The cost of price intelligence has a value that is undoubtedly affordable for any company or business that wants to succeed in the sector. This, however, can vary, always according to the needs of your business (if it has more than one sales channel, operates in different countries, etc.) or the size of your business.
Price intelligence software will be a structural ally for your company, both brands and retailers. From the sales department, to the marketing or customer service department, you will benefit from the advantages provided by this powerful tool.
The price intelligence tool will provide you with valuable knowledge about competitors’ prices and the state of the market, in real time. With this software, developed by Netrivals, you can get a detailed view of market prices, as well as access competitors’ price history to evaluate price evolution over time and on specific dates.
This type of information can help you gain a better understanding of your competitors’ pricing strategies, allowing you to detect patterns and trends in their prices. You can then use this useful knowledge to make better informed and more effective buying and pricing decisions that will lead to higher revenues and a greater return on investment.
Uses of price intelligence
With the knowledge acquired through the price intelligence software, you will be able to analyze the pricing of your rivals through price monitoring. To do this, you must provide the software with the necessary information to start compiling pricing data. Then, you will have to choose your competitors. Once you have chosen your products and the competitors, the application will proceed to make connections to link those identical or very similar products between your store and the competition. These connections can be made in three ways:
- Automatic: They are made when the labeling codes (EAN) match.
- Semi-automatic: They are made when the labeling code cannot be found in the products of the competition. Then, the software will link items according to the level of similarity, which can be the similarity of title, photographic similarity or by references such as the manufacturer’s code. The system will suggest the links but you must accept them to add the competing product to your list.
- Manual: To register a rival product manually, you must copy the url of the page of the product in question and paste it where the application tells you.
With the price intelligence tool, you will be able to know what percentage of the competitor’s items are in stock, and even compare them with your company to boost or change your pricing strategy.
With the price intelligence software you will be able to adapt the prices of your products automatically and periodically. This is what we know as dynamic pricing. This feature allows you to get the optimal prices for your products based on rules you set. These online prices will be updated every time one of these rules is met, such as “be 4 euros cheaper than competitor X” or “be 3% cheaper than the most competitive competitor in the market”. However, these rules are subordinated to always maintain a profit margin that you have previously set.
In short, with the use of the price intelligence tool you will add to your business an entire department of data collection, analysis and sampling, all within a program which you will have access to whenever you want.