In today's dynamically changing markets, where competitors are constantly releasing new and enhanced products, adopting strategic pricing options, and researching about new ways to stand out from the crowd, Competitive Pricing and Intelligence is an absolute necessity to have an edge over others. But, what exactly is it?
In technical definition, Competitive Pricing and Intelligence refers to the process of having up-to-date knowledge of market-level pricing and their impact, both long and short term, on the associated business, thence developing strategies to top the list of market competitors. And, this is achieved with the help of modern data - mining techniques. These techniques help in sorting of data through large data sets, thus identifying patterns based on the given/fed parameters and thereafter establishing relationships to find a suitable and economically viable solution to the problem(s).
1. Increased Price Sensitivity i.e., being agile, alert and aware to the trends of the market dynamics
2. Increased Aggressiveness i.e., in terms of business, the ability to vary the prizes based on the data analyzed by the data mining techniques under competitive pricing and intelligence
3. Increased price transparency and showrooming i.e., comparative analysis of the plethora of prices offered across various e-commerce platforms
Thus, the aforesaid process is often used by a company and / or a business organization for developing strategic pricing plans as well as in market research and development. And that is where company like ours play a crucial role through their expertise in the vast and varied processes of data mining and management
However, it has few processes which are to be followed in chronological order to get the desired results. They are
Discovery - Finding the pages catering to the desired products on various competitor websites.
Matching - Determining with the help of either algorithms or human intelligence, whether or not the product is an exact match or if it is a comparable product or not.
Data Extraction - Process of gathering data- be it price, shipping information or any other, from the competitor websites.
Data Quality Measurement - Addition of extracted information and / or data to a suitable database and following it up regularly for data precision and accuracy.
Reporting and Analytics - Ability to achieve actionable insights from the gathered data.