Competition is a major threat to any business. In today’s highly competitive eCommerce context, a powerful Competitive Price Intelligence (CPI) tool is indispensable for survival. Ultimately, every retailer wants to be in the front-line of its own business. A question that arises is – how to make your product better and stand out in terms of pricing and marketing strategy to stay ahead of the competition?
This article provides insight into the most important features to look for in a CPI tool for your retail business.
Competitors Discovery and Product Matching
Due to the dynamic and intricate nature of eCommerce retail industry, it is vital for a retailer to constantly monitor and track its competitors. Accurate Competitor Discovery is one of the most challenging, yet a crucially important and rewarding task. A powerful CPI tool, therefore, resolves this problem at scale.
The tool discovers and identifies competitors from multiple sources – from price comparison websites to marketplaces, and even direct competitor websites. Furthermore, it scans popular marketplace platforms such as Google Shopping, Amazon, Walmart, etc. or direct competitor websites and reports back the closest matches for your products. This process is commonly referred to as Product Matching. The CPI tool is powered by a concoction of Artificial Intelligence (AI) and Human Intelligence to ensure maximum accuracy and higher data quality. This is the backbone of a CPI setup for any retail business.
Constant Price Monitoring
It is equally important to regularly monitor competitors price changes so you can act upon with regards to the aggressive price changes by your competitors. The CPI tool allows you to monitor competitors’ prices in granularities as per your need. It can determine the Cohort, i.e., whether you are the only seller or the cheapest or not the cheapest and modify prices accordingly.
Price Rule Engine
While selecting a CPI tool, one should also look for a powerful price rule engine. The powerful price rule engine allows you to develop your price rule strategies. It should help you develop reactive as well as proactive price rule algorithm and strategies which best fits your industry and product you are selling.
The CPI tool must be dynamic and configurable as some products require hourly or daily monitoring, while others require weekly or monthly monitoring.
Thus far, we have discussed the powerful arsenal and features to set up and implement CPI for your business. Besides, the ability to automatically synchronize the price calculated by the algorithm to the respective marketplace or selling platform makes it a robust tool. The whole process runs in the background and is fully automated and enables retailers to make frequent and instant decisions.
To comprehend the results, the CPI tool must possess a user-friendly Dashboard with reports, visual charts, and graphs, ROI insights, Price Rule Strategies effectiveness, and competitive insights. This will drive you in the right direction towards improving and optimizing price intelligence for your business.
Therefore, if you are looking for an edge to grow sales and profits faster, accurate and precise pricing data is critical.
GrowByData’s CPI tool encompasses all the features discussed in this article. Get your free price reports here.