Proper pricing of a product is one of the most important factors to satisfy customer needs and to maintain a margin for the sake of the business. For consumers, getting the desired thing at an affordable price is the sole need and with a growing competitive nature of the market, deciding a beneficial price for both the consumers and the providers is becoming hard. This is where Price intelligence comes into play.
WHAT IS PRICE INTELLIGENCE:
The growing e-commerce field has positively increased the competition in the market thereby elevating the fluctuations in prices. According to reports many large brands like Amazon has to fix their prices every few minutes. Price Intelligence operates on data acquisition using automated software or data mining to determine a proper price for a product. Hence, it helps you to match consumers’ requirements and also keep your brand in the competition. So, what defines Price Intelligence? You can call price intelligence the ability to determine profitable pricing, by tracking monitoring and analyzing the prices available in the market including the prices offered by competitors.
IMPORTANCE OF USING PRICE INTELLIGENCE:
To know the importance of using Price Intelligence, you have to know the disadvantages of not using it.
• The increased competition among the brands to gain maximum profit can adversely affect the profit rate due to lowered price margins
leading to position loss in the market.
• Maintaining prices has become harder with the increase of new sellers in the market through the e-commerce platforms like Amazon, Flipkart, eBay.
Considering the above cases, we can say that, Price intelligence is important because it helps you to determine a price that will maintain the margin and will keep you in the competition.
HOW TO IMPLEMENT PRICE INTELLIGENCE BY MONITORING COMPETITOR PRICES:
Implementation of Price Intelligence follows the three basic steps that are,
• Analyzing your competitors in the market.
• Gathering data on competitors can also be done using automation.
• Analyzing the collected data, to adjust your prices.
Now coming to monitoring competitor prices, this can get carried out using the following steps,
1. By matching your price with the competitors’ prices, maintain other specifications of your business.
2. By manually adjusting the prices of your products.
3. Creating a sales strategy to compare your product specifications with your competitors
4. Using automated repricing is advantageous for larger product quantities and is easy to scale.
If you are searching for a solution to your pricing problems, then SS Technology’s Price Intelligence Service is The Best. SS Technology’s Price Intelligence Service provides accurate and real-time pricing data so that you can strategize and act better. So, with SS Technology, bid adieu to your business worries forever.