Challenges
- Fierce market competition and competitor price volatility resulting in slowed growth rate
- Prior vendor unable to provide accurate data at the variant level
- Amazon pulling shoppers from Google reducing the pool of available buyers
- Competitors violating MAP, thus increasing unhealthy competition
GrowByData offered an easy-to-use yet sophisticated solution
We started by helping our agency partner by delivering accurate data on a broader portion of their client’s catalog than their previous vendor. Given the high prevalence of variants in their catalog, the combination of Artificial Intelligence and Human interaction was needed…
- To generate meaningful analysis, we integrated our pricing platform with their website, gaining valuable sales data to cross reference against the new pricing data.
- To work with our agency partner to help them decide which competitors they wanted to use for a benchmark and then collaborated to create highly custom re-pricing rules with a simple workflow to update prices.
- To collaborate on customized pricing rules While re-pricing monthly, the retailer gained value from insightful competitor reports and alerts (like MAP violations) which the agency.
Fun facts
On 1,828 SKUs that the retailer consistently accepted our price recommendations for over 2 years, sales sky-rocketed 59%. In contrast, on 2,904 SKUs where the retailer utilized our insights but did not precisely follow our recommendation, sales grew 30%.
