Making it Easy to Leverage Competitive Data and Insights

Making it Easy to Leverage Competitive Data and Insights
February 10, 2015 Revionics

Revionics’s Competitive Data Partner (CDP) Program continues to build momentum in the industry. Announced last October, the program was created in response to retailers’ request to “take the friction” out of leveraging competitive data and insights at the speed, scale and frequency required to price more strategically and precisely.

Today, Indix, the cloud-based Product Intelligence company that provides analytics and insights for brands, retailers and developers, is the 10th competitive data provider to join the program!

Other partners in the program include: BRAND VIEWENGAGE3, MARKETYZE, NIELSEN, PROFITERO, RETAILDATA, UGAM, WISER and 360PI.

Why is this program important to retailers of all sizes and types? The answer is simple, because no factor dominates shoppers’ decision-making processes like price. This program coupled with price optimization enables retailers to win the pricing game and avoid the race to the bottom.

The CDP Connector is key to helping retailers leverage Revionics Price Optimization to operationalize all of their competitive data in a systematic fashion. The Connector provides an easy-to-use interface that enables competitive data providers, including Indix, to directly send pricing data and insights to the Revionics® Price Optimization solution. The Connector supports all sources of competitive data and pricing intelligence, including shopped and audited data, online data intelligence, market data and pricing insights giving our retailer clients maximum flexibility.

By strategically combining competitive data with other external and internal data, science, strategy, pricing rules and operational constraints retailers can get pricing right from the start!

Survey after survey has shown that shoppers show a high propensity for walking out of stores when prices don’t meet their expectations. Relying on price-matching at check-out can be a “too little too late” strategy, and can result in retailers unnecessarily giving away margin dollars. High-performing retailers have instead taken a more strategic and fact-based approach to their pricing decisions by leveraging optimization – demand-based science and predictive analytics solutions. Revionics’ optimization innovation allows retailers to understand which competitors truly impact their shopper demand in different channels and markets down to the product level and to what degree they impact demand, so that competitive strategies can be precisely targeted and retailers can avoid the downward spiral of price competition against competitors that don’t impact their shopper.

Learn more about optimization and how it can enable you to:

  • Granularly analyze shopper behavior & price sensitivity
  • Understand the impact that specific competitor price changes have on their shopper demand
  • Understand which competitors truly impact their shopper demand in different channels and markets down to the product level
  • Profitably achieve price image objectives
  • Translate strategies into precisely executed pricing tactics
  • Simulate alternatives & prioritize decisions
  • Measure effectiveness & rapidly adapt to new trends

For more information, read the blog article written by Indix around this recent news, or click here to find out more about joining the program.