What Are Price Monitoring Tools? (Definition And Examples)

By Indeed Editorial Team

Published 28 May 2022

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.

Price monitoring tools use machine learning, data science and data analysis to search websites of companies and other e-commerce platforms to retrieve prices of products and services. Competing businesses use this information to create pricing strategies, optimise marketing strategies, track stock availability and understand competitor pricing policies. Knowing more about these tools can aid the work of business, commerce and marketing professionals and help pricing and sales managers identify and invest in the right tool for their operations. In this article, we examine the benefits of these tools, explore some of their important features and list a few popular tools.

What are price monitoring tools?

Price monitoring tools are web-based software, desktop applications or browser extensions that help a business decide if they can increase or decrease the prices of their products and services to increase their market share. Businesses can use them to track the pricing strategies of a particular competitor brand or store, to gain insights into market trends. Professionals can customise a tool to conduct periodic online searches to identify competitor price changes and provide users with real-time notifications if and when a price drop or low-stock position opens.

Price and stock insights allow businesses to forecast sales performance and manage inventory for similar items that they may provide. They may access additional features for performing in-depth analysis, viewing historical sales performance and evaluating product matching capabilities. These tools can provide automated reports and data visualisations to influence pricing strategy decisions. With accurate product matching algorithms, businesses receive relevant pricing data to track product-wise or category-wise sales in a market. Some of these tools may also offer insights into competitor performance through customer satisfaction metrics or product popularity indices.

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What are the important features of a price monitoring system?

Price monitoring systems are business-to-business technology solutions that enterprises can integrate with their existing Customer Relation Management (CRM) systems or e-commerce systems. The primary objective of a price monitoring tool is to automatically monitor multiple competitors' real-time price movements for products you list in the tool. You can create an appropriate pricing strategy and increase your website's sales conversion rate using the information. While some tools are industry specific, some are versatile and may support multiple industries.

They also help with repricing, dynamic pricing and price optimisation. Most tools offer packages of basic, advanced and customisable features. Some developers allow free trials for businesses to evaluate whether a tool suits their industry requirements. These are some common features of price monitoring tools:

  • Pricing extraction

  • Dynamic and elasticity-based pricing

  • Image extraction

  • Phone number extraction

  • Web data extraction

  • API

  • Data extraction

  • Email address extraction

  • Text analysis and mining

  • Data and activity dashboard

  • Data import and export

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10 popular price monitoring tools

With a wide range of tools available, you can choose one that is ideal for your industry, offering a collection of pricing, forecasting, analytical and customer service features. List your requirements and compare multiple tools to understand which system can give the output you want at a competitive cost. Some of the popular tools for price monitoring include:

1. DataCrops

DataCrops is a scalable web-based price intelligence software that can extract information from multiple websites. You can request demos, consultations and price quotes for customisable paid package plans. It provides price monitoring and price intelligence tools for small and large businesses in industries ranging from retail and air travel to manufacturing and e-commerce. This software provides users with various reports that give insights into regional, market-specific, competitor or product-specific pricing to determine the efficacy of current pricing strategies. Some of the main features of DataCrop's software include automated pricing and repricing, competitor price comparisons and promotion monitoring.

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2. Import.io

Import.io is a downloadable extension that offers customisable paid plans based on the number of websites you want to monitor for price tracking purposes. It is an ideal tool for price monitoring, data-driven marketing, investment research and machine learning. You can use Import.io's capabilities for web data extraction, file downloads, screenshotting, URL generation, API access and anomaly detection, for generating accurate reports. The extension's web data integration features provide retail and e-commerce businesses with dynamic insights featuring product performance and customer satisfaction reports.

3. Luminate Market Price

Luminate Market Price is a Software-as-a-Service (SaaS) web application deployable on a desktop device. The application analyses the relationship between product prices and demand. Luminate Market Price can optimise a large volume of prices every day and provide accurate predictions and automated forecasting and make price adjustments.

4. Mozenda

Mozenda is a cloud, web and desktop-based SaaS software. It is a price monitoring application and web scraping tool, offering a free 30-day trial and paid package plans for standard, corporate and enterprise-level users. You can set up a new data collection project within hours using this tool. This application collects data from various sources and integrates with selected platforms to create data analysis and visualisation reports that you can export and publish. Mozenda offers tools aimed at e-commerce products for manufacturing and health care industries.

5. Omnia Dynamic Pricing

Omnia Dynamic Pricing is a cloud and web-based SaaS software ideal for suppliers, e-commerce retailers, brands, manufacturers and omnichannel retailers. It has features like price tracking, price forecasting, price management and dynamic pricing and can support multi-location and multi-store tracking. Businesses can integrate it with their existing CRM software and can use it to fix product pricing based on multiple pricing strategies.

6. Price2Spy

Price2Spy is ideal for both small businesses and large corporations. You can request a demo and a 30-day free trial without registering with a payment option. Highlights of Price2Spy are features like price comparison, price change alerts, automatic reporting and price analytics. You can customise a subscription plan by requesting add-on features such as automatic price matching, repricing and screenshot capturing. Price2Spy's software allows users to receive customised daily reports, access historical price charts, enable instant price change notifications and store cart pricing data.

7. Pricefy

Pricefy is a web-based SaaS tool that automates price management, allowing users to create promotional posters using customisable visual branding features. You can also sign up for one of Pricefy's paid packages at the Lite, Pro or Business levels, featuring application interface connectivity for real-time price alerts. A user can monitor a competitor's pricing directly using their website URL. This tool offers in-depth analysis through its catalogue quality analysis feature, which gathers data and product reviews to help identify areas for improvement, in domains like product development and distribution.

8. PriceGrid

PriceGrid is a cloud and browser-based SaaS price monitoring tool offering an easy-to-use and simplified pricing strategy. It allows users to analyse the prices of thousands of products instantaneously. You can also avail a free analysis through the developer's website or access open-source subscription packages. This tool offers monitoring and analysis capabilities to help users create a competitive pricing strategy. You can integrate PriceGrid into other applications through its application programming interface and receive timely notifications on price changes for a large number of products.

9. Prisync

Prisync is a web-based price tracking and monitoring software offering a free 14-day trial programme. It is easy to use and once a user adds the names of products and competitors, Prisync returns the pricing data from respective websites. There is no restriction on the number of competitors you can monitor using this tool. It also supports price matching and management, dynamic pricing and repricing. You can access spreadsheet reports, use advanced search filters and track stock levels for products worldwide. Integrate Prisync with popular e-commerce websites and other platforms through its application programming interface to get real-time pricing data and notifications.

10. PROS

PROS is a cloud-based, artificial intelligence-guided price monitoring tool that uses pricing science to optimise sales and purchase transactions. This tool features several plugins that focus on different product categories, such as airline tickets, insurance policies, medical devices, health care plans, technology hardware, software, food items and other consumer goods. PROS gives sales teams in-depth insights into pricing strategies and practices. It also provides them with prescriptive recommendations to accelerate revenue.

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