Whenever we talk about the main uses of Price Intelligence tools, we do it in terms of competition, but there is also a great unknown benefit; the synchronization of our catalogue with suppliers. In many cases, the assortment information that vendors make available to retailers is very poor, so that it is only manually possible to download and import such information, and sometimes there is no way to export it, and everything must be done in detail.
With an advanced Price Intelligence tool, we can monitor the assortment of our suppliers on a daily basis, being able to extract all the information that is relevant to us, such as products, prices, availability, sizes, colours, EANs, etcetera. We can even configure alerts to notify us when there is a change in the assortment, such as a drop in price or a stock break. All this information collected, can be processed by the client using an access via API, so they can synchronize their data with those of their suppliers on a daily basis.
If in addition to monitoring this information, we make a comparison between our different suppliers, we can even make smarter buying decisions, since we will know at any time which supplier has the best price for a particular product. This comparison could even be done in the same price intelligence tool.
As we can see price intelligence tools have great potential and when used properly can guarantee us good results.