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Ever heard of the phrase “Work smarter, not harder”? It was originally introduced by the industrial engineer Allen F. Morgenstern in the 1930s, who designed a work simplification program. He thought to himself: Why invest more time and effort into doing something, if there is an effortless solution leading me to the same goals?
Just like Morgenstern, there are ecommerce businesses that come to this conclusion and decide to implement price intelligence solutions to make better-pricing decisions, saving both time and money, which they could use instead to develop other corporate objectives.
For those who struggle monitoring the prices of their competitors manually and want to increase their revenue, we have created this article that will explain…
The ecommerce landscape, as we know it today, wouldn’t be the same without the developments of the last 40 years that made buying through cyberspace a possibility all around the world. These developments not only contributed to the growth of many businesses, they also increased their competition. The covid-19 pandemic only made it more difficult for e-tailers and brands to stand out from the crowd.
One of the main competition tools is pricing (establishing the price for your products), which influences whether or not a customer decides to buy the same product on your website or on one of your competitors. But, how do you set competitive prices when a retail giant like Amazon changes prices on average every 10 minutes?
And also: Is your product going to be perceived as luxurious, low-quality? How often do you change the price? Will your profit margin be protected?
These and many more questions may have crossed your mind at one point if you work for an ecommerce business and have to make pricing decisions. In an ever-growing e-market environment the only solution to this problem is the use of price intelligence.
Price Intelligence is a methodology that considers the impact of the product’s value changes over the final consumers’ purchasing decisions and, consequently, over companies’ performance. Applying this technique allows you to monitor the product prices of your competitors, see how your prices are ranking in comparison to others and get access to data such as stock availability and shipping policies.
Price intelligence solutions gather product data, like EAN numbers and images, automatically several times a day. It does so by scanning multiple sites (direct web, Google Shopping, Marketplaces, etc.) and then using the data within BI dashboards and multiple other types of analytics.
This is important for you so you have access to real and updated product information and are able to segment the information to optimize your pricing strategy.
Did you know…
Our solution offers the most extensive Big Data amongst all other pricing solutions. We monitor +1.000M products, +32K websites and 200+ marketplaces. Having more data means being a step ahead of your competitors and having the knowledge that allows you to set the bar high in terms of competitiveness.
After explaining what price intelligence is and how it works, how can your ecommerce business benefit from a price intelligence solution?
As an ecommerce you should know that when it comes to the final purchasing decisions, e-buyers will always choose the most attractive price, so having access to the prices of your competition in an automatic and precise way will help you set cheaper prices, but remember: never put at risk your profit margin only to increase conversions.
Our price intelligence solution offers a pricing strategy known as dynamic pricing which can help you avoid that by placing red lines above the pricing rules that you have defined for your pricing. Maybe you want to be 2€ cheaper than your competitor or offer the same price: all this can be possible after implementing a pricing solution.
Start selling smarter, not harder thanks to our Price Intelligence solution
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Marketplace Horror Stories 🎃 - Oct. 19, 11 am CET