Having a price tracking of the competition is essential. New technologies give us ways to do this in a quick and simple way.
All retailers should keep track of the prices of their main competitors, to stay in the same range and even try to offer advantages (lower prices) to their customers, as much as possible. This has always been the case, and it is a usual practice for owners or store managers. But new technologies now allow other ways to perform this task automatically and, therefore, in a much simpler and faster way.
Manual tracking of the prices of the competition
To follow up, a group of people must go through the stores and check the prices of different items one by one, and then turn that information into spreadsheets. It is an arduous task, which demands that there be personnel that dedicates a lot of time to that.
The enormous time and effort required means that this task is often left aside. Especially in the smaller stores, it seems that such an effort is not justified, although paradoxically it is only in this type of company that manual tracking can be effective.
Automatic tracking of the prices of the competition
There are programs and applications that carry out this work, mainly through searches on the Web but also thanks to the interweaving of data and the information that other retailers offer.