Who wouldn’t want to have an Excel report that contains all competitors’ prices in it? Of course, everyone working in an e-commerce company dreams of it as being aware of your competitors’ prices is one of the crucial criteria to have a good price strategy that puts you one step ahead of your competitors in the eyes of your customers!
In this post, I’ll explain the use cases of such an Excel file that you can get from your Prisync dashboard. Let’s get started with a quick screen shot from this Excel file:
As you can see above, we’re listing all the products in this file with a name, code, brand, and category information. In parallel to these, you can find all the price points for your competitors for these products with also some critical information like min-max-average prices, position information, index values and retailers that have minimum prices for a specific product. As I said, it’s a kind of dream for a person working for an e-commerce company!
Of course, what can be done with this Excel file totally depends on your business case and your strategy but let’s assume that you’re trying to be as cheapest as possible among your competitors.
In that scenario, one of the easiest analysis is to filter your products according to your position information. We break down all the products according to their position like cheapest, cheaper, average, higher, highest or all equal. For example, you can filter the products that you’re in the position of higher and the highest. Then, you’ll get a view like:
Now, you’re taking a look at a list of products that you need to take some pricing action on. The good thing about this file is that you can easily add some columns to make your analysis deeper. It’s a must to take into calculation your costs while determining your prices, so let’s create a column with the name of “cost”. Then, you can easily compare your costs with the minimum prices for these products to see if there will be any case that you’re not making any profit if you determine your prices a bit less than minimum prices. Here, how it looks like:
After adding your costs and analyzing this data, now you have a better idea about how to change your prices by staying competitive and still making a profit.
On the other hand, if you don’t fight for the price but if it’s still critical for you, you can analyze your competitors’ prices according to the average prices in the market. You can calculate the differences between average prices in the market and your prices to see how much lower or higher you are than your competitors. Then, for example, you can say that I want to be 10% higher than average prices in the market and take a look at the products that don’t fit this rule.
I’m sure that you have already great ideas in your mind about what kind of analysis can be done with this Excel export. Then, let me remind you that it’s so close to you! You can start a free trial today and start building your own reports. I’m sure that it’ll also help your business!