Every single day, more and more people start to sell on Amazon. There are estimated 500,000 individual sellers on Amazon that make more than $1M. This is an incredible way to hit target sales.
It’s obvious that Amazon continues to be the most dominant marketplace in Ecommerce. This creates a great opportunity for Amazon sellers. They have a great ability to reach new customers and increase their traffic every day. But it has some downsides. The most important one is the competition.
You need to define your target customers, find who your competitors are, and then track their actions consistently. Since Amazon is very crowded and you might have lots of competitors you need to know how to compete with them. The main driver of that competition is pricing. There are very harsh price wars on Amazon you cannot keep track of every minute.
In this blog post, we will explain to you a solution for monitoring your competitors on Amazon. First, we will show the main reasons to do channel based monitoring, how to do it then show you some quick tips.
Let’s start.
Monitoring your competitor’s prices on specific channels like Amazon is called channel based monitoring. You can monitor the frequent price changes and out-of-stock levels of your competitors.
There are many reasons why you need to do channel based monitoring. Here are some:
First, if you are new to Prisync, register for a 14-day free trial. Proceed with the “Set up Your Panel” option for using the channel monitoring method.
Then, pick your own country and type your website URL.
Continue with the Channel-based Monitoring option and choose the Amazon country you would like to monitor.
After, select which product detail you would like to use when getting the results. The channel engine brings the best results with 12-13 digit UPC/EAN/GTIN codes. You can also add websites to the exclusion list that you would not like to see among the results.
Note: The exclusion list and barcode/product code section can be edited later.
You can add your product information such as product name, brand, category, product code and the following details. Or you can do batch import by downloading the same file we have added. Then fill in the product details from that file.
Lastly, Prisync will be tracking all your competitors’ prices and send you automatic alerts when your competitors change their prices. Note that new competitors are searched daily to make more detailed and extensive tracking. Therefore, this channel allows you to track up-to-date pricing.
Offer dynamic pricing with channel based monitoring. You can set pricing rules for your products and make your prices dynamic. You can create a rule in comparison with your competitors. For example, a rule might be I would like my price to be $10 higher than my competitors. And then you can select for which products you want to set dynamic pricing.
Make instant price matches with daily price updates. On channel based monitoring new competitors are searched daily. Therefore, you will be able to know when you have new competitors immediately. This can help you to take action and improve your profits!
Always compare your price with competitors. Amazon is the up-most competitive marketplace. You need to track your competitors’ pricing all the time. Ensure that your prices are competitive to make the highest sales.
Amazon is definitely one of the most competitive Ecommerce marketplaces. That’s why it’s crucial to track your competitor’s prices to be better prepared for upcoming price wars. If you want to be one of the most competitive Amazon sellers to improve your profits consider doing channel based monitoring. It can help you offer the best competitive price and increase your number of sales.