Competitive price intelligence (also called price intelligence) refers to the use of detailed analytics to create and optimize a retailer's pricing strategy. For example, a retailer might use price intelligence tools to scan the Web for pricing data, then use competitive price intelligence software to optimize its pricing based on the accumulated pricing data in order to better compete in the market and improve sales.
Most competitive price intelligence software and platforms provide retailers with the tools required to analyze industry pricing and obtain information on current market prices, detailed analytics to help make informed business decisions about pricing and the tools to measure the effectiveness of a competitive pricing strategy.
It consists of tracking, monitoring and analyzing pricing data to understand the market and make educated pricing changes at speed and scale. Because product pricing changes often, retailers need to constantly monitor their relative price position and incorporate changes within a dynamic strategy. However, this doesn’t mean lowering the price just because a competitor does.
Want to know how our Competitive Pricing Intelligence gives you a competitive edge over your rivals, then get in touch with our team at your convenience in order to get the best quotes.