Having an online presence for your company is a pretty great way to expand the market for your products. The same wide reach, however, is accompanied by fierce competition. In every industry, there are thousands of e-commerce websites. Consequently, a business needs to carefully prepare its price strategy. To comprehend the entire market value and acquire a competitive edge online, smart businesses look for techniques to examine the pricing being given by rivals.

Here comes the role of price scraping, one of the most popular e-commerce trends, which enables consumers to track and gather prices provided by competitors.

Price scraping basically involves using technology to monitor the price patterns of rivals. Price scraping, as a method, alludes to the area where a bot can harvest data from each rival’s online store, including prices and any other details pertaining to the online sale of a product.

Now, the frequently asked question is: “How to choose a pricing strategy for a business?” To answer this, you must first establish precise goals and match those goals with the data they have retrieved.

When choosing a price approach, one must consider the following factors:

  • The industry they operate in
  • The needed profit
  • The costs clients are willing to pay
  • The pricing manufacturers provide

Continue Reading to learn about what are the 3 methods of competition-based pricing.

3 Methods of Pricing Strategy

Pricing your products competitively can be accomplished in three ways: 

1. Pricing above your competitors

In this strategy, the decision to price your goods more than those of your competitors should be based on the conviction that your goods are superior to those of your rivals. Your brand has the notoriety and the reputation to be able to position itself at a higher price point, or you have a “must-have” feature or attribute that your competitors have not met.

2. Pricing on par with your competitors 

This strategy works well when you have a different but comparable product, your main focus should be on the added value it provides above the alternatives. You need to come up with something worthwhile to give your clients, even if your features are the same. The major role of marketing comes into play.

3.  Pricing below your competitors:

This strategy is the exact opposite of pricing higher than your rival. Due to the product’s commonality, high demand, and current rivalry, the market mostly determines its price in this situation. Typically, if you want to boost sales, you have to reduce your profit margins. 

You can utilize the information and data insights provided by data scraping tools and software to examine, analyze, and decide which pricing approach will work best for your company.

Conclusion

If you want to compete in this market, your company needs to develop a sound price monitoring strategy. By preparing your pricing in advance and being aware of competitor prices, you can gain an edge over the competition. Your conversion rates will rise as more potential customers choose you over your rivals.

In order to improve your reputation and grow your customer base with web scraping services, Relu Consultancy is undoubtedly a wise choice for your business. Visit to find out more.

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