It is common for a business to lose business to its competitors due to pricing differences. And for an eCommerce business, it becomes more apparent as there are many companies out there offering the same at a competitive price. If you are looking for a way to stay competitive while optimizing your profit, retail price intelligence is the right solution for you. It consists of a pricing model which involves tracking and analyzing the prices of products/ services of competitors. With data mining, retailers and e-commerce brands can optimize their pricing strategies for becoming market leaders.
Price intelligence uses data mining techniques for extracting, analyzing, and optimizing prices. It offers accurate pricing data in real time the businesses. Conventional pricing methods don’t work anymore in today’s volatile online market. Thus, powerful tools help track and analyze prices in the industry and make informed decisions and strategies.
Today’s blog will highlight the main concept of pricing intelligence and how it can help you win more business.
Let us jump right to it.
How does Price Intelligence Work?
The retail price intelligence tools might appear to be complex initially, but the following information will help:
1. Choose the Products
Before you work with the system, you need to provide it with the list of products that you want to monitor on the web. They can be added manually; however automatic synchronization can also help. Connecting the software to the CMS provider will make it easy to dynamically adjust the prices in the future.
2. Define Major Competitors and Platforms
Before working with the retail price intelligence tool, define how you wish to employ it. Depending on you wish to focus on monitoring sellers on Amazon, know your position in the market, or gather data from all competitors on each channel for optimizing pricing strategy, the software will be employed. Regardless of the feature a business uses, they must first know who to look for and where!
3. Data Collection
Scraping data on the web is a constant process that takes place daily from 5 minutes to several hours, based on the product. Data collection generates a huge amount of data from across the globe. The software creates connections between each product upon discovering a competitor’s product with a similar EAN code. The solution might also search for the images, titles, and references on the e-commerce pages, channels and comparison websites.
4. Data Mining
After the data has been collected, the software will convert it into knowledge. It will present the results in the form of figures, color codes and percentages so the readers can easily get an idea if their prices are same, higher, or lower than their competitors. The collected data not only comprises pricing; you can get an insight into several product and market-related aspects.
Why does Pricing Intelligence matter?
If a business doesn’t have access to retail price intelligence tools, they would be creating a pricing strategy in a vacuum and oblivious to what is happening in the market. You might end up pricing the products too high or too low. With the help of price intelligence, a business can enhance its pricing strategy and become more competitive. It helps boost the conversions. And WebDataGuru offers tailor-made solutions for diverse industries from manufacturing to services.
- A business will have more time, money and resources to invest in the growth of the business as no more manual monitoring!
- They will enjoy real-time access to precise pricing information.
- A business can make better pricing strategies with the help of extensive data instead of random guesses.
- When a business is competitive, it can witness increased sales and revenue.
- You can have a better view of the customer opinion with price intelligence for retailers.
How Does Pricing Intelligence Work in the Retail Market?
Retailers generally focus on tracking how the retailers are pricing similar products on various platforms. They can use price intelligent retail pricing solutions such as:
- Competitor Monitoring– To get a global vision of the market in terms of both, product and price attributes to lead the game.
- Dynamic Pricing– To smartly reprice and start witnessing more e-commerce conversions.
- Google Shopping Price Monitoring– To create campaigns and organize them depending on the competitive status of the market.
- Amazon Sellers Real-Time Tracker– To track the product price changes with automated tools across the sellers on Amazon.
Essential Tips for Retailers/ E-commerce Brands:
1. Plan Ahead
If a business wishes to prepare for the Black Friday Campaign, it needs to offer the best prices on online platforms. Start tracking the prices of the competitors a few weeks in advance so that your pricing strategy can be redefined. With strategies such as dynamic pricing, a business can adjust its prices. Hence, starting early is the key to achieving the targets.
2. Setting Realistic Targets
Industry experts can’t stress more the fact that companies who overestimate the business’s success are highly likely to fail. It applies to any business strategy including the pricing one. A business must never expect to become a market leader overnight. Setting realistic targets is the key to accomplishing the goals along with price intelligence solutions.
Why Choose WebDataGuru for your Retail Price Intelligence?
If you wish to get real-time competitor prices that enable you to make smart pricing decisions, WebDataGuru is the right choice for you. The competitive pricing intelligence software will help you optimize the pricing strategy with accurate and timely competitive pricing information. The highly customized service helps a business track and analyze the competitor prices in a detailed manner.
You can track and compare millions of products on the web and transform the competitive information into lucrative business opportunities. Regardless of the data point such as list price, discounted price, or inventory availability, our software picks it straight from the competitor’s and converts it into customized and easy-to-use reports.
A business can benefit from our software’s ability to analyze competitive data from different angles such as brand, category, and other criteria along with a simple interface. The software empowers the clients to swiftly identify the opportunities and act on them. Email alerts can be set to closely monitor the changes in the desired product’s prices.
With WebDataGuru’s retail price intelligence service, you can develop dynamic pricing strategies driven by data. With tailor made solutions specific to your business, you can enjoy flexibility and a unique framework.
Make Your Customers Loyal for Life with us!
Establishing a customer loyalty base is the biggest task for every business out there. Making an informed decision for your customers by understanding their pain points and leveraging the same by providing solutions will make all the difference.
Are you ready to make your company a customer-centric one? Contact us today.