June 2022
Price Intelligence - pricing is now a priority
Over the lifetime of this business, it has been interesting to see how market conditions have altered how our price monitoring services are being used.
We are seeing significant increases in prices in all aspects of our lives, the reasons for which are well documented, and this in turn is resulting in the present cost of living crisis and higher price inflation that we’ve seen for a very long time.
One of our clients said to us this week "Pricing has always been important, BUT IT’S NOW A PRIORITY". This was an interesting take, where the process of online competitor price monitoring has become as much about preserving sensible margins in the wake of rising fuel costs, whilst simultaneously being competitive, and offering as much value as possible to clients. Why shouldn’t a retailer nudge a price up now? It is actually perfectly reasonable given they have rising costs in terms of energy to their physical sites, and the cost of transporting goods around the country.
The advantage of our ability to track the price of online competition, is that at least our clients can make sensible decisions based on real and up-to-date pricing data. Are they losing out on margin because they are too cheap? There is a well-documented example where we showed one of our customers that they could add 10p to the unit price of one item and still be the most price competitive of retailers offering a similar product. This made them an extra £65,000.00 in one year alone. On one product.
Consumers will be shopping around more than ever before – one BBC report last week focusing on household budgets carried the following headline "I’ll walk to the next shop to just to save 5p".
Therefore, it is vital that retailers balance all over the pressures in the present environment, and ensure that they offer a price competitive product, but continue to ensure that their own profits are not ignored also.
If you would like to understand how our competitor price tracking services could be adapted for you, then please call us on 01782 409788. Our service is bespoke, and designed to fit you – be that providing specific price information on key products, or more general overviews, and our team are well versed in recommending the right price monitoring service for you.
