How to do Competitive Price Intelligence for Ecommerce?

How to do Competitive Price Intelligence for Ecommerce?
Sagun Shrestha |
Competitor Price Intelligence for Ecommerce

Competitive Price Intelligence tools for Ecommerce provide data to discover competitors, monitor their retail prices, and implement dynamic pricing strategies to effectively reprice products to win sales. This intelligence data is crucial for E-commerce 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 Pricing Intelligence Software and its data & insights, eCommerce retailers, brands and manufacturers can monitor their competitor’s retail prices, and analyze their pricing strategies to reprice their products 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, Brands, 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 can monitor Minimum Advertised Price(MAP) violations by retailers with our MAP Monitoring software, get MAP alerts, and report violations.

When the number of product offerings 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 the United States, Canada, the 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 an 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 price-based software cannot do. Once the URL where a reseller sells 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 an intelligence tool is to ensure the retailer is using a tool that provides accurate competitive prices at an SKU level. If the repricer cannot, the results are inaccurate and the repricing tool and competitive pricing strategy fail. Therefore, the retailers must ensure that these competitive price data solutions have rigorous data quality checking processes to ensure accurate competitive price data matched to product variant level is provided.

Competitor Price Intelligence

GrowByData’s Pricing Intelligence utilizes 5 steps to deliver accurate Retail Price Data –

  1. Discover Competitors – Search and find competitors in platforms such as Google Shopping, Amazon, Walmart, Target, eBay, etc.
  2. 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.
  3. Extract Price Data – Consistently acquire price data from the competitor’s matched URLs.
  4. Measure Data Quality – Frequently check price data for accuracy.
  5. Analyze and Report – Share pricing reports, key metrics, and dashboards with actionable insights on SKUs to increase the price, decrease the price or keep prices the same.