What Is Price Matching Software: Complete Guide For 2023
Are you still using manual methods and approaches to track prices for your products and goods? Surely not, in this day and age, we have access to the internet and powerful devices in the palm of our hands. All you need is the ideal program to track how your product compares to your competitors (see monitoring software for map enforment).
While there are different types of value that consumers look for in a product, often they purchase a product by its price. To stay ahead of the competition and ensure the sale of your products, price matching or tracking is a must.
The team from Branding Alignment advises on the need for a price matching software as well as the benefits and disadvantages. We have compiled the information to help our clients understand how they can have a competitive edge with this type of software.
Join The Big Boys
You are not the first business to consider the benefits of a pricing strategy. Large companies and retailers such as Target and Walmart have thrived on this model. Customers visit the stores in droves knowing that the prices in the stores are the lowest in the region.
Price matching software is a tool used by online retailers and traders to monitor the changes in the price of products in their market. The tool detects changes in the competitor’s product and anticipates possible changes (see best map monitoring software). It is a vital source that allows retailers to plan and implement a strategy in any market.
Price matching serves as a reassuring tool to customers when used right. Online shoppers can be reassured that your product is the best option in the industry. They are convinced that they have made an intelligent purchase, and you can enjoy substantial returns
Who Is The Price Matching Software For?
The software can be used by any brand or online retailer. From our experience, it is mainly used by e-Commerce vendors and other online businesses. This is because the price is one of the major marketing strategies in the online market. With customized software, an online trader can obtain information, modify its uses and implement a pricing strategy.
The Benefits Of Using Price Matching & Optimization Software
There are many benefits that await a manufacturer who makes use of price matching/ tracking software. Some of them have been detailed below.
Improves on quality of information obtained
Even with an experienced and reputable team on board, mistakes are always possible. When using manual tracking methods, mistakes might be made during the recording and transfer of information. This will have an effect on the final move implemented and also on the cost.
The pace of decision making
If you have some experience in the e-commerce retail industry, you know the importance of quick decision-making. Price wars are quite competitive and touch on almost every industry, from electronics to home maintenance to kitchen appliances. Making use of manual approaches delays your decision-making skills
The use of price matching software guarantees a faster response to changes in the market. You can adjust your prices accordingly and gain a competitive advantage.
Save on time
Time is a valuable commodity. With the use of price matching software, you can increase the productivity of your staff. The software can cast a larger net, get better quality information, and transfer that information to you easily and quickly.
You can set the employees of your company to more productive tasks that are guaranteed to increase revenue.
Better data analysis
The information sent through the price matching software is sent in a digital format, making it easier for faster and better analysis of the data. Some of the novel data analysis questions that a price matching software can answer include;
· The shelf life of your product as well as that of the competitors;
· The frequency of price changes; weekly, regularly, or seasonally
· The position of your product’s price compared to the overall competition
· Appropriate use of promotions, discounts, and other offers
With all this vital information, you can guide the business in the best direction possible.
Are There Any Risks Involved?
Just like the use of any strategy in any business or industry, there are a few challenges to using price matching software.
Reduced profit margins
While you have a passion for the final good or product, a key motivator is the financial returns; the profit you take home from the sale of each item. And the point for each sale is the price that the item is bought at.
However, with price matching software, this can eat into your profits significantly. After all, each company has unique manufacturing costs that guide the final price.
A provocation to the customer
By providing the price matching software to the customer, you are incentivizing the customer to check the price in your competitor’s stores. A customer might have heard of the quality of service on your online store. However, by providing the software, you are breaking up the buying process and pulling the customer away.
Beware Of The Rat Race
Who is the winner of a rat race? You guessed it, a rat. Price wars are a possibility as companies in an industry engage in a back-and-forth for the lowest price for product alternatives. It is a never-ending cycle with lower profit margins, poor quality products, and other cons.
By focusing on the product’s pricing, it is possible that you are ignoring other significant parts of the product or business. While focusing on price is a way of entering a market, it should not be your focus in the long term.
Thanks to the advantages mentioned above, a growing segment of B2B and B2C purchases are now moving online. Using a price matching software helps you lure in potential customers, improves your sales, and also improves the quality of data used in analysis and decision-making.
For more similar information on automation technology and e-commerce sales, contact the expert team at Brand Alignment. We have the experience, expertise, and industry knowledge that you need to improve your sales, the reputation of the brand, and increase the longevity of the business.
