Retail Competitive Pricing Intelligence
Bungee Tech
Helping retailers take control of product, category, and organization profitability. #retailpricing #pricinganalytics
How can you stand out from your competitors?
By monitoring, responding, and optimizing your performance. And do that, you need competitive intelligence.
(Accurate) competitive intelligence is essential for retail success. With it, retail businesses can evaluate the prices, promotions, assortment, and availability across the market. These insights mean you can create an unparalleled consumer experience, focus on price-value, and maximize your profits.
There’s no doubt – shoppers are savvy. E-commerce makes it really easy for buyers to comparison shop... which means you need to get competitive on your price strategy.
What's Competitive Pricing?
Competitive pricing is the process of strategically selecting prices for products based on the market landscape.
To be effective, you need to understand consumer preference drivers in relation to price.
One study says that most consumers (87%) indicate that getting a good deal is important in their purchasing decision.
When it comes to pricing, retailers also consider demand, KVIs, cost structure, and other internal strategies.
Benefits of Competitive Pricing Intelligence:
The Top 2 Reasons You Need Competitive Pricing Data
To increase sales, you have to build loyalty. To build loyalty, you have to give shoppers a great experience (like stocking the right products and offering a strong price-value).
💡 With competitive intelligence, see where you’re pricing items higher or lower than your competitors. With this whole picture, it’s easier to make informed pricing decisions so you meet customer expectations.
We see too many retailers set prices based on old or inaccurate data. Instead, monitor intraday, zip-code specific competitive pricing. Know what's happening in store and online. These data details help you adjust pricing to effectively go up against even your biggest competitors.
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💡 With competitive pricing data, make smarter decisions about merchandising. You can adjust physical or digital merchandising based on price, assortment, and availability.
Price Leader
Increase loyalty and conversions by becoming the price leader.
Being the price leader doesn't always mean that you drop prices or adopt the image of a discount destination. Actually, you can increase prices when needed if you're looking at market opportunities.
Your goal should be to provide a price-value perception for your targeted customer segment that promotes and drives a purchase decision. Customers want value for money whether they are buying a everyday utility or a luxury product and nothing speaks louder to them than the price-value.
Competitive Intelligence for Grocery Retail
In today’s highly competitive retail market, retailers must constantly monitor their prices to ensure that they are offering the best value to their customers. This is especially true in the grocery segment, where prices can change frequently and competition is fierce.
“Grocery stores are one of the retail verticals where we see incredibly positive outcomes from gathering and analyzing competitive pricing data. Grocers see growth when they look at data regularly, and at the zip-code level,” explains Bungee Tech CEO Rajat Nigam.
Grocery retailers use pricing data to adjust their prices in real-time based on changes in the market. For example, Store A may increase the price of a frequently purchased product if Store B sells it for 35% more.
“Overall, pricing data across the market is a tool for grocery retailers to win shopper dollars. Accurate, complete data means you can set prices that attract customers,” Nigam continues.
Where to Start: Competitive Intelligence
Find out who your competitors are. Monitor competitor promotions. Get intel on assortment and availability across your competitive landscape.
A strong competitive intelligence program facilitates growth.
If you are ready to take advantage of high-quality competitive intelligence process, reach out to our team today.
Our data will relieve your biggest headaches so you can focus on growth. It’s time for you to have real-time visibility into competitive catalogs and optimize your strategy.
Driving Revenue Growth through Data-Driven Strategies | Expert in Omnichannel Insights & AI/ML Solutions for CPG and Automotive Industries.
1yNot a question, for me but I talk with peers who all say they are working on far more challenging situations with a certain west coast e-comm retailer. They're getting pressure from this retailer to compress pricing, which is impacting their margins... how could this platform be used as part of that negotiation process?