A TrackingTrade, one of the largest companies in Brazil specialized in technological innovation for process simplification, 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 the increasing competitiveness in the market, monitoring the prices practiced by competitors has become essential for the development of effective pricing strategies. PriceTrack uses advanced technology to monitor prices in real time, offering large companies a solution to direct their market strategies more precisely and competitively
Pablo Zapata, CEO of TrackingTrade, highlights that PriceTrack is the ideal solution for companies that want to stay informed about the movements of their competitors in retail. "Organizations gain significant market potential by monitoring other companies". To access data quickly and in an organized manner, they must rely on tools that promote the collection of this data,"Zapata states"
Importance of Competitor Monitoring
Having the ability to monitor competitors' product prices in real time allows companies to better define their strategies, based on market data accessible quickly and automatically. "Closely monitoring competitors' prices", retailers can adjust their pricing policies more accurately and competitively, increasing the profit margin obtained,"explains Zapata
This type of monitoring allows companies to understand how the market evaluates their products and prices in relation to competitors, helping to avoid commoditization and to maintain a differentiated pricing strategy
Benefits of Price Monitoring
The main objective of adopting price monitoring strategies is to ensure the effective implementation of the commercial policy, ensuring credibility with distribution channels and attracting investments in the sell-in process. Furthermore, this practice helps to measure the synergy between distributors and subchannels, as physical retail points and e-commerce
Analyzing competitors' prices allows for the identification of market opportunities and more accurately adjusting profit margins. This is one of the main, if not the main guiding factor of strategies, allowing companies to understand how consumers react to the strategies adopted,"adds Zapata
Regulation and Compliance
The use of automated tools for price monitoring also helps companies comply with regulatory standards related to balanced pricing practices. "PriceTrack helps large industries and retail players stay informed about what the market is offering to consumers", impacting competitiveness and ensuring compliance with pricing standards,"details Zapata"
Automated Tools
Advanced tools like PriceTrack are necessary to process large volumes of data from various channels, providing a significant competitive advantage. Among the main benefits are analytical agility, greater accuracy, margin improvement, increase in sales and greater engagement of distribution channels
"With the adoption of tools like PriceTrack, retailers maintain a holistic and up-to-date view of the market. The tool ensures that companies can track sales data and offers in a smart and personalized dashboard according to the company's needs,"concluded Zapata
