choose the one that suits you best.

Psychological Pricing