Many Competitive Price Monitoring Tools Give You Wrong Data

By Prasanna Dhungel

| READ 2 MIN
TOPICS Data Science, eCommerce, Engineering, Insights, Retail
Pricing Intelligence. GrowByData.

A retailer will most likely not win a sale if the price is not right. Thus, retailers want to compare their prices against competitors and price accordingly. On the other hand, manufacturers want to police their resellers and ensure that they are pricing at MAP. However, not all resellers price at MAP and so manufacturers are under pressure from compliant resellers when other retailers don’t comply.  Thus, the competitive price intelligence industry exists in retail.

A Google search shows many competitive price intelligence solutions – from really large firms to startups. Many retailers who sell on Amazon use automated repricers. However, the problem with current repricers is the imprecision of their comparison pricing insights.  If you are selling a pair of Red Nike Air Jordan Shoe Size 9, you want to compare the price of your SKU with the price set by other retailers for exact same SKU. You don’t want to get the price of Red Nike Air Jordan Shoe size 10. Many repricers struggle to provide an apples to apples comparison to resellers as they can’t match like this at a SKU level.

The consequences are bad to the users. Pricing Analysts cannot reprice correctly. Advertisers can’t advertise correctly to increase Return on Ads. Buyers can’t buy the right quantity. And Pricing Scientists are frustrated that their algorithms aren’t generating good results. Sounds familiar? As a product data customer, this is not fair to you.

GrowByData’s competitive price solution solve this very problem. We use a combination of image and product text attributes to precisely match, and tell our customers how much other retailers are selling the Red Nike Air Jordan Show Size 9 for.  We provide precise competitive data that retailers, manufacturers and service providers seek to gain a competitive advantage.

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