What extent do we consider a product ‘match’ against a competitor’s product? It is one of the substantial challenges for running price comparisons in a marketplace. The amount of detail that needs to be observed at a variant level of a product depends on factors such as competitor clients in different marketplaces, type of product offerings, and its direct and indirect competitors. Finding a product match without considering a variant level match in some market may be enough but, in most cases, the level of detail that needs to be considered for a product to be a ‘match’ is much more complex.
Product variants are the options (or choices) available while purchasing a product online. It may comprise of generic attributes such as size, color, material, quantity or specific attributes such as Amp, Wattage, Voltage, Resistance for electrical tools, features or addons for software packages, ingredients for food products, etc. Sellers can explore which product variants are affecting market pricing, and in turn, provides an opportunity to tweak reports to achieve a better insight into competitor and market behavior for the product.
Product variants typically have a dynamic relationship with product prices, i.e. product prices can differ as per its variants – color, size, functionality, features, components, material, pattern, etc.
Here’s an example of products whose prices vary due to its variant colors –
When a Competitive Pricing Intelligence (CPI) is run for two variant products, it is essential to accumulate an enriched set of product attributes. Variant level matching is a major challenge in the context of exact product matching. Depending on the product type and requirement, variants may have to be matched against a single or multiple attributes such as size, color, quantity, material, etc.
In the example presented below, the requirement is to match a black leather shoe, and the competitor sells black leather as well as suede shoe. Here, we do not need to consider the size variant or other attributes for the product.
Competitor Variant Product
To ensure the right variant is being matched for each SKU, GrowByData’s proprietary Competitive Pricing Intelligence (CPI) algorithm marks such cases for review. With a mix of Artificial Intelligence plus Human Intelligence and quality check process, we guarantee a correct or high level of product variant matching.