You need powerful tools to monitor your key competitors and implement powerful dynamic repricing strategies for consistent business growth. Here are the key challenges to consider when selecting a competitive price intelligence solution.
1. Retail Price Data Accuracy: Competitors Matched to Product Variant Level:
Variant level product matching is the number one challenge for price intelligence solution.
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 for the same SKU. You don’t want the price of Red Nike Air Jordan Size 10 Shoes or any other mismatched SKU.
Many solutions struggle to yield precision in such apples-to-apples comparisons because they can’t achieve this SKU level matching.
2. Retail Price Data Collection from Cross Border Locations:
Price competition in the online space is at a global level these days, and key insights are 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 far-flung competitor data, an advanced solution backed by powerful technology and rigorous processes is crucial.
3. Large-Scale Data Collection and Monitoring
Price intelligence software should be able to monitor huge sets of products and competitors competing in the market on a daily basis. Alongside this monitoring, the solution should be able to collect customized data that is crucial for your unique pricing strategies.
All this collected data forms the basis of any intelligence tool, so it’s crucial that the solution’s technology, people and processes can ensure handling such quantity of data while still ensuring quality. The scaling aspect of the solution is very important for devising competitive intelligence and ensuring long-term benefits.
4. Automated Repricing Capabilities for 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. The ability to work with big commerce empowers you to efficiently offer smart prices for your customers. The best solution should be powerful enough to implement multiple price models and consider various data points to develop advanced dynamic pricing strategies.
If you are searching for a powerful price intelligence solution, check out our solution page to subscribe for a free price report or schedule a free consultation.