Amazon has been reported to adjust its products’ prices every few minutes, and many larger brands and retailers do the same. In fact, there are many mobile applications designed specifically for price comparisons and most retailers offer price-match policies to stay competitive.įurthermore, the speed and scale of eCommerce mean prices online fluctuate much quicker than possible at brick-and-mortar retailers. The ability to compare prices via smartphones has given rise to showrooming and webrooming, as shoppers are able to view products in store or online and check to see if a better price can be had from a different channel. Today’s consumers are more sensitive to price than ever before. Price intelligence is important because retail pricing is a fast-paced, competitive, and ever-evolving world where the right or wrong price has a direct impact on sales and profitability.
Competitive pricing strategy software#
Intelligence is often gathered using data mining or other automated software solutions.įeatured Whitepaper So You’re Going to Implement a Pricing Policy: A No-Nonsense Guide to Pricing Policies, Monitoring, and Enforcement Download Now Why is Price Intelligence Important? Price intelligence is the ability to track, monitor, and analyze competitor and market pricing data to make educated pricing decisions for your business.
That’s no small feat, which is where pricing intelligence enters the picture. Your prices must generate profit and support your sales. Are you premium? Budget? Something in between? Beyond that, your prices are also your reputation: how shoppers perceive your business. How? Prices have a direct impact on your bottom line, of course, as the price you charge should provide a margin and return on investment that keeps your business in the black. They change by the minute-or even second-and the wrong price can impede the sales of an otherwise excellent product or service. Given the thought process of these shoppers, brands and retailers are ultra-competitive with their prices. Wiser’s own surveys across several different market segments, including back-to-school shoppers, headphones shoppers, and toy shoppers, all indicated price as important, in the form of price comparisons, promotions, preferred retailers, and more. One survey conducted by technology firm First Insight found that shoppers listed price as the second-most important factor behind their decision to buy, trailing only quality.
Is the price too high? Too low? Can I get a better deal at a different retailer or with a similar product from another brand? Price Management Price Management: Increase Sales, Protect Your Margins, and Reprice with ConfidenceĪ product’s price remains one of the most important factors behind any consumer’s buying decision.
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