Competition is the baseline according to which pricing -if not most retail strategy- is often defined. Recognizing your target customers’ needs and demands and acting on them quicker than your competitors can give you a pivotal advantage in an increasingly demanding market. Further, it is crucial to monitor your competitors’ strengths and weaknesses, and how the overall industry reacts to market shifts in real-time, so your brand never lags behind or misses a window of opportunity. In a quick-paced retail environment, timely responses to changes, trends, and competitor activity can be the key difference between profitability and losses.
Intelligence Node’s Price Optimization Suite
Intelligence Node’s competitor tracking solution helps businesses spot opportunities and market trends to stay on top. It provides quick and timely competitor insights about pricing, promotion, and catalog movement, thanks to state-of-the-art modern technology and a massive product database. To understand the full potential of this comprehensive, accurate, affordable data feed, and what sets it apart from other price intelligence software on the market, here are three key benefits unique to Intelligence Node:
1. Access to One of the World’s Largest Product Databases
Intelligence Node’s proprietary database covers more than a billion products, tracking 800,000 eCommerce websites across 1400 retail categories. With automated monitoring of this scale at your service, your data output becomes significantly more comprehensive, accurate, and effective. Furthermore, it provides actionable insights across 100+ different languages with global scope, enabling your brand to track retailers across borders, with the ability to convert the data back into English for a uniform dashboard.
2. Real-time Data and Rapid Refresh Rates
Intelligence Node prides itself in an astonishing 10-second data refresh rate. There would be very few benefits of having a truly global volume of information at hand if it didn’t come with timely insights into actual developments during the process. Real-time insights allow you to see momentary developments in a shifting market and respond on the fly. Your team receives instant reports at the time of your choosing on the newest price and product changes and trends, so you know precisely when your competitors make a change and know just how to react.
This also means there is no longer the need to spend time browsing through competitor’s websites. Intelligence Node automatically monitors products and their prices- all the data you need to develop an informed strategy without manual crawling. As a direct result, this retains the highest levels of accuracy as it eliminates any human error.
3. Highly Accurate Insights
Through our proprietary categorization algorithm, Intelligence Node is able to deliver unmatched 99%+ accurate granular insights. We achieve these levels of accuracy due to our attributes similarity feature. This capability is plugged directly into our comprehensive database of attributes and a technology overlay that delivers near exact-match visibility- the closest to ‘perfect’ accuracy in the market.
How Does it Work?
Every brand or retailer has its own SKUs (unique URLs with product codes) related to each product. Intelligence Node tracks these SKUs and all other parameters or attributes of these products, such as price, product description, color, style, material, and so on. From there, our own proprietary algorithm finds similar and exact matches and sorts them out according to a number of parameters you choose.
The product mapping is followed by monitoring. Typically, price tracking is the primary priority- however, price tags alone can be misleading as retailers sometimes list products that are out of stock but keep their price tag on. Intelligence Node eliminates such errors by placing focus on catalog gaps (product availability) and product visibility to get a completely accurate picture.
Simply put: your brand can enter your website, choose a category to cover, then identify any number of competitors to track. Intelligence Node handles the rest. It provides a real-time display of your and your competitor’s pricing, products, and attributes. Customizable by nature, it allows users to view data by a number of different parameters, including price range, product performance and assortment, even internal feature offerings like shipping, and much more.
Conclusion
In today’s retail space, market research is an essential means to gain insight into your competitors’ prices, as well as the price consumers are willing to pay for your products and services. It is crucial to set your pricing strategy at a level that makes your business profitable while preventing your customers from looking elsewhere and abandoning carts in search of more competitive prices. To do that, you need to have insight into how your competition reacts to your pricing.
Competitor price-tracking tools are the most simple and effective solution to this challenge. Using these tools is no longer a hassle for thriving eCommerce businesses as automated solutions like Intelligence Node’s ultimately save hours of manual labor and resources to ensure flawless results. Access to Intelligence Node’s vast library of data and accurate real-time insights, enables your retail eCommerce business to balance competitive pricing with satisfactory profit margins while being one step ahead at all times.
