TrackingTrade, one of Brazil's largest companies specializing in technological innovation to simplify processes, announced the launch of PriceTrack, a new tool that promises to revolutionize price monitoring in the retail sector.
With the rapid advancement of technology and increasing market competition, monitoring competitors' prices has become essential for developing effective pricing strategies. PriceTrack uses advanced technology to monitor prices in real time, offering large companies a solution to direct their market strategies more accurately and competitively.
Pablo Zapata, CEO of TrackingTrade, emphasizes that PriceTrack is the ideal solution for companies that want to stay on top of their competitors' movements in the retail sector. "Organizations gain significant market potential by monitoring other companies. To access data quickly and efficiently, they must have tools that facilitate data collection," says Zapata.
Importance of Competitor Monitoring
Being able to monitor competitors' product prices in real time allows companies to better define their strategies, based on quickly and automatically accessible market data. "By closely monitoring competitors' prices, retailers can adjust their pricing policies more accurately and competitively, increasing their profit margins," explains Zapata.
This type of monitoring allows companies to understand how the market evaluates their products and prices in relation to their competitors, helping to avoid commoditization and maintain a differentiated pricing strategy.
Benefits of Price Monitoring
The main objective of adopting price monitoring strategies is to ensure effective execution of commercial policies, building credibility with distribution channels, and attracting investment in the sell-in process. Furthermore, this practice helps measure synergy between distributors and subchannels, such as physical points of sale and e-commerce.
"Analyzing competitors' prices allows you to identify market opportunities and adjust profit margins more assertively. This is one of the main, if not the main, strategic benchmarks, allowing companies to understand how consumers react to the strategies they adopt," adds Zapata.
Regulation and Compliance
The use of automated price monitoring tools also helps companies comply with regulatory standards related to fair pricing practices. "PriceTrack helps large industries and retail players stay abreast of what the market is offering to consumers, impacting competitiveness and ensuring compliance with pricing regulations," explains Zapata.
Automated Tools
Advanced tools like PriceTrack are essential for processing large volumes of data from multiple channels, providing a significant competitive advantage. Key benefits include analytical agility, greater accuracy, improved margins, increased sales, and greater engagement with distribution channels.
"By adopting tools like PriceTrack, retailers maintain a holistic and up-to-date view of the market. The tool ensures that companies can track sales and offer data in a smart dashboard customized to their needs," concludes Zapata.
