Definition: Price Monitoring

What is price monitoring?

Price monitoring is the process of regularly tracking and analyzing the prices of similar products or services being sold by other businesses in the same industry or market.

Price monitoring can be done manually by visiting competitor websites and collecting data, or it can be automated through the use of price tracking software like Price Trakker and Aimondo. Once the data is collected, it is analyzed to identify trends and patterns in the pricing strategies of competitors. This can be used to inform pricing decisions within a business and adjust prices in response to changes in the market.

Price monitoring can also be used to identify pricing anomalies or violations, such as price fixing or predatory pricing, that may be in violation of antitrust or competition laws.