You need a powerful price monitoring tool to monitor your key competitors and implement dynamic repricing for consistent ecommerce growth. Based on our years of experience serving hundreds of retailers, we are sharing 4 challenges that we have heard many retailers face when doing repricing. As you evaluate and select your vendor, you must remain vigilant on these to select the right competitive price intelligence solution.
Your pricing tool must meet these 4 needs:
1. Provide Accurate Competitive Price Data: Competitors Matched to Product Variant Level
Variant level product matching is the #1 challenge for price intelligence solutions.
That means, if you are selling a pair of Red Nike Air Jordan Size 9 Shoes, you want to compare the price of your SKU with the competing price set by other retailers offering the same SKU. You don’t want the price of Red Nike Air Jordan Size 10 Shoes or that of a different color. Many solutions struggle to offer this precision and don’t give this apples-to-apples comparisons as they can’t achieve this SKU level matching.
2. Have Ability to collect Competitive Price Data Globally from Different Platforms
Ecommerce Price competition is at a global level these days, and global price monitoring is necessary to develop powerful price intelligence. Retailers targeting customers around the world must monitor their competitors’ prices in multiple countries. In order to track such competitor data globally, a powerful price monitoring technology and rigorous data quality control processes are crucial. Retailers may want to collect competitive data from US, Canada, UK, Far East, Mexico, South America and other markets daily. You want this data 7 days a week 365 days a year. The ability to get this data reliably is key.
3. Built on robust Technology that can do Large-Scale Data Collection and Monitoring
Price intelligence software must have ability to monitor large product catalog with many SKUs from many competitors on a daily basis from marketplaces like Amazon, Walmart, Target, Best Buy & others, ad channels like Google and Bing, and from their ecommerce stores. When monitoring prices, the solution must collect multi-dimensional datasets like reviews, which is crucial for your unique dynamic pricing strategies.
All this collected data form the basis of any competitive intelligence tool. Thus it is crucial that the solution’s technology, people and processes can handle the volume of data and ensure quality. You need the scale to trust the solution and rely on it to devise your day to day and long term pricing strategies.
4. Conduct Automated Repricing to effectively do Dynamic Pricing
The automated repricing capabilities include an advance pricing rule engine and powerful price export capabilities that support multiple platforms like Amazon, Walmart, Google Shopping and web stores like Shopify, Magento, BigCommerce, Yahoo, Volusion, WooCommerce, 3DCart and others. The ability to interface with major retail platforms empowers you to efficiently offer smart prices for your customers. The best solution should be powerful enough to implement multiple price models and devise various data points to develop advanced dynamic pricing strategies.
If you are searching for a powerful price intelligence solution to implement your Dynamic Pricing for Retail, talk with our expert for unified search, product demo and overview.