Product price is a key factor for a customer when choosing an online shop. For this reason, each seller engaged in online retail uses competitive pricing to some extent. The case on competitive strategy implementation in a specific online store will show how to track competitor prices and effectively apply received data to increase sales, income, and profit.

Income and Profit Difference

Income is all the money received from selling services/goods.
Profit is the amount of money left after all the taxes, salaries, manufacturing expenses have been excluded.
In practice, there are only a few people who implement one and only pricing strategy in their online shops. Besides, it does not make much sense to do that as it is way more productive to use various pricing strategies: one at a time or in the complex. The feature of online retail is that a user can choose among several offers of the sellers just by switching the browser tabs. That is why using a competitive pricing strategy on a regular basis is the most optimal option.
With the help of special services, competitor price monitoring allows us to do it quickly. There are several types of pricing strategies that a shop may apply.

Source:  https://www.entrepreneurshipsecret.com/competitive-pricing-in-online-retail/