Get in touch with us today.
Don't Have the Time to Do It Yourself?
Let us Take Care of Your Monitoring & Enforcement
The first step in removing unauthorized sellers is spotting them on your listings and that is exactly what the Brand Alignment Monitoring Dashboard will do for you. With price updates every 3 hours and inventory totals for every seller on every listing, you will get the most complete picture possible of your brand on every major online marketplace (Read what is map pricing).
Of course, the most important step in removing unauthorized sellers is prevention and enforcement. This is where Brand Alignment is leagues above the competition when it comes to the best Amazon map enforcement software.
- 1Clear over 80% of unauthorized sellers: Brand Alignment will make a custom strategy for your brand reputation to ensure the highest rates of removal
- 2Control Your Authorized Channels: Daily emails informing you of authorized channel violations and price cascading events
- 3Risk-Free Guarantee: Brand Alignment is so confident in their removal rates, that we will create a custom guarantee for every brand. We will remove x% of sellers or you have the option to terminate the contract early
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Will Enforcement Solutions Work for My Brand?
In short, the answer is Yes.
We have had our 80%-90%+ enforcement rates in every single industry we have worked in. That includes the following:
- Consumer Electronics
- Apparel and Shoes
- Health & Beauty
- Sports & Outdoors
- Mobile Phone Accessories
- And More
As you are already aware, each industry has their own bells and whistles. Please contact us if you have any specific questions about enforcement in your industry.
Are There Any Risks Involved With Enforcement?
Brand Alignment gives the brand the option of using their own personal cease & desist letters or the option to customize Brand Alignment's proven high performance Cease & Desist letters. These letters were crafted by Intellectual Property lawyers with a full focus on minimizing liability.
Any infringement complaints filed by Brand Alignment are done with the utmost care and transparency. We do not file counterfeit complaints without test buys and approval from the brand. Our trademark complaints are done with caution and all bases covered.
Finally, in this world, anybody can sue anybody for anything. But it does not mean it will stand up in court. There is nothing we can do to prevent frivolous lawsuits from disgruntled sellers. However, we do everything we can to prepare you to have any case against you quickly dismissed. After two years in business, we are proud to say that neither us or any of our brands have had any legal issues of any kind related to our service.
Brand Alignment vs The Competition
If you are new to shopping for a brand protection provider, it might be confusing to tell the difference between companies. It might sound like everybody offers the same type of monitoring and enforcement. This could not be further from the truth.
How Much Money Are You Losing By NOT Switching to Brand Alignment?
How Much Money In Sales Are You Losing Each Year Due to a Lack of Quality Brand Protection?
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100% Satisfaction Guarantee
You are fully protected by our "Brand Alignment Enforcement Guarantee". If we don't reach the custom benchmarks that we agree upon during negotiation, we will give you the option to terminate the contract and you will not be charged any further.
Frequently Asked Questions
How Long Does It Take to Get Started?
Our on-boarding period takes between 1-2 weeks depending on the amount of custom work required.
I Have More of a Counterfeit Problem Than a Grey Market Problem. Can You Help?
Currently, our specialty is grey market sales. If you are dealing primarily with counterfeits or knockoffs, we recommend speaking to a IP Takedown service instead. If you are interested in both, our services compliment IP Takedown software very well.
Do You Work With Third Party Vendors or Only Directly With Brands?
In the past we worked with 3rd party vendors, however due to liability concerns we now only work directly with brands. We do offer a referral commission so please feel free to contact us if a brand you work with needs help with brand protection.
What Are Your Enforcement Rates on Other Marketplaces Besides Amazon?
We do not offer removal guarantees for other marketplaces, however it is not uncommon to see removal rates on Walmart or Rakuten in the range of 50%-90%
My Grey Market Problem Extends Outside the USA. What Can You Offer?
We LOVE investigating international grey market trade. Contact us about the countries you would like to monitor and enforce, and we will be glad to help.
I Had a Bad Experience With My Last Brand Protection Provider, Why Will You Be Any Different?
We understand your concerns. We are aware of many unhappy brands who have worked in the past with our competitors.
We can talk all day about how we are different, but instead we would like to show you with our Brand Alignment Enforcement Guarantee. Contact us to learn more.
P.S.: Due to the constant changing nature of online marketplaces, our Enforcement Guarantee is a limited time offer.
Please contact us now to ensure you are locked in with your guarantee.
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