Price Monitoring & Google Shopping
Why should Price Monitoring and Google Shopping be of interest to you?
Price monitoring and Google Shopping optimization
If you have an ecommerce business of any kind, you’re probably familiar with Google Shopping. While Google Shopping isn’t an “online marketplace” like Amazon, eBay, and other similar websites, it directly impacts the performance of any online store. When people search for a product on Google — which is where 92.07% of the world’s online searches take place – Google Shopping puts your product in front of them. And the best part? People who might have never heard of your brand can find your products via Google Shopping.
Add to that the ability to target people based on multiple criteria including age, gender, and geographic location, and you’ve got a winning recipe for boosting your online sales.
The problem with Google Shopping can be summarized in two words: fierce competition! When people see your product in Google Shopping results, it’s displayed with other similar or exact same products from competitors. As a result, comparing prices becomes much easier for your potential customers.
They don’t have to do any research, nor visit other websites to check the prices. They’re right there in front of them, and that’s why optimizing your prices based on the market situation is simply a must if you want to unlock the full potential of Google Shopping.
The only question is how, and the answer is quite simple: price monitoring tools.
Pairing price monitoring with Google Shopping
Monitoring all of your competitors’ products manually and optimizing your prices accordingly is not an option. This process isn’t feasible in terms of the time allocated, as there are so many competitors and products to track. The competition is no longer local, and the prices are always being updated.
And that’s where the price monitoring tools come in.
With a price monitoring tool, you can easily stay on top of all that. As the tool is automatically collecting price data non-stop, you can know how much your competitors are selling similar products for. That way you can set your pricing strategy based on data, not on a hunch.
And of course, if you’re selling a price-sensitive product, being able to make the right price adjustments fast can mean the difference between success and failure. As you know, selling online is a whole new ballgame compared to traditional selling, as the price comparison happens in real-time.
What kind of data does a price monitoring tool provide?
Price monitoring tools give you a ton of useful and actionable data about your competitors’ prices. Since all you have to do is set the tool, you’ll be getting real-time updates about them without having to dedicate extra resources to the process.
This will allow your team to make better data-driven decisions. In return it will keep your products competitive, and your profit margins as high as they can be. In addition to keeping track of the market’s price changes, a price monitoring tool allows you to stay updated on your competitors’ product availability.
By doing so, you can determine the relationship between your competitors’ pricing and the availability of specific products. For example, you might notice that a competitor does a sale when the availability of a product reaches a certain level. Spotting these trends can help you price your products more effectively, and stay ahead of your competitors. And that’s something that a price monitoring tool can help you do.
In addition, you can get other type of data from a monitoring tool. For instance category changes and sizes. You can use this data to improve your overall pricing strategy and make your products more competitive.
Interested in price monitoring?
Interested in price monitoring?
Why is price monitoring a must for Google Shopping success?
Many reasons make price monitoring essential for succeeding on Google Shopping. Firstly, getting the price right will help you improve your organic position in Google Shopping, as well as your conversion rate.
Since people can see all products listed side-by-side, having a competitive price is a necessity. In many cases, the price would be the only thing that’ll set you apart from competitors who are selling the same thing.
Keep in mind that being competitive doesn’t always mean having to lower your prices. Sometimes, your competitors might increase their prices while you’re unaware. When that happens, you will continue to outsell them, but you’ll be leaving money on the table. All you have to do is set your prices low enough and to do that, you need to keep track of how much similar products are selling for.
Another reason that makes price monitoring tools essential for any Google Shopping business is the listings maintenance cost. If you plan on maintaining Google Shopping listings the old way, this will cost you a lot more compared to a price monitoring tool’s fees. In addition, it won’t be as accurate or reliable as the price monitoring tool.
Questions regarding ecommerce pricing?
Conclusion
During the past years, Google Shopping has become an indispensable tool for any e-commerce business. With so many businesses competing for customers online, you need every advantage you can have, and the right pricing tool could be that advantage.
Not only will such a tool allow you to keep your product prices competitive, but it’ll also increase the ROI of your Google Shopping listings. More relevant prices mean more sales, higher profit margins, and a better return on your Google Shopping investment.
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