Google Merchant Center: Price Competitiveness Report
Competitive pricing is important for businesses as it aims to set the price of products and services based on the competition’s price. That aside, it also helps prevent entrepreneurs from losing market share and customers to their competition.
Even then, price is one of the most important aspects for online shoppers when making their purchasing decision.
Unfortunately, though, price errors happen and this compromises your sales. This video tutorial is created as a guide on how to check your prices from your Google Merchant Center to update your store’s prices and that of your client’s store.
See how you can see which products are overpriced or underpriced in your stores or your client's stores. To see your product’s price competitiveness, simply go to the Growth tab. Looking at it, you’d see the following:
Above benchmark pricewhich means your products are priced too high compared to the competitors
At benchmark pricewhich means you have the same price as everybody else
Below benchmark pricewhich means more opportunities for you to show your ads to get more clicks or it can be an opportunity to increase your price like your competition.
You can group your products by different aspects such as by aspect, category, brand, and actual products.
For example, you can have vitamins, beauty products, etc. You can click on a type to see all the other sub-product types of that category. You can also segment the products based on category such as health & beauty, good beverages, tobacco, baby & toddler, etc. Another grouping is by brand, and then by the actual products.
So, that’s it. Head on to your Google Merchant Center now and check your competitive pricing and see which of your products are above the benchmark price and which ones are below the benchmark price. Edit the prices accordingly.
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