Today, many e-tailers are analyzing the prices of their competitors and this task can be tedious and time consuming. Currently few suppliers offer an advanced price analysis solution for e-tailers and no solution offers a dual action of both an automatic Price Watch and data feed management.
As of today Lengow offers the Lengow Price Watch, allowing e-tailers to easily and automatically monitor the prices of their competitors!
“Managing your online marketing campaigns in different channels is as important as keeping track of the prices of your competitors. Lengow now offers these two elements into a single SaaS solution. Each e-tailer can now monitor the prices of their competitors and act upon the results by optimizing each campaign accordingly: for instance by only sending the products with a competitive price to CSEs,” says Mickael FROGER in the official press release.
Monitor each competitor
Within the Lengow interface you can monitor as many competitors as you want. Each competitor can be defined as important or less important in order to create different automatic rules (for example, if my product is more expensive than that of an important competitor, then I want to deactivate this product). Once the competitor’s URL is indicated in Lengow, the Price Watch is performed automatically on the URL of each product the e-tailers wishes to monitor.
If you are selling on Amazon or Ebay, we will automatically look for the best price if a seller is better positioned than you on a product.
The monitoring is done through URL matching: you combine the URL of your competitor’s product page with your own product SKU in Lengow. A robot will then automatically crawl this product page for information such as selling price, delivery costs or crossed price.
This matching can be done in several ways:
- Manual matching: For each product SKU you wish to check, you manually enter the corresponding URLs of your competitors in Lengow.-
- Matching by import: You import a file containing your competitors’ URLs matching them with your own product SKUs.
- Automatic matching: Currently under development, this functionality will allow you to automatically scan a competitor’s website in order to match their product URLs with the SKU’s in your product catalog.
A clear overview of the prices
Once the URL matching has been done, on a daily basis, the robot will retrieve the price information for the products you wish to monitor and store this information within the Price Watch interface.
The interface allows you to get a clear and quick overview of all the products monitored for each competitor, with price information, the price variations in time in a graph and a distribution of “good” or “bad” prices.
Adjust your prices automatically
For every competitor you will be able to automatically adjust your price whenever it is higher than that of your competitor.
This functionality is only available for marketplaces and can be activated or deactivated for each competitor in order to better control the pricing and positioning of your products.
Perfectly adapted to the Lengow solution
The advantage of the Lengow Price Watch is the fact that it is integrated into the Lengow solution: You will be able to simultaneously monitor the prices of your competitors and act upon the results by optimizing your data feed, in order to strengthen your price positioning and strategy on different channels.
As the Lengow Price Watch is incorporated directly into the Lengow solution, you will easily retrieve and keep track of all the information concerning each product monitored under the Product Management tab:
Furthermore, with the information collected you will be able to:
Create Segmentations: With the segmentation function, you can create a filter on your products for CSEs, only pushing products for which you have a better price than your competitors.
Create Automatic Rules: For example, using the automatic rules, you can decide to lower your price on marketplaces if your main competitor (or all of your competitors) has a lower price on a specific product.
From now on, you will be able to monitor the prices of your competitors and build a strategy accordingly on all your online marketing channels based on the price positioning in comparison with your competitors.
For more information about Lengow Price Watch, please contact your Account Manager.