7 Compelling Reasons Retailers Should Use Pricing Intelligence Solution Providers

With pricing intelligence solutions, retailers get an ongoing handle on the marketplace, receiving objective, scientific data to learn how their prices and assortment compare with their competitors’.  This, in turn, enables them to set the best price levels and know how often to adjust pricing to compete more effectively. The best competitive pricing intelligence solutions deliver online retailers powerful Software as a Service (SaaS) tools, to track competitors pricing 24/7, gain pricing insights, and identify significant pricing opportunities. Here are compelling reasons for retailers to use an outside pricing and assortment intelligence provider:

1. To Embrace Objectivity. Your data will be accurate, scientific, and objective. Pricing and assortment competitive intelligence providers aren't influenced by preconceived ideas or emotions of how you or your colleagues or your company think they SHOULD be. Intelligence solution providers see and report your company's pricing and assortment as a whole rather than from a specific perspective within the company, so retailers will have the big picture, and not just a limited view.  

2. To Employ A Scientific Approach. We're past the days when mom and pop would have a finger on the merchandise and anticipate the needs of the customers. eCommerce data is scattered, noisy, widespread. A provider is able to get the difficult-to-find information for you, daily, 24/7, and present it in timely, usable, actionable ways.

3. To Save Time & Money. Providers already have the top-performing software and technology in place. It's folly for retailers to spend time and money trying to find programs; to have staff people learn what to do; and still wouldn't have the resources, capability or depth to do it on the level that providers already do.

4. To Utilize The Most Advanced Technology Available. Your pricing and assortment intelligence provider has the sharpest tools and is constantly sharpening and updating them. This ensures that your company has the latest, best information, and is positioned to make the most up-to-date, informed, competitive decisions possible.

5. To Respect Competence & Experience. A pricing intelligence solution provider understands the software and the marketplace. Competitive pricing and assortment intelligence is the provider's specialty and gives retailers a bird's eye view of the competition. Your provider is set to provide you with the data you need on a daily, ongoing basis, to mark marketing and trends and analyze your data in the most efficient ways.

6. To Know The Competition. You've got to know what your competition is doing, just as your competitors want to know what you're doing. This is best done through a pricing intelligence solutions provider, who has access to the information you need. 

7. To Run Like You're In A Marathon.  Retailers need pricing intelligence solutions delivered to them in regular, ongoing ways -- long term. Retailers have to take in the data and plot the trends and the strategies of their competitors over time as well as instantly. It takes time to make the roadmaps to visualize the trends, and develop the best, most effective, profitable competitive pricing and assortment decisions for business success. Both retailers and intelligence solutions providers are in a marathon, not a sprint. It's in both your interests to partner up for the long run.    

Takeaway:

Retailers need the most up-to-date, objective, scientifically-based intelligence to gather marketing information and spot trends over time, and, ultimately, to price most effectively. To know and beat their competition, retailers have to be in the best possible competitive condition. They're in a marathon -- and so are the pricing intelligence solution providers -- guiding them stride by stride to a mutual, cooperative victory.  

Take Upstream Commerce’s pricing intelligence tool for a “test run” today, and see what the industry's most robust, cost-effective solution for increasing revenue and sales volume can do for you.    

 

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Gilon Miller, CMO

About Author

Gilon is a seasoned marketing, sales and business development executive with over 15 years of experience in the software and Internet business. He is the Founder and CEO of GuruShots. Previously, Gilon was the CMO of Upstream Commerce, VP of Marketing at iMDsoft and Director of Global Marketing at SAP. He earned an MBA at the MIT Sloan School of Management and a BS in Electrical Engineering from Tufts University.
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