TrackingTrade, one of the largest companies in Brazil specializing 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 rapid technological advancement and increasing competitiveness in the market, tracking prices practiced by competitors 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 precisely and competitively.
Pablo Zapata, CEO of TrackingTrade, highlights that PriceTrack is the ideal solution for companies that want to stay informed about their competitors’ movements in retail. ‘Organizations gain a lot of market potential by monitoring other companies. To access data quickly and organized, they must rely on tools that promote the collection of this data,’ says Zapata.
Importance of Monitoring Competitors
Having the ability to monitor competitors’ product prices in real time allows companies to better define their strategies, based on market data that is quickly and automated. ‘By 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 maintain a differentiated pricing strategy.
Benefits of Price Monitoring
The main goal of adopting price monitoring strategies is to ensure the effective execution of the commercial policy, guaranteeing credibility with distribution channels and attracting investments in the sell-in process. Moreover, this practice helps to measure the synergy between distributors and sub-channels, such as physical points of sale and e-commerce.
“Analyzing competitors’ prices allows identifying market opportunities and adjusting profit margins more assertively. This is one of the main, if not the main benchmark for strategies, allowing companies to understand how consumers react to the adopted strategies,” adds Zapata.
Regulation and Compliance
The use of automated tools for price monitoring also assists companies in complying with regulatory norms related to fair pricing practices. “PriceTrack helps large industries and retail players to keep abreast of 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, higher accuracy, margin improvement, increased sales, and greater engagement of distribution channels.
“By adopting tools like PriceTrack, retailers maintain a holistic and updated view of the market. The tool ensures that companies can track sales data and offers on an intelligent and personalized dashboard according to the company’s needs,” concludes Zapata
