Your prices at your fingertips: Price monitoring with Dealavo
The world of e-commerce is at your fingertips and everything can happen very quickly. Product prices change in the blink of an eye and competition is increasing every day. That’s why you need a tool that will keep you up to date with information and help you sell online. Dealavo is a tool that will help you control product prices in online stores and sales platforms so that you always know how to make the best decisions.
How does price monitoring with Dealavo work?
Dealavo is an innovative tool that allows you to control product prices on the market. With the Dynamic Pricing function, Dealavo allows online stores and manufacturers to adjust prices to the market situation, which in turn allows you to increase profits by up to 50%. With this tool, you can monitor product prices in different sales channels, for different countries, as well as detect price wars. Dealavo allows you to optimize product prices, which in turn allows you to increase conversions and ROAS and allows you to easily compare competitor prices.
Dealavo operating principles, source:www.dealavo.com
The diagram below shows how Dealavo works:
- You select the sources you want to monitor
- In the “product matching” process, we search for products similar to yours
- Through the “price scraping” process, we collect prices from indicated sources
- We manually verify the accuracy of the collected data
- Our system presents the analysis results in a clear way in tables and charts
- Through rich filtering and segmenting functions, you can easily group data
- You have additional options for screenshots of your competitors’ assortments, reports that you can upload to your own sales systems, or use configured alerts informing you about your competitors’ activities.
Tabular view of competition price lists, source: www.dealavo.com
How to use Dynamic Pricing from Dealavo?
Dynamic Pricing
Dealavo is a tool that can be used in various markets, including various sales channels. This tool allows you to compare prices in different countries and on different sales platforms, so you can easily identify the most effective sales channels and create an optimal marketing strategy. Moreover, Dealavo allows you to analyze international markets and make faster decisions.
The most important function you can get with Dealavo is the automatic updating of prices on your sales platform – regardless of whether you have an online store or an account on the auction platform. You can set your own prices based on pricing rules – previously configured rules for selecting the price of your own product.
At Dealavo you will find, among others, the following pricing rules:
- Between two competitors– the rule allows you to automatically set prices between selected competitors.
- Below/above selected values – an option that offers the option of setting a target margin with an amount or percentage markup (e.g. the set product price should include at least a 5% margin).
- Below/above selected competitors – if we use this rule, the algorithm will generate prices lower or higher than selected competitors.
- Decrease/increase by a specific amount/percentage– This setting allows you to reduce prices by a specific amount or percentage during a given time frame. This means that, for example, every 3 days the price of the product is reduced by PLN 1.
- By cost– the “cost plus” principle.
- Based on market position – when using this setting, product prices are based on the market position of the competition. In the settings, you can, for example, assume that prices should be higher than those offered by the cheapest competitors.
- Low stock – Option useful for end-of-series and sales; causes automatic price reduction until low stock levels are achieved.
- Profit optimization – use of artificial intelligence – a rule that deserves special attention. This is an artificial intelligence (AI) pricing optimization mandate. The algorithm learns from the source of collected data and optimally adjusts prices to market conditions.
Dynamic Pricing function
The previously discussed data collection process (price monitor) can be processed by the above pricing rules and generate a file with recommended prices for the sales platform or online store. This file can be imported and prices adjusted automatically. There are already many integrations from Dealavo that provide such import via API, thanks to which price management is automated.
If you want to see how Dynamic Pricing works in practice, check out the Case Study below:https://www.youtube.com/watch?v=R-93Oo_5AB8
Dealavo is an intelligent tool that sends automatic alerts when its algorithms detect a price war. Thanks to this, you will no longer be surprised by a drastic drop in prices on the market, thanks to which you will maintain your profits even in difficult situations.
