A Price Monitoring Tool is a software designed to help businesses track their competitors and analyze prices related to the products or services they sell online.
These tools are commonly used in e-commerce by retailers and brands to keep a close eye on competitor prices, market share and pricing strategies.
The primary goal of a price monitoring tool is to automate the gathering and matching of data, while providing instant reports and charts by analysing fast real-time data. End goal is to perform Dynamic Pricing, meaning to adjust prices automatically based on market, availability & stock changes to gain more margin on sales.