Competitive Price Intelligence tools for Ecommerce provide data to discover competitors, monitor their retail prices and implement dynamic pricing strategies to effectively reprice product to win the sale. This intelligence data is crucial for Ecommerce retailers, brands and manufacturers.
Today, consumers have access to tons of information about products and their sellers. Buyers have plenty of choices. And, cut-throat competition exists between sellers. Utilizing competitive price intelligence data, software & solutions, eCommerce retailers, brands and manufacturers can monitor their competitor’s retail prices, and analyze their pricing strategies to reprice their product regularly.
It is vital for a retailer to regularly monitor their competitors and stay vigilant of their pricing strategies.
Fast-growing marketplaces like Amazon, Walmart, eBay and Ad platforms like Google Shopping and Bing Shopping are some of the ideal places to discover competitors. Competitors also sell directly via their web stores. Retailers, Brand and Manufacturers can collect competitive information from these places to craft their competitive retail pricing strategy. To compete, it is important to consistently monitor price fluctuations and implement repricing strategies. Furthermore, Manufacturers and ecommerce Retailers must monitor Minimum Advertise Price(MAP) violation by retailers, get MAP alerts and report MAP violations to enforce MAP.
When number of product offering is low, competitors price monitoring can be done manually. However, brands with huge product catalogs find it almost impossible to do competitive price intelligence on a timely basis. So, powerful Competitive price intelligence data tools are mandatory to handle price monitoring for lots of SKUs across many marketplaces, direct sites and geographies.
You may be wanting to monitor in the United States, Canada, UK, France, Japan, Hong Kong, Singapore, Mexico, Brazil, Australia and many other geographies around the world. The right tool matches at a variant level accurately and helps brands discover competitors and their prices. Manufacturers may find unauthorized resellers or sales on unauthorized channels. The process of matching exactly at a SKU level is known as product matching, which is done via Artificial Intelligence (AI) and Human Intelligence combined. This hybrid approach provides data accuracy, which purely software only Competitive Pricing Monitoring tools cannot do. Once the URL where a reseller’s selling the brand’s product is discovered, competitors’ price changes are regularly monitored. This is used to implement competitive pricing strategies, monitor Minimum Advertised Price (MAP) and channel policies.
The key to the success of such intelligence tool is to ensure the retailer is using a tool that provides accurate competitive prices at a SKU level. If the repricer cannot, the results are inaccurate and the repricing tool and competitive pricing strategy fails. Therefore, the retailers must ensure that these competitive price data solutions have rigorous data quality checking process to ensure accurate competitive price data matched to product variant level is provided.
GrowByData’s Pricing Intelligence utilizes 5 steps to deliver accurate Retail Price Data –
- Discover Competitors – Search and find competitors in platforms such as Google Shopping, Amazon, Walmart, Target, eBay etc.
- Match Products – Compare and match search results with the product catalog. This process is done with a combination of Artificial Intelligence (AI) and Human Intelligence.
- Extract Price Data – Consistently acquire price data from competitor’s matched URLs.
- Measure Data Quality – Frequently check price data for accuracy.
- Analyze and Report – Share pricing reports, key metrics, and dashboards with actionable insights on SKUs to increase price, to decrease price or keep prices the same.