Price history allows you to see how competitors' product prices have changed over time. It also helps identify price behaviors within a specific product niche throughout the year and reveal the seasons with the lowest and highest prices.
By tracking your competitors' pricing strategies
, you can offer the market a product with higher profits and determine whether it's worth selling. In other words, studying pricing trends in conjunction with competitors' price history not only helps firms maximize profits but also shields them from losses.
You can study past price fluctuations and make future price forecasts based on the obtained information. This aids in making informed decisions. For instance, deciding whether to sell something now or wait until a competitor's price drops. You can also use price history to identify pricing trends. For example, whether prices drop during certain periods of the year or whether close competitors tend to increase or decrease over time.
Moreover, you can easily study how consumers reacted to new prices by observing the dynamics of their changes.
For online store owners, it's vitally important to track competitors' prices
and adjust their prices accordingly. Meanwhile, manufacturers and brand owners need to monitor how partner prices change
to effectively manage the market price level of their products.
Price history is a valuable resource for those trying to cut costs and increase profitability. Modern price monitoring services provide companies with the ability to acquire market price data in a historical perspective. We'll illustrate how this can look using the Priceva service as an example.