7 benefits of price monitoring to grow your business Author: PriceCop Tuesday March 13th, 2018 • Category: Blog • Updated: Friday April 4th, 2025 Online marketers and retail enterprises face a crucial task: price intelligence. The online market continues to grow steadily. For instance, online retail sales already exceed brick-and-mortar sales of bricks and mortar supplies. Between 2014 and 2016, the online segment grew by 27%, while sales of actual bricks and mortar declined. On one hand, online shopping has created new opportunities for businesses; on the other hand, it has expanded the competitive arena. Today, competitive pricing plays a decisive role in achieving success. For the most accurate analysis, you need continuous, systematic monitoring. And this requires modern tools. Let’s look at the main reasons why you should be doing price monitoring. Content List Contemporary Pricing Approach or Traditional? Customized Monitoring: One-Size-Fits-All Doesn’t Work Accurate Price Analysis Yields Reports for Effective Decision-Making Price Intelligence Is More Than Just Price Comparison Price Monitoring: Past and Present Practical Results Price Monitoring with an Effective Tool 1. Contemporary Pricing Approach or Traditional? When it comes to pricing, having a competitive edge is vital for retail companies. Not so long ago, far fewer businesses ventured into price monitoring. But that doesn’t apply to today’s online market. Now, you’re competing 24/7 with retailers worldwide. For consumers, price is extremely important, and it’s constantly changing. In the past, all of this was done manually. However, there are now too many websites to make this method feasible. Price monitoring with PriceCop’s tools is a way to always have up-to-date information about your competitors while putting in minimal effort. 2. Customized Monitoring: One-Size-Fits-All Doesn’t Work Price monitoring, if it’s tailored to your niche, can help grow your business. If you rely on manual price-comparison processes, you’re missing out on valuable opportunities for accurate data. Truly effective competitor price assessment is only possible through modern technology. To achieve this, you must automate the data collection on your competitors—for instance, by using PriceCop’s tools. 3. Accurate Price Analysis Yields Reports for Effective Decision-Making The e-commerce market demands strategic decisions backed by analytical data. You can set a competitive price when information from the online market is readily available. Therefore, your competitor analysis must be as accurate as possible, leaving no doubt. If the price reports you receive are generic and give you the same limited insights your competitors have, you’re already lagging behind. That’s why it’s essential to use advanced tools that provide a full range of information. Accurate analysis will enable you to make smart, effective strategy changes in the future. 4. Price Intelligence Is More Than Just Price Comparison You don’t have the time to manually monitor prices. Think how many productive, equally important tasks you could tackle if you delegated or automated this process. Thus, price monitoring isn’t just about comparing prices; it also frees up a lot of time for you to focus on other critical aspects of your business. Automation is an effective solution for any niche. If competitors change something, you receive a notification, and you can respond quickly. 5. Price Monitoring: Past and Present Pricing in e-commerce calls for swift reactions. For example, if a competitor runs a promotional campaign, you respond by doing the same. But price intelligence is more than an immediate reaction. It also involves analyzing past trends to forecast future pricing decisions, thus combining past and present insights to foster growth. From this perspective, price monitoring is a valuable tool because it simultaneously addresses two aspects of pricing: historical and future. It eliminates mere “guesswork” and leads to more rational evaluations of your actions. 6. Practical Results The information obtained through competitor price monitoring must be put to use. It’s not enough to just collect data; what matters is using it correctly—and fast, as online spending increases daily. Reports from PriceCop aren’t just analytics; they also include tailored recommendations for improving your promotional strategy. 7. Price Monitoring with an Effective Tool PriceCop offers strategic solutions to help your business grow and thrive. Simply knowing what’s going on in your competitive environment isn’t enough. You need real-time information, right here and now, so you can react quickly—and that’s much more than just monitoring. PriceCop’s tools provide exactly what you need. You receive comprehensive reports with detailed breakdowns of all price changes, allowing you to spot new opportunities for your business. The online market is incredibly competitive. To stay ahead, you need the most powerful tools available—and you can get them right now at PriceCop.