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If you run a shopping cart e-Commerce website, you will already know that you have a lot of competition. As the majority of online shoppers like to compare prices before they order, it is vital to keep track of what your competitors are offering. This can be a very time-consuming task, and with that in mind, here are some tips on how best to monitor your online competitors.

Google Search your Competition

This strategy will take time, but with the right keywords, you can gradually compile a list of other online retailers that market your products, or items that are very similar. You can bookmark a competitor’s website and return frequently to see any changes, or you could install the right software that will do this automatically, which is much preferred.

Creating a Competition List

You could create a shortlist of companies that list identical products, adding information such as; web address, list of identical products, prices and special offers. If you regularly update this list, you can always refer to their websites and see how your prices compare. However, there is also affordable software that handles all this automatically. Bookmarking all relevant websites will enable you to effortlessly return to find out if anything has changed, and, of course, you need to record any relevant information for future use.

Price Tracking Software Solutions

Many businesses use the powerful online competitor price monitoring software by Price Trakker, which automates the tasks. Plus, the user-friendly interface offers many valuable tools for the business owner to keep track of other sellers. Knowing what your competitors are charging for identical products allows you to undercut, and that could be the difference that results in a sale.

Social Media Monitoring

You can gain a lot of valuable information about your competitors using social media, and by assigning this task to a competent employee, you can always have first-hand information about competitors’ pricing and service. An hour per day is all it takes to get a clear picture of how your competitors’ customers feel about their service. By recognizing weaknesses, you can take the required action to boost your product appeal.

Also Read: Is the Internet the Secret to Small Business Success

In this very competitive age we live in, knowing what the competition is doing gives you a definite advantage, and by making good use of specialist software, you can effortlessly keep track of your competitors. If, for example, you notice that one of your rivals is offering a special promotion that is achieving a high level of success. You could create a similar campaign and ride on their success.

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The advancement in digital technology provides business owners with some very powerful tools for analysing data and web traffic. By making good use of such software, you can gain an important edge on your competition. An online search will help you to find suitable business software that takes the hard work out of keeping track of your competitors, and that will surely make a difference.