The Next Big Thing in Competitive Pricing Intelligence

Competitive pricing intelligence, or price intelligence is a tool that gets detailed analytics about pricing data from competitors and helps in designing a profitable pricing strategy. Consumers tend to be fickle in their purchasing habits and usually go for the best price in the market. Having a well thought price strategy is necessary to ensure that you can provide the most competitive price possible and generate profits at the same time.

Using competitive pricing intelligence, you can keep a track of the pricing trends of your competitors in real time, and match it with your pricing strategy. Staying ahead of your competition in real time will help grow your brand and attract even more customers to you. Before you integrate price intelligence in your sales strategies, it’s a good idea to know what the future brings. Here are some of the trends you can expect to see in the near future.

Major Emerging Trends in Competitive Price Intelligence

1.Niche Partitions

Until now, when businesses wanted to get competitor analytics, they would send out broad data requests. They would then skim through the data to get the desired numbers. However, now that technology is getting better, competitive pricing intelligence allows users to send out niche specific requests. This improvement saves a lot of precious time and is also more economical.

2.Multiple Currency Values

When you wish to stay ahead of your competition, it is essential to know how they perform in all markets. Now, with cross-currency analysis, you can get the data to understand what makes your competitors choose certain prices. This helps in developing an international pricing strategy to keep you on top – everywhere.

3.Custom Segments

Getting analytics in large volumes is counter-productive to developing a real time pricing strategy. Hence, to stay ahead of your competition, you need to get customized segments of your competitor’s analysis to narrow down the volume of data your sales team needs to analyze. This will help you analyze the data much faster and maintain the lead in real time.

What makes WebDataGuru the right choice for you?

WebDataGuru is a major player in the competitive pricing intelligence industry and has helped various businesses strategize their prices to ensure most profits. Our cutting-edge web crawlers get real time accurate data to keep you on top 24×7. Contact us now to get your data strategy analyzed by our experts to help you generate an effective sales plan.

Price Optimization in Retail: Key Factors to Consider

Retail price optimization is becoming an essential tool for achieving success in the e-commerce industry. Retailers are finally realizing that it is the chief driver of profits. So why is price optimization in retail that important? Let’s understand it with a few examples.

Recently, an article published on Bloomberg has shown that bigger brands like Michael Kors and Ralph Lauren reported booming profits by managing their inventory better and offering fewer markdowns. It just confirms that ‘Price right, discount less and manage your inventory tight’ is the new formula for achieving the ‘magic price’ that would drive more customers to your online stores. That is price optimization in retail for you!

3 Important Factors that Affect Price Optimization in Retail

• Price Elasticity
• Product life cycle for different retail segments
• Seasonality

Keeping these in mind, the optimizers use smart price analysis solutions to harness user data from the internet, mainly review websites and social networks, and turn it into valuable inputs. These insights help retailers determine an optimal price for their products or services and the time when it should be introduced in the market to attain higher sales and better profits.

Bigger Brands have already adopted it: Have You?

Retailers follow different strategies to recapture the revenues that they have been leaving on the table earlier. For instance, Michael Kors and Ralph Lauren have made their products more exclusive by relying less on department-stores and closing storefronts to avoid aggressive markdowns.

JCPenney has balanced their inventory and minimized discounts to improve their pricing strategy. Meanwhile, Zara has incorporated other factors like planning, designing, merchandising and manufacturing in their pricing strategy to attain flexibility. This way, they were able to respond to their customers in a better manner.

Likewise, Kohl produced less fall and winter stock that helped their margin rates because fewer promos and discounts were required to sell off their old merchandise before the spring season.

How do you know what strategy is good for your brand? That’s where web scraping and price optimizing professionals help you. They determine an optimum price range that works for you. Therefore, you must avoid jumping on the price trend bandwagon and get professional help to overcome challenges.