Use retail intelligence analytics and insights to stay ahead of your competition
If you're ready to use the best competitive pricing analysis tools in today's highly competitive, complex and transparent marketplace, take a closer look at leading strategic solutions that make the most of critical retail intelligence gleaned from your competitors’ eCommerce sites:
Simple-to-use SaaS-based applications enable enterprise retailers to:
- Compete more effectively
- Increase sales
- Grow profit margins
- Improve negotiations with suppliers
Today’s advanced and automated competitive pricing analysis software enables retailers to overcome these formidable challenges of eCommerce:
- Becoming a follower in pricing rather than a leader.
- Eroding margins, due to wrong handling of market dynamics, or due to lack of any action altogether.
- Negotiations with suppliers are not yielding the optimal margins, prices and product selection.
- Overwhelming marketplace complexity and data amounts which prevent retailers from creating an effective strategy and translating it to actions.
The best tools are recognized for their ability to obtain the most diverse data, while maintaining the highest levels of accuracy. Upstream Commerce is using the most powerful tools for delivering pricing, merchandising and assortment insights, and providing retailers with the most precise and best-informed competitive pricing analysis in the market.
Using competitive pricing analysis solutions, retailers can:
- Track and compare real-time competitive pricing information.
- Draw actionable insights by analyzing the competition.
- Use intuitive user interface capabilities to quickly hone in on specific pricing and assortment opportunities.
- Define alerts to keep a close eye on changes in the market.
- Optimize pricing on a continuous basis.
- Optimize pricing using automated rules-based predictive analytics
- Track, record and report MAP violations in the market.
- Improve negotiation with suppliers and brands on product selection, pricing, margin and promotion schedule.
Optimize your pricing plan of action with real-time and historical views
What does ‘competitive pricing analysis’ mean?
The benefits of Upstream Commerce’s software:
- Domain and technology experts. Upstream Commerce is led by executives with an average of 20 years of experience in technological solutions for retail. Upstream Commerce partners with its clients, offering them domain knowledge and expertise. A strong and committed services team will guide you through service rollout, full adoption and continuous growth in value created from pricing and retail intelligence.
- Serving the 15 main retail industries. Be it Apparel and Footwear, Health and Beauty, Mass Merchants, or other main retail or specialty industries, Upstream Commerce has the experience and can handle your competitive pricing and merchandising data and analytics needs.
- Data from primary sources. Upstream Commerce collects commercial data directly from primary sources – your competitors’ eCommerce sites – just as the shopper would see it, including general prices, MSRP, MAP, discounts, promotions, shipping data, product availability and shopping cart.
- Highest accuracy. A combination of technologies will ensure near 100% product matching accuracy, whether for same or similar products.
- Unlimited scalability. Cloud-based technology is leveraged for achieving unlimited scalability in the amount of data collected and processed, and in the capacity of the software to produce actionable insights and handle concurrent users.
- The most configurable and flexible tool. Upstream Commerce partners with you to create the business scenarios you need, configured directly into its Web portal, instead of trying to box you into a rigidly defined product. Using its proprietary suite of products operating within this platform, Upstream Commerce’s customers are able to benefit from the flexibility and diversity of solutions it provides.
- The most open and integrated platform. Competitive pricing data and analysis is strategic and central to your business. Various departments in your organization, such as eCommerce, merchandising and pricing will very quickly depend on this data and its derived insights for their business decisions. Upstream Commerce’s pricing intelligence software allows managers to import and “digest” any combination of product and business data from their databases, and then analyze it in conjunction with competitive product information simply and clearly for optimal business value.
- A comprehensive suite of tools all under one roof for making shopper-centric decisions in a dynamic and competitive market. Solutions include Dynamic Pricing, Predictive Pricing, MAP monitoring, Lifecycle and Promotional Intelligence, Advanced Trending, as well as its fundamental intelligence products for pricing and assortment.
FAQ about Retail Price Analysis
What is “Retail Price Analytics”?Retail price analytics comprise a very wide set of analytical tools used to help retailers better optimize their prices in order to compete more effectively in their respective marketplaces.
Price analysis is all about converting information into actionable data.
Available software is capable of collecting massive amounts of information that can be analyzed to produce valuable insights on the retailer’s standing among his or her competition. These insights are used to produce a data-based pricing strategy.
What are the benefits of retail data analysis and how it drives pricing strategies in ecommerce?
- It allows the retailer to better know his/her customers
- It allows the retailer to discover pricing opportunities
- It allows the retailer to strategize price changes
- It allows the retailer to optimize his/her pricing
Should all online retailers practice competition-based pricing?To a certain extent, yes. It of course depends on the size of your retail business. If you’re a small local business, highly sophisticated pricing intelligence solutions would be an overkill -- and probably too expensive.
On the other hand, keeping your finger on your own, and your competitors' pricing pulse is essential, as your potential and existing customers alike are practicing price comparison.
Knowledgeable customers are the big game changer. If you’re not aware of how your prices fare in comparison to those of other vendors selling identical or similar products, you’ll never be able to stay competitive in today’s highly dynamic and competitive marketplace no matter the size of your market.
What can retailers gain from using competitive pricing research?
- Tracking and comparing competitive pricing data in real time
- Drawing actionable insights about your competitors
- Identifying specific pricing and assortment opportunities
- Setting up alerts for specific changes in the market
- Optimizing your pricing on a day-to-day basis
- Improving negotiation with suppliers on product selection, pricing, margin, and promotion schedule
What are the best practices for implementing price analysis software?Strategize early
Once you implement a pricing intelligence solution, you need to immediately start planning your competitive pricing strategy. You’ll need to take into account your brand, market positioning, business targets, and growth plan.
Have an adoption plan
After integrating pricing intelligence into your retail operation, you’ll need to define new benchmarks for your various KPIs.
Use the data to enhance performance across your entire operation
You’ll quickly realize that there is so much more you can do with the data besides optimizing your pricing strategy. You can have your staff use it to set up targeted promotions, analyze product lifecycle, and optimize product assortment.
Configure the intelligence for the different people in your organization
There shouldn’t be just one data output, but rather have the reporting and analysis configured for the different positions or departments in your organization. For example, buyers have different needs than supply chain managers or webmasters.
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