If the internet is an ocean, every business wants to be the big fish of this vast ocean. You want to ace the game and so do your competitors. So what makes the real difference here? The answer is really a no brainer- A good competitive pricing strategy. If you are leveraging the big data to have that upper hand, you surely are on the right track. Let’s take a look at how competitive pricing intelligence assures profitability to your business and what big data is capable of doing to your retail business.
Big data has made it extremely convenient for businesses. By providing real time insights it helps you
- Maximize profit making opportunities.
- Create alternative strategies for higher predictability of changing scenarios.
- Measurement and accurate forecast of price change impact.
- Localize pricing based on customer behavior
It may come as a surprise to you that inspite of so many benefits 75 percent of retailers do not use competitive pricing intelligence and end up depriving themselves of growth acceleration.
So, let’s take a look at how it is really done and what you need to keep in mind when it comes to a proper structure-
Gone are the days when businesses relied on manual processes. You do not want to continue with that trend anymore. Almost everything can be automated these days and automated processes prove to be more effective and accurate.
Information that’s accurate proves to add value. And hence it must be from credible sources. Assume it your responsibility to feed accurate info to achieve desired results.
3.Access to Real-time Insights
It is a good idea to develop robust applications to equip your employees with anytime-anywhere access to data in a secure manner. It helps your employees with an in-depth analysis and well-informed decision making.
4.Performing and Non-Performing Locations
Location based insights help you make the best of decisions with competitive pricing. Figure out which locations react to what pricing. When used correctly, this could really prove to be your best asset.
Your strategy needs to be smarter. ‘Smarter’ doesn’t need to be explained. You cannot keep reducing the price of products just because your competitor does so. Consistent development and making smart moves is the key here.
It can be easily concluded that competitive pricing intelligence is the back-bone of your retail business and when used correctly and with consistency, you are sure to reap long term benefits from it.