GrowByData
Ecommerce data services for online retailers
We can provide intelligence into your designated marketing areas - Country, Regions, County, Metro, ZIP Codes
Supports international language and monitor country specific TLDs of Google, Amazon, & other platforms in languages other than English
The price of a product is one of the most important considerations in a consumer’s purchasing decision. If you price your product extremely high, you won’t sell. Similarly, if you set them extremely low, you will lose profits which negatively affects the health of your business highlighting the need for effective price optimization.
Modern technology has enabled buyers to analyze prices from multiple providers and sellers in real- time. As a retailer, manufacturer, or wholesaler, you must offer competitive prices to your buyers to convert new customers and win back old customers, emphasizing the importance of price monitoring and inventory management.
This is where pricing intelligence becomes paramount.
Price intelligence lets you constantly analyze competitors’ prices and make smart pricing decisions to significantly boost gross margin and grow market share. Understanding competitor prices and updating your prices quickly and effectively is key to your sales success.
Since competitor prices are always fluctuating, you must constantly analyze their prices and adjust yours as part of your dynamic pricing strategy. However, this does not mean that you should lower your prices just because a competitor does. Instead, you should gather price intelligence data on competitors over time to understand trends and make the best pricing and advertising decisions on your products.
Below are the best features of Pricing Intelligence and why you should use it to gain an edge against your competitors, including analytics for retail pricing.
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Three Capabilities required in a Competitive Price Intelligence Tool
Now, let’s learn more about the importance of Pricing intelligence for retailers, manufacturers, brands, wholesalers and other service provider.
Pricing intelligence is important as it determines the sales and profitability of your business. As stated earlier, you must analyze the market price data to better understand your competitive landscape to set price and reprice per your local market nuances, underlining the role of price monitoring and analytics.
As we all know, consumers don’t make purchase decisions right away, which makes price monitoring and adjustments based on price position important. They go through different stages of the shopper’s journey comparing your product with others before buying. In this whole shopper journey, having competitive prices is key to winning the sales of today’s smart shoppers.
Big marketplaces like Amazon, Walmart, and Target are constantly monitoring competitor prices of products in real-time and dynamically repricing to stay ahead of the competition, offer the best prices to the shopper, and win the sale.
Pricing Intelligence software allows brands, manufacturers, retailers, wholesalers, and agencies to track competitor prices, and proactively optimize their pricing strategy including repricing, and even monitoring Minimum Advertised Price (MAP).
Top of the line pricing intelligence solutions will provide competitive pricing data and insights across marketplaces, direct-to-consumer sites, and even SERP components across countries, regions and down to the metro level.
Having Price Intelligence requires 4 steps – a process deeply intertwined with price monitoring and price changes –
Articles on
Competitive Pricing insights for Manufacturers and Brands
Competitive Pricing for eCommerce
Here are some insights and use cases of GrowByData’s Pricing Intelligence software and service across categories.
Competitively Priced Products on Google Product Ads
Agency Partner Drives Retail Client’s Revenue Growth to 26% increased
Correlation of Google Trends & Dynamic Pricing in Winter Shoes
Price Competition Analysis of Two Sunglasses Retailers in Clusters
What is the Best Day of the Week to Buy Earrings, Necklaces & Rings Online?
A pricing strategy is a method of determining the best price for a product that will help sales and profits together. A wise strategy allows Manufacturers, Brands, and Retailers to set prices for their products & services effectively using statistical analysis, price elasticity signals, market trends, and competitive intelligence.
Choosing the appropriate pricing strategy is crucial to a brand’s thriving business model. Pricing strategies must account for various internal and external factors. Internal factors include revenue, growth target, target audience, brand position, product attribute, marketing objectives, and analytics. And, external factors consider customer demand, competitive price, socio-economic conditions, inflation, supply chain factors, and more.
There are various pricing strategies to use. Below are four common strategies –
How to Price a Product using Price Intelligence Software
As competition across markets and industries increases, pricing intelligence vendors must overcome four challenges to offer the desired solution to brands, manufacturers, retailers, and agencies.
Four Challenges of Price Intelligence and Dynamic Pricing
Dynamic Pricing is one of the pricing strategies that businesses use to sell to various groups of customers. It focuses on supply and demand strategies focusing on the demand side. It is also referred to as demand pricing or time-based pricing.
It is an underutilized concept. However, it provides tremendous pricing advantages to a business when done the right way. Unlike static pricing strategy, It helps to maximizes profit by operating at different price points per market demands. The strategy is popular in industries such as hospitality, airlines, transportation, professional sports, retail, and eCommerce.
Top 5 methods of doing Dynamic Pricing the “Right” Way
Dynamic Pricing bags more Revenue when timed right
With an advanced pricing intelligence solution, you can get ahead and stay ahead in your dynamic competitive landscape. With GrowByData’s pricing intelligence solution, brands, manufacturers, wholesalers and agencies can easily constantly understand their competitors, track product prices in real-time, and rapidly make adjustments to win the shopper and ultimately grow market share at higher margins.