Manual Price Monitoring Features
Posted: Thu May 22, 2025 9:22 am
As you can see, manual price monitoring systems arise as a result of arbitrary, spontaneous decisions and are therefore usually very simple.
At best, such systems consist of a spreadsheet to store data. Typically, the frequency of updates to the information in such a system is low. From time to time, the retailer makes purchases at a competitor's store to find out the price level.
Potential disadvantages of this approach to price monitoring
As long as the number of products whose prices need to be monitored is small, there will be no problems. However, as the number of products to be monitored grows, certain difficulties arise. First, manually updating prices for several dozen products becomes quite a labor-intensive task.
Additionally, if there are more than two retailers competing in the same market, it will take longer to collect data for each of them.
Moreover, updating the data is becoming increasingly kazakhstan phone number list difficult. Competitors are constantly changing prices. As a result, the retailer has to spend more and more time constantly updating the price table.
How automatic price monitoring is carried out
In fact, most finished goods markets are much more complex and highly competitive than in the example discussed. Instead of a dozen prices and a handful of competitors, the seller has to monitor hundreds, thousands, and even more competitors.
Characteristics of the automatic price monitoring system
Retailers operating in highly competitive markets realize that manual price monitoring is too time-consuming. As a result, they may immediately invest in an automated price monitoring solution.
As a rule, automatic price monitoring systems have the following characteristics:
Professionally developed software, characterized by a high level of security and data safety
Can track prices of unlimited number of products
Can track hundreds and possibly even thousands of competitors
Common misconceptions about this monitoring approach
Many retailers may be reluctant to consider an automated approach to price monitoring due to a lack of experience with existing tools. This is understandable.
At best, such systems consist of a spreadsheet to store data. Typically, the frequency of updates to the information in such a system is low. From time to time, the retailer makes purchases at a competitor's store to find out the price level.
Potential disadvantages of this approach to price monitoring
As long as the number of products whose prices need to be monitored is small, there will be no problems. However, as the number of products to be monitored grows, certain difficulties arise. First, manually updating prices for several dozen products becomes quite a labor-intensive task.
Additionally, if there are more than two retailers competing in the same market, it will take longer to collect data for each of them.
Moreover, updating the data is becoming increasingly kazakhstan phone number list difficult. Competitors are constantly changing prices. As a result, the retailer has to spend more and more time constantly updating the price table.
How automatic price monitoring is carried out
In fact, most finished goods markets are much more complex and highly competitive than in the example discussed. Instead of a dozen prices and a handful of competitors, the seller has to monitor hundreds, thousands, and even more competitors.
Characteristics of the automatic price monitoring system
Retailers operating in highly competitive markets realize that manual price monitoring is too time-consuming. As a result, they may immediately invest in an automated price monitoring solution.
As a rule, automatic price monitoring systems have the following characteristics:
Professionally developed software, characterized by a high level of security and data safety
Can track prices of unlimited number of products
Can track hundreds and possibly even thousands of competitors
Common misconceptions about this monitoring approach
Many retailers may be reluctant to consider an automated approach to price monitoring due to a lack of experience with existing tools. This is understandable.