In a commoditized world, it is really difficult for e-commerce players to distinguish their products from millions of similar products proliferating the marketplace and sold online. Therefore, e-tailers need to come out of the traditional competitor price tracking mechanism to improve customer experience and boost profitability. Leveraging an analytics-based competitor price tracking approach can help companies to remain competitive in the dynamic retail market by helping them gain a clear, detailed competitive data analysis to ensure efficient price monitoring.
Our pricing analytics experts help businesses to make accurate pricing decisions by analyzing a host of factors that impact pricing including sales forecasts, demand, market intel, and reference price points. Talk to them right away.
The client, a leading E-tailer, was looking at leveraging competitor price tracking solutions to track market price trends and competitors’ pricing strategies. This is when the e-tailer approached Quantzig to leverage its competitor price tracking solution to analyze competitors’ prices and gain in-depth insights into their sales data, product rotation, and historical trends to analyze the impact of their promotions on brand value.
Problem Statement 1:
The client was finding it difficult to understand the best way to manage the price in a highly competitive e-commerce market. They wanted to analyze the promotional actions of competitors to devise better pricing strategies.
Problem Statement 2:
Inability to retain valuable customers was the major cause of the client’s second challenge that resulted in the dip in profit margins.
Problem Statement 3:
Key competitors and new market entrants were acting as barriers for the client when it came to providing better customer experience and as a result, the e-tailer was looking for smart competitor price monitoring methods to improve their customer retention strategies.
Quantzig’s pricing analytics solutions offer a new way to competitor price tracking and analyze the pricing strategies adopted by them to arrive at conclusions that help businesses determine the best suitable pricing approach. Request a FREE proposal now to gain in-depth insights into our analytics solutions.
Solution Offered and Value Delivered
Our pricing analytics experts worked with the client to analyze their core business challenges and devise a robust competitor pricing analysis framework to effectively track competitor pricing strategies over a certain period. We adopted a comprehensive three-phased approach to help the client achieve groundbreaking results by transforming their ability to analyze their competitors and achieve a significant increase in profit margins.
The first phase of the competitor price tracking engagement focused on the thorough analysis of market trends that helped the experts understand what price customers were willing to pay for products as well as what competitors in the industry were charging.
The second phase of the competitor price tracking engagement revolved around benchmarking competitors to determine the ideal pricing to successfully launch a product in a competitive market with appropriate pricing.
In the third phase of the competitor price tracking engagement, the pricing analytics experts focused on developing a customized analytics dashboard to help the client track their competitor’s pricing strategy in real-time. Also, this helped the client to optimize their budget allocations and lead to improved ROI.
Our intuitive, real-time pricing analytics dashboard can help you track key pricing metrics to ensure you adhere to your business requirements. Request a FREE demo below to know more.
Quantzig’s competitor price tracking solution also helped the client to:
- Improve customer retention by 2X
- Increase annual profit margins by 39%
- Devise better pricing strategies to drive customer loyalty
- Improve flexibility and customer responsiveness to enhance the brand value
Why Choose Quantzig as Your Next Pricing Analytics Partner?
Quantzig is committed to offering cutting edge pricing analytics solutions to help companies institutionalize data-driven decision making and tackle complex business challenges. Quantzig’s advanced pricing analytics solutions are flexible enough to accommodate the evolution of the solution through dynamic changes in your business. Our pricing analytics team leverages the latest statistical approaches and platforms and delivers it to you through an agile approach that’ll help you accelerate your journey from data to decisions.
To learn more about competitor pricing tracking mechanism, request for more information below