In a space where competition is only growing fiercer by the day, e-commerce players of all sizes are constantly seeking to juice out data that can help them drive timely and relevant market moves to win. Here’s where pricing and assortment intelligence prove crucial. Marketplaces eager to design new strategies to be able to offer the best prices across the industry are always on the lookout for an opportunity to beat the competitor’s pricing, all while monitoring how their competitors present their products on online platforms.
The e-commerce industry is rapidly expanding in terms of products, as well as pricing and assortment data, which is becoming increasingly complex. Most large-scale marketplaces are generally crunched for manpower, technology, resources, and time. Yet, they need competitive intelligence to improve their business ideas and strategies. Their product cataloging and product research operation are typically handled by the operation team or its offshoots.
Additionally, it’s a tedious job to analyze the daily data having a huge volume manually, and take necessary decisions for the improvement of product cataloging. To compete against large scaled marketplaces, every marketplace needs a self-serve dashboard for pricing and assortment intelligence to visualize. This allows them to compare products based on their prices, stock availability, etc.
Being a pricing and assortment intelligence provider, we have the expertise to track over 22000 SKUs across 16 leading Indian marketplaces for 71 zip codes every day. Data from online channels are automatically synthesized to display inventory levels, price changes, etc
Why do e-commerce platforms and marketplaces need price and assortment intelligence?
Price and assortment intelligence are two key components of any successful retail business. Price intelligence helps retailers understand the competitive landscape and make informed decisions about pricing strategies.
Assortment intelligence helps retailers understand customer preferences and create product assortments that meet their needs. Assortment intelligence also helps retailers identify new product opportunities and develop targeted promotions.
Data can be collected from various sources such as web applications, mobile applications, etc. We provide insights to retailers based on the information collected. This allows them to make data-driven decisions on pricing, product selection, and promotions to optimize sales and profitability. By leveraging both price and assortment intelligence, retailers can gain an edge over their competitors and maximize their profits.
Pricing intelligence is particularly useful for e-commerce platforms, as it allows them to quickly and accurately track and respond to changes in prices from competitors. This can help them to stay competitive in the market and avoid pricing their products too high or too low.
E-commerce platforms can use pricing intelligence tools to monitor prices on their own website as well as on other websites. This can help them identify when competitors are offering lower prices, and adjust their own prices accordingly. Additionally, pricing intelligence tools can help e-commerce platforms to track changes in market trends and consumer behavior, which can inform decisions about pricing strategy.
Another important aspect of pricing intelligence in e-commerce platforms is dynamic pricing, which is the practice of automatically adjusting prices in real-time based on market conditions.
Dynamic pricing can help e-commerce platforms to optimize prices for different segments of customers, and increase sales and profits. This can be done using machine learning algorithms that can process large amounts of data and make pricing decisions based on patterns and trends.
In summary, pricing intelligence can help e-commerce platforms to stay competitive by monitoring prices from competitors and market trends, and help them to optimize prices for different segments of customers to increase sales and profits, and improve the overall customer experience.
Read More: 5 Reasons to employ pricing intelligence for your e-commerce website
Why you shouldn’t ignore pricing data and insights
There are several benefits of using pricing intelligence for e-commerce platforms:
- Increased competitiveness: Pricing intelligence allows e-commerce platforms to monitor prices from competitors and adjust their own prices accordingly, which helps them to stay competitive in the market.
- Improved profitability: By using pricing intelligence to optimize prices for different segments of customers and market conditions, e-commerce platforms can increase sales and profits.
- Better customer experience: Pricing intelligence can help e-commerce platforms to offer competitive prices and targeted promotions to different segments of customers, which can improve the overall customer experience.
- Automated pricing: Pricing intelligence software can automate the process of monitoring, analyzing, and adjusting prices, which can save time and resources for the e-commerce platform.
- Real-time monitoring: Pricing intelligence tools can provide real-time monitoring of prices, market trends, and consumer behavior which can help e-commerce platforms to quickly respond to changes in the market.
- Better decision-making: With the help of data and analysis, pricing intelligence tools can provide e-commerce platforms with insights that can help in making better pricing decisions.
Assortment intelligence in e-commerce refers to the use of data and analytics to optimize the selection of products offered on a platform.
This can involve analyzing sales data, customer behavior, and market trends to identify which products are most likely to sell well and should be featured prominently on the platform.
Assortment intelligence can also include tools for predicting future demand and identifying new products that may be popular with customers. This can help e-commerce platforms improve their sales and customer satisfaction by offering a more relevant and personalized selection of products.
The perks of conducting an assortment research study
Assortment intelligence can provide a number of benefits for e-commerce platforms, including:
- Increased sales: By offering a carefully curated selection of products that are most likely to sell well, e-commerce platforms can increase their overall sales and revenue.
- Improved customer satisfaction: Assortment intelligence can assist e-commerce platforms to offer a more relevant and personalized selection of products to customers, which can lead to increased customer satisfaction and loyalty.
- Reduced inventory costs: By predicting product demand with data and analytics, e-commerce platforms can reduce their inventory costs by ordering only the products that are most likely to sell.
- Better supplier relationships: Assortment intelligence can help e-commerce platforms identify new and promising products, which can lead to improved s supplier relationships and more favorable terms for purchasing inventory.
- A better understanding of customer needs: Assortment intelligence can help to improve the overall customer experience by providing a better understanding of customer needs and preferences.
Price and assortment intelligence is powered by data. Retailers can leverage a variety of data sources, including online marketplaces, price comparison websites, and social media platforms, to track and analyze pricing data from their competitors. Retailers can also use customer feedback data to identify new product opportunities and optimize their product assortments.
By leveraging data from a variety of sources, retailers can gain a comprehensive view of the competitive landscape and make informed decisions about pricing and assortment strategies. By leveraging both price and assortment intelligence, retailers can gain an edge over their competitors and maximize their profits.
Price and assortment intelligence are two key components of any successful retail business. By leveraging price and assortment intelligence, retailers can gain an edge over their competitors and maximize their profits. Price and assortment intelligence enables retailers to understand the competitive landscape, make informed pricing decisions, and optimize their product assortments.
By leveraging both price and assortment intelligence, retailers can ensure that they are offering the best products at the best prices and maximizing their profits. By leveraging data from a variety of sources, retailers can gain a comprehensive view of the competitive landscape and make informed decisions about pricing and assortment strategies.
Pricing and assortment Intelligence are two critical components for every successful retail operation. To know how Netscribes market research solutions can help you drive tangible ROI from your go-to-market strategies, contact us.