The digital age has given rise to an army of online retailers, each vying for consumer attention with attractive pricing schemes and enticing offers. Amidst this fierce rivalry, manufacturers and brand owners must navigate an intricate web of pricing policies and distribution channels to protect their interests and maintain a competitive edge.
Reseller price monitoring goes beyond merely keeping an eye on what competitors are charging for their products. It entails a comprehensive approach to tracking, analyzing, and responding to price fluctuations across multiple platforms, ensuring that one’s products remain consistently visible and viable in the market.
Although it may not seem like the most important aspect of a brand’s operations, there are some benefits to this approach. And once you’re armed with the right solutions, it can become an integral part of your pricing strategy. So, what exactly is reseller price monitoring, and how can it help you maintain a competitive advantage? Let’s dive in and find out.
- Reseller price monitoring is a comprehensive approach to tracking, analyzing, and responding to price fluctuations across multiple platforms, ensuring product visibility and competitiveness in the market.
- Automating price tracking and adjustments with software like Brandly360 can save time and effort while providing valuable insights for devising effective pricing strategies.
- Incorporating reseller price tracking into your overall pricing strategy can help maintain control over product prices, protect brand image, and ensure that resellers honor agreements such as MAP policies and exclusive distribution arrangements.
- Competitor price monitoring software differs from reseller price monitoring software, as the former focuses on tracking competitors’ prices and factors, such as stock and demand, while the latter monitors prices across multiple marketplaces and includes personalized data from your own product, company and retailer network.
- Utilizing a comprehensive solution like Brandly360 can provide insights into various pricing factors, such as consumer trends, promotional activities, and product features, allowing businesses to stay competitive in the market and maximize profits.
Why Price Tracking Counts
Price tracking is essential for any business looking to maximize its profits – it allows you to compare and adjust your pricing to ensure that you remain competitive in the market. But once you create and implement your pricing strategy, you can’t simply rely on it to stay updated and relevant.
Suppose you’re offering your products under MAP pricing policy in order to maintain control over your product prices and your brand image. You have established an official relationship with e-commerce brands in a few different channels. But what happens when one of those resellers reacts to market trends earlier than you do and starts offering your product at a discounted price, in violation of the MAP policy? That’s where reseller price monitoring comes in.
Your price tracking software should detect any price changes across different channels, alert you to potential violations of the MAP policy, and allow you to take immediate action. Brandly360 offers price tracking for all major online marketplaces, ensuring that you’re always in control of your pricing. Once you’re aware of the violation, you can take steps to address it and protect your interests.
Additionally, Brandly360 allows you to monitor exclusive products, allowing you to monitor when and where your products are being sold. That way, you can ensure that resellers are honoring any exclusive distribution agreements they have with you and that no one is selling your products outside the agreed-upon channels.
How to Monitor Your Reseller Prices
There are a few approaches you can take to monitor your reseller prices. The first is manual price monitoring – manually going through online channels to check for any changes in pricing and noting any discrepancies you find. Needless to say, this is a labor-intensive process and not particularly efficient.
The second approach is to use price-tracking software such as Brandly360. In enables you to set up a few simple rules and track pricing changes, promotions, and even features.
The first step in your reseller price tracking strategy should be to set up price monitoring rules. This involves specifying the range of products you want to monitor and setting alert thresholds for when a reseller moves outside that range.
Many price-monitoring tools allow you to set multiple thresholds to get more granular with your tracking and alerts. Once you have gathered the price tracking data, you can analyze it to get insights into pricing trends, consumer behavior, and competitor strategies.
Tracking Promotions and Sales
Another important aspect of reseller price tracking is to stay on top of promotions and sales. Chances are that both your key retail partners and third-party sellers are regularly running promotions and discounts to attract customer attention, offering the lowest price for their products.
Such promotions are typically created with the reseller’s profit margins in mind, meaning they may undercut your own prices. While this is not an inherently bad thing, it can be damaging if not managed effectively.
