How to Monitor Amazon FBA Competitor Prices with Free Tools
Monitoring competitor prices is essential for Amazon FBA sellers who want to stay competitive and maximize conversions. This guide shows you how to use free tools like Google Sheets and AppSheet to effectively track competitor pricing and sales data. With these tools, you can keep tabs on market trends and adjust your prices in real-time—all without spending on expensive software.
Why Monitoring Competitor Prices Matters
Pricing is a crucial factor in converting Amazon visitors into buyers. No matter how strong your product, if your price isn’t competitive, customers may choose alternatives. By keeping track of competitor prices, you can better understand market trends and adapt your pricing to maximize sales.
Getting Started with AppSheet
AppSheet, a Google-powered app builder, allows you to create a simple mobile app that pulls data from Google Sheets. It provides a convenient interface to view competitor pricing data on the go, letting you update information from your mobile device without needing a laptop. This flexibility is ideal for busy sellers who want real-time insights wherever they are.
Step-by-Step Guide to Setting Up Competitor Price Tracking
- Define the Competitors and Products to Track
Start by identifying the top competitors and most relevant products to track. In your Google Sheet, set up columns for important details like competitor name, product name, quantity sold, and current price. Focusing on a few key competitors ensures the data remains manageable.
- Set Up Your Google Sheet for Price Tracking
Populate your Google Sheet with competitor data—such as total items sold last month if available. Google Sheets will serve as the foundation for tracking historical price changes, allowing you to see trends over time.
- Connect Google Sheets to AppSheet
Link your Google Sheet to AppSheet to create an interactive app. With AppSheet, you can view, filter, and update competitor data directly from your mobile device, making it easy to stay updated without needing to open a laptop.
- Build Historical Data for Analysis
Tracking pricing over time allows you to spot trends, such as seasonal changes or pricing strategies competitors use. By building this historical data, you can make informed pricing adjustments that keep your listings competitive year-round.
- Correlate Price with Performance
Analyze how changes in competitor prices impact their sales. For example, if a competitor raises their price and sees a drop in sales, this could reveal a price sensitivity threshold. Insights like these can guide your own pricing decisions, helping you stay one step ahead.
- Consider Hiring Virtual Assistance
Price tracking can be time-consuming. To save time, you might consider hiring a freelancer or virtual assistant to manage the data collection and updating in AppSheet. This way, you’ll have up-to-date insights without dedicating time to manual tasks.
- Avoid Unauthorized Scraping Tools
While some sellers may use scraping tools, these violate Amazon’s policies and can lead to account suspension. Stick to manual methods or free tools like AppSheet and Google Sheets to ensure compliance with Amazon’s guidelines.
- Limit Data to Key Competitors
Avoid overwhelming yourself by focusing on a few key competitors and products. Targeted monitoring provides actionable insights and keeps the process manageable.
- Deeper Analysis with Google Sheets
Since AppSheet pulls data directly from Google Sheets, you can use additional Sheets functions to analyze data more deeply. Set up calculations to track averages, identify trends, or receive alerts when competitors make significant price changes.
Conclusion
Competitor price monitoring is crucial for Amazon FBA sellers looking to stay competitive. By using free tools like Google Sheets and AppSheet, you can keep track of price trends, analyze sales data, and make data-driven pricing adjustments. With AppSheet, you can update and access this data from your mobile device on the go, giving you flexibility and real-time insights wherever you are. Regular price tracking, combined with smart adjustments, will help you maintain a competitive edge and maximize conversions on Amazon.