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 win. On this, a question that naturally arises is – how to make your product stand out in terms of pricing and marketing strategy to stay ahead of the competition?
A powerful Competitive Price Intelligence tool is indispensable for survival.
Here, we discuss 3 important features to look for in a Pricing Intelligence Tool –
1. Competitors Discovery and Product Matching
Due to the dynamic nature of eCommerce, it is vital for a retailer to constantly monitor and track competitors. Accurate Competitor Discovery is one of the most challenging, yet crucially important task. A powerful price intelligence tool, therefore, offers this at scale.
The tool discovers and identifies competitors from multiple sources. It scans popular marketplaces such as Google Shopping, Amazon, Walmart, etc. or direct competitor websites and reports back the closest product matches. This process is referred to as Product Matching. The competitive price intelligence software is powered by a concoction of Artificial Intelligence (AI) and Human Intelligence to ensure maximum accuracy and highest data quality. This is the backbone of a price intelligence setup for any retail business.
2. Constant Price Monitoring
It is equally important to regularly monitor competitors price changes so you can immediately react to the aggressive price changes by your competitors. The CPI tool allows you to monitor competitors’ prices in granularity per your need. It can determine your Cohort on whether you are the only seller, the cheapest or not the cheapest and modify prices accordingly.
3. Price Rule Engine
While selecting a competitive price intelligence tool, one should also look for a powerful price rule engine. This allows you to develop your own price rule strategies. It should help you develop reactive as well as proactive price rule algorithms and strategies that best fits your needs.
The price intelligence 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 Competitive Price Intelligence for your business. Besides, the ability to automatically synchronize the price calculated by the algorithm to the respective marketplace and selling platform is key. The whole process runs in the background and is fully automated and enables retailers to make frequent and instant decisions.
To enable a user to comprehend the results, the Competitive Price Intelligence 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 to improve and optimize price intelligence for your business.
If you are looking for an edge to grow sales and profits faster, accurate and precise pricing data is critical.
GrowByData’s Competitive Price Intelligence tool encompasses all the features discussed in this article. Get your free price reports.