Competitor price monitoring in fashion retail

In the dynamic and competitive world of fashion retail, effective pricing strategies are critical. Competitor price monitoring involves regularly tracking and analyzing the prices of competing products and brands to make informed pricing decisions for your own goods. 
When combined with price benchmarking, this practice helps fashion retailers stay competitive, maximize profits and meet consumer expectations. In this article, we will explore the significance of competitor price monitoring, the methods used and how product lifecycle management (PLM) software can streamline this essential process.