How to monitor prices manually
Posted: Sun Jan 19, 2025 9:38 am
A typical manual price monitoring system arises from a retailer's perception of a need to research prices in a market. For example, a retailer with a large local market share faces new competition in the form of a newly opened store across the street. However, the new store may be targeting a different market segment, so there is no cause for concern.
Perhaps, over time, the new store will start selling egypt telegram number database the product that only the old seller offered. And then the first seller will realize the need to monitor the prices of another retailer for the common product, because otherwise all customers will prefer his competitor.
Manual Price Monitoring Features
As you can see, manual price monitoring systems arise as a result of arbitrary, spontaneous decisions and are therefore usually very simple.
At best, such systems consist of a spreadsheet to store data. Typically, the frequency of updates to the information in such a system is low. From time to time, the retailer makes purchases at a competitor's store to find out the price level.
Potential disadvantages of this approach to price monitoring
As long as the number of products whose prices need to be monitored is small, there will be no problems. However, as the number of products to be monitored grows, certain difficulties arise. First, manually updating prices for several dozen products becomes quite a labor-intensive task.
Perhaps, over time, the new store will start selling egypt telegram number database the product that only the old seller offered. And then the first seller will realize the need to monitor the prices of another retailer for the common product, because otherwise all customers will prefer his competitor.
Manual Price Monitoring Features
As you can see, manual price monitoring systems arise as a result of arbitrary, spontaneous decisions and are therefore usually very simple.
At best, such systems consist of a spreadsheet to store data. Typically, the frequency of updates to the information in such a system is low. From time to time, the retailer makes purchases at a competitor's store to find out the price level.
Potential disadvantages of this approach to price monitoring
As long as the number of products whose prices need to be monitored is small, there will be no problems. However, as the number of products to be monitored grows, certain difficulties arise. First, manually updating prices for several dozen products becomes quite a labor-intensive task.