With the evolution of the digital world, most brands have adopted e-commerce for profitable businesses opening new opportunities for themselves. This shift in market strategies requires important initiatives to be taken by the brands to be competitively recognized. The foremost necessity is an effective pricing strategy to enable the brands towards setting an offer price that is in line with the competitors to maximize revenue and deliver a good profit. In this digital age, shoppers are sufficiently informed of all the market prices and compare prices before making their final purchase.
MAP Monitoring and Price Monitoring Software are therefore very crucial for all the e-commerce companies in gaining competitive advantage.
WHAT IS MINIMUM ADVERTISED PRICE ( MAP )
MAP Monitoring is a pre-decided minimum price of a product below which the retailer cannot advertise the product to be sold. MAP software monitors any fluctuations of the online product prices by reviewing various digital channels.
Although MAP agreements are one of the effective ways suppliers can protect themselves against price violation but strict monitoring software is a must-have for monitoring the online retailers who often tend to breach the MAP policies laid by the brands. The application of MAP monitoring proves to bring handsome profits to the brands as it builds greater brand identity, fair competition on different digital channels, and most importantly prevent lower prices which could damage brand reputation.
WHAT IS PRICE MONITORING
It is responsible for monitoring the prices of selected essential commodities. Through this software, brands can get accurate data of the competitors’ pricing strategies which further help them towards making decisions regarding future sales and how to manage the inventories.
Keeping check of all the competitor’s strategies manually could be very daunting and challenging too. Here comes a need for the ‘Price Monitoring Software’ which serves as an e-commerce tool as it enables the brands to get real insights of the competitors’ product prices, stock availability, promotion, and other essential data which you can take advantage of to boost your sales.
WHY IS AN ONLINE PRICE MONITORING SOFTWARE A MUST-HAVE FOR E-COMMERCE
Price is a very powerful marketing tool that either shapes or destroys a brand’s identity. When prices are so diversified in different marketplaces, they negatively impact a consumer’s perception of that particular brand significantly harming the brand’s image.
The automated price tracking software enables brands to monitor the prices of their products across multiple retailers ensuring them to be in line with the MAP policies. Secondly, it helps towards accessing in-depth knowledge regarding competitors’ products based on their availability, customer reviews, and product descriptions. Lastly, it enables to have the complete historic data of the product pricing so that brands can make promotional decisions accordingly.
In A Nut Shell,
INTELLIGENCE NODEis therefore working towards creating the most accurate picture of the online shopping experiences through gaining price insights from the global competitors, identifying price violations, and further taking corrective actions. With its MAP Monitoring Software, Intelligence Node ensures a good brand reputation and identity for your company.