Have you ever been curious about price trackers and how they automate tasks involving dynamic pricing? After reading this article, you will fully understand how to price trackers operate and their benefits and drawbacks. But before we start, let’s define the term “price tracker.”
A price tracker is what?
A definition of a price tracker should come first. Since there isn’t a definition of a price tracker on Wikipedia, we’ve decided to create one. And price tracker is a tool used to monitor, evaluate, and compare prices from online sources.
I am aware that there is still plenty to discuss. Let’s move on! The distinction between a B2B price tracker and a consumer price tracker.
And I believe it’s crucial first to clarify the distinction between a price tracker and a price comparison website.
We all make online purchases. Sometimes, we make purchases from an internet retailer or market. We occasionally use websites like Google Shopping, Price Grabber, and others to compare prices before purchasing to perform dynamic pricing analysis. These websites concentrate on providing the best bargain to the final consumer. A price tracker is not what we mean by that. The technical foundation of these websites is almost identical to that of rival price trackers, but the application is significantly different.
Technical tools like price trackers make it easier for manufacturers, distributors, and (online) retailers to keep tabs on what their rivals and dealers are charging. It gives information to make pricing decisions and makes tracking prices easier and less tedious.
How does a price tracker function technically?
Okay, let’s get a little technical. If the technical side of price trackers doesn’t interest you, feel free to scroll down to learn more about how they are used in businesses. Everyone knows that Google looks at your website to determine where you will appear in search results. The operation of a price tracker is comparable. As an illustration, Google looks at your URL, Page Title, image alt text, and texts to determine the page’s topic or website. Google will assign you a certain position in the search results based on this content.
The initial price step The tracking procedure is the same: a price tracker searches a certain website and concentrates on the item’s name, cost, and availability. Some price trackers go one step further, scanning product reviews, photos, and other pertinent data. The following step is distinct. A price tracker will keep the information gathered in a database while Google uses it to rank your website in the search engine. A price tracker’s user can view this data on a dashboard or in a list layout, similar to Excel but typically more sophisticated.
Many people mistakenly believe that developing a price tracker is simple; however, this is only true when you concentrate on one particular website. But envision creating a price tracker that must crawl many websites. It examine each product multiple times daily, and store all that information in a database. It makes sense from a development standpoint to select an existing price tracker that has addressed all these problems. It will save you endless hours of building custom code because it is usually already accessible for a reasonable price.