Competition price

Field description

Check how competitive your prices are in the market.

This field assigns labels to products based on how competitive their prices are compared with competitors' offers. This allows you to easily monitor your prices and adjust them to remain competitive in the market.

Detailed description

If you use competitor price tracking tools such as Delavo, you can create a separate field in your Master Model containing competitors' product prices. Based on this, the Competition Price field will automatically assign the appropriate label by comparing your prices with competitors' prices.

The label will return:

• bad price vs competitors if your price is higher than the competitor's
• good price vs competitors if your price is the same as the competitor's
• very good price vs competitors if your price is lower than the competitor's

How can I use this?

You can assign this field as a custom label in your product feed. Here are some practical uses:

• Using labels based on competitors' prices allows you to continuously track whether your products are attractively priced. You can respond quickly to price changes in the market, providing greater flexibility and competitiveness.
• The labels make it easy to see which products need a price reduction to match competitors and which have a price advantage. This makes it easier to manage promotions and pricing strategy in dynamic market conditions.
• Use the very good price vs competitors label to launch advertising campaigns that promote products priced more favorably than competitors' products. You can highlight these products in your campaigns as bargains, making them more appealing to customers.
• By continuously monitoring competitors' prices, you can make better decisions about promotions, sales, and orders. Products consistently labeled "bad price vs competitors" may require analysis for cost optimization or a discount strategy.