Tracking Third-Party Resellers
Unless you set up an exclusivity agreement with your retailers, chances are that third-party resellers can also get their hands on your products and put them in their product listings. This means they’ll be competing for the same customers as you – and potentially offering lower prices.
Monitoring third-party resellers is especially important if you’re trying to maintain a certain level of product exclusivity. It also helps ensure that your products are not being sold on marketplaces where they don’t belong and is essential for any brand image protection strategy.
Picking the Right Reseller Price Monitoring Software
With that in mind, picking the right reseller price monitoring software can feel like another time-consuming task that will add to your already long list of priorities. However, finding the right tool can save you time and money in the long run – not only by reducing manual effort but also by helping ensure that you don’t miss out on any sales opportunities.
When it comes to selecting a reseller price monitoring software, there are two ways to go around it.
The first is to opt for a reseller-tracking software solution. Such solutions may appear to be a better option as they are made specifically for monitoring price changes across your sales channels and are often cheaper than other retail pricing data solutions.
However, if you want to go beyond simple price tracking, then competitor monitoring software solutions may be the better option. Such solutions provide more comprehensive and accurate data, allowing you to compare your pricing with that of competitors.
Some of them also include price optimization software, allowing you to use the data collected to plan and adjust your pricing strategies within one platform. Brandly360’s price monitoring software offers all this and more, providing you with the data analysis and capabilities necessary to stay ahead of your competition.
Competitor Price Monitoring Software
At this point, you may be wondering if there is a difference between reseller and competitor price monitoring software. While both are designed to track prices and make adjustments accordingly, the difference lies in what they track.
Reseller price monitoring software tracks and monitors prices across multiple marketplaces, allowing you to quickly detect any changes or discrepancies within your network of resellers. More importantly, it includes your own product, company, and retailer data, adding a more personalized touch to your pricing strategies.
On the other hand, when you use price monitoring software to track competitors’ prices, you typically are left with what competitors’ websites offer, which may not always be the most up-to-date or comprehensive information.
This isn’t to say that competitor price monitoring software isn’t useful – in fact, it can be a great way to keep an eye on how your competitors are pricing their products and track other factors, such as their stock and demand. This, in turn, is crucial if you want to stay competitive in the market.
Reseller Price Tracking In Your Pricing Strategy
In general, price tracking is crucial for virtually any business, from small independent retailers to large-scale manufacturers. By monitoring your resellers’ prices and those of competitors, you can gain valuable insights into a range of pricing factors, such as consumer trends, promotional activities, and even product features.
These insights can be used to devise and implement an effective pricing strategy for your products – one that takes into account the competition, consumer demand, and any other market forces.
Tracking reseller prices can be an important part of this process. By monitoring the prices of your own products across all channels, you can ensure that resellers are honoring your pricing policies and that no one is exploiting the MAP policy.
Automating Your Price Tracking and Adjustments
The process of tracking and adjusting your prices doesn’t have to be a manual one. With the right software, you can automate much of it – from setting up alerts to tracking competitors’ prices and even making automatic price adjustments.
Brandly360’s pricing automation features allow you to set specific rules for when and how often you receive alerts about reseller pricing changes, as well as when and how frequently you want your own prices adjusted. This way, you can ensure that your products remain competitive in the market without having to manually check each channel every day.
How Brandly360 Can Help?
As mentioned above, Brandly360 provides a wide array of features to help you with your price monitoring needs. From automated price tracking and alerts to competitor analysis and pricing optimization, Brandly360’s comprehensive solution can provide all the data and insights you need for an effective price management strategy.
You can also use it to stay on top of promotions, discounts, sales, customer reviews, product features, and stock levels – in short, everything that affects how your products are priced across multiple channels. All of this data can be used to fine-tune your pricing strategies and maximize your profits while ensuring that you remain competitive in the market.
Manager with experience in leading team of software developers and testers during implementation of internal and external IT projects. Ceo of Brandly360.com.