Managing pricing data in real-time helps companies optimise functionality by enabling them to understand market movements. The ability to collect a large volume of data from competitors’ and your own stores and present it in an orderly fashion helps decision-making and improves performance and productivity. Therefore, knowing the competitors’ pricing data makes it easier for brands and e-commerce businesses to define their own pricing strategies. Minderest explains this and the other benefits of data management tools.
Achieve a competitive position in the online market
On the one hand, pricing data processing allows you to stay one step ahead of the competition and secure a competitive position, from where you can face their moves head on. This is because data management tools collect information about changes in competitors’ prices, offers launched for users, and sales strategies applied to each product.
In turn, from this pricing data, you can identify customer trends and see how demand fluctuates based on these changes. The ultimate goal is to accelerate decision-making so that e-commerce businesses can quickly adapt to changes in supply and demand.
Improve the company’s performance
By combining your knowledge of demand and users’ trends with a price monitoring tool such as Minderest, you can analyse the performance of each of your products and services. Then you can propose new sales suggestions by organising items by product type, best sellers or those which are falling into oblivion. These steps will improve the company’s sales strategy.
On the other hand, having big data software makes it easy to identify pricing errors within the company, such as the incorrect application of a promotion, or even in customer transactions. With constant monitoring, these errors are located very quickly. You can mitigate their effects without causing significant damage and reduce costs. This speed ensures there is no delay in operations. Consumers can receive their products within expected time frames and remain satisfied with the brand.
How to perform pricing data management
Pricing data management tools or software enable online stores to enjoy all these benefits. These programs detect patterns and analyse the most pertinent data. The latest pricing suites analyse price indices. They collect information about promotions and competitor stock in any country in the world, in any currency and any sales channel. Data originates from competitors’ e-commerce sites and their stores in marketplaces such as Amazon. Another advantage is that the large volume of information they collect is stored in the cloud, so there’s no need for the company to have large data storage systems.
When you start implementing them, you may need to review how your organisation works to get the most out of this data. Employees, especially sales and marketing teams, should be aware that they will receive valuable information daily, and adapt their working practices to this new situation. This process is carried out with the help of a specialised pricing team to make the most of these benefits and improve performance quickly.