One of the largest opportunities for retailers today is to improve their visibility and figure out how their competitors are pricing within a given market. The challenge is how they can do that using their existing budget.
Some large U. S. retailers are making their price adjustments based on a single competitor location in a region. Take a market like Atlanta, for example, which is an area of 8,300 square miles with more than 6.8 million people. Many retailers will take that market and price check one competitor location there, and then base their pricing for the whole Atlanta market, using this very limited information.
“This is not a very good way to get your pricing right for your customers,” Lyle Walker, VP of Strategic Enablement at Engage3, says.
The real opportunity is for retailers to improve their visibility and really understand how their competitors are pricing their products across the market. Engage3 solves this problem by utilizing online data, in-store data collection, and machine learning to QA collection processes. This leads to data that is accurate. We then deliver this back within hours so a retailer can really understand what their competitors are doing across their markets and locations, and even understand what their competitors’ KVIs are, etc.
“Without adding to existing competitive shop budgets, we can give you a window into your competitors’ reaction to new prices. We can track this over time and measure it, and then report against it,” Walker said. “You can make refined decisions that are localized to your markets and to your customers who shop at those sites,” he added.
Watch Lyle talk about what it takes to have comprehensive competitive pricing in your market.
