As an Amazon seller, you must monitor your competitors’ prices in order to match theirs. Manually tracking prices in spreadsheets is a time-consuming and labor-intensive task, especially when you have a large number of products and fierce competition.
In this instance, the Amazon price tracker app is your best bet for automating tracking across a large number of listings.
By setting up an Amazon price drop alert, the work is done for you. Let’s dive into why businesses on Amazon should utilize price tracker software and how to set up a price drop alert.
Price tracking on Amazon
Price tracking on Amazon is a strategy for tracking, comparing, and monitoring pricing from your competitors’ product listings. It is often referred to as a price monitoring tool because it collects vital information such as supply, visual representation, promotions, user reviews, and Amazon sale pricing. When the pricing of a competitor’s product changes or a new offer becomes available, the Amazon price tracking tool will notify the user.
Price tracking software provides live price monitoring to assist Amazon merchants in proactively optimizing their product pricing. The tool also allows online businesses to forecast pricing-related demand fluctuations, allowing Amazon sellers to advertise their products with accurate pricing. Some Amazon price tracking software will enable you to compare prices from different retailers, while others provide a complete price history for a specific product.
How does an Amazon price checker work?
Setting a price checker to track a specific product’s price will automatically track price changes. It works all day, every day, and never stops tracking price fluctuations. It not only saves you time, but it also works for a fraction of the cost of a human.
Sugar’s price checker software works by the strength of the community combined with existing etail APIs to create a more innovative experience by displaying price history and trends in real-time, tracking price changes, and automating price history graphs to save you time and effort.
For shoppers, this technology can help you to buy products at the best price possible – especially if you set up price drop alerts. For sellers, you can stay ahead of the curve by consistently offering the most competitive prices.
Why utilize price-tracking software?
Developing a successful Amazon seller pricing strategy is critical to establishing your presence in the Amazon marketplace – yet it is not always straightforward. It can be considerably more challenging if you are new to the industry and must compete against countless competitors. To determine the price of your products, you must examine your competitors’ product listings.
Moreover, a pricing strategy is also helpful in examining other elements such as demand and supply, minimum margin, product cost in local and foreign markets, and so on. When you don’t have a successful Amazon selling strategy, it might have a negative influence on your business’s financial performance. Dynamic pricing continuously affects the marketplace – with price-tracking software, you can stay on top of changing price points.
Here are the top reasons you should utilize price-tracking software:
- Track prices to gain the entire market picture. Keeping up to date with the latest price changes is critical to getting a competitive advantage. To see an increase in sales, you must align with customer expectations.
- Doing it manually is too time-consuming. Tracking software automates this process for you continually, sending you price drop alerts whenever one occurs.
- You may strike while the iron is hot. When you receive an Amazon price alert, you should act immediately because even minor price changes might alter your product’s visibility and buyer preference.
How to set up a price drop alert
Get a head start by researching any competitor’s product pricing graph and history and create your pricing strategy. Monitor the prices of your Amazon competitors and set up price drop notifications to ensure that you are constantly offering the best deals.
Sugar examines price history charts and tracks change in your competitors’ pricing 24 hours a day, seven days a week. With Sugar, sellers on Amazon can track other products in their niche for price fluctuations. Get alerts sent straight to your browser and adjust your pricing strategy to offer the best prices possible.
It’s easy to install Sugar and set up a price drop alert. Download the Sugar browser extension from their website. Add the products you want to watch to your list and define your price drop sensitivity. Once you’ve done this, Sugar will send notifications whenever a competitor changes their price.
Conclusion
Using price drop alerts and price tracking software is a fantastic way to boost your Amazon business’s presence in the marketplace. Amazon price tracker software saves you time and money and ensures optimal productivity and data accuracy for your business. With Sugar, your business will thrive in a fluctuating environment by enabling you to offer the best prices among your competitors.