A recent survey conducted by Revionics across 100 leading retailers reveals that the need for competitive data and insights is critical as they battle intense pressure from consumer price transparency and increased competition.
Revionics Survey Reveals How Leading Retailers Tap into Competitive Data:
- 100% of respondents integrate some form of competitive data into pricing decisions
- 65% of respondents use more than one source for their competitive data
- 45% stated that they use three or more types of competitive data
- For retailers that use more than one vendor – 70% responded that they use three or more data types
The Competitive Data Partner (CDP) Program
Revionics Competitive Data Partner Program includes many of the retail industry’s leading competitive data providers and enables retailers to seamlessly incorporate all sources of competitive data into competitive positioning to rapidly and strategically respond to the ever-changing competitive marketplace conditions and achieve their desired price image. The members of this program include Brand View, Engage3, MarketYze, Nielsen, Profitero, Retail Data and 360pi.
“Systematically incorporating competitive pricing intelligence and then applying science, rules and constraints with strategy ensures retailers are making optimal fact-based pricing decisions”, said Marc Hafner, Revionics CEO. “With the continued rise in multichannel shopping and price transparency, operationalizing the use of competitive pricing intelligence at speed, scale and frequency is crucial to a retailer’s success.”
The program introduces the industry’s first Competitive Data “Connector” which provides a simple to use, standard interface enabling competitive data providers to directly send competitive pricing data and insights to Revionics® Price Optimization. The “Connector” supports all sources of competitive data and pricing intelligence including shopped and audited data, online data intelligence, market data and Pricing Insights through the existing alliance with Nielsen.
Ingesting data directly from a provider takes the burden off of the retailer, freeing them to focus on more strategic activities. The “Connector” enables competitive data and insights to be systematically operationalized with other critical internal and external data at the speed and scale required to make optimal pricing decisions in today’s hypercompetitive retail environment.
Learn more about Revionics Pricing Intelligence, click here.
For more information about this program, click here.
To read a blog written about this program on the Brand View Web site, click here.
To read a blog written about this program on the MarketYze Web site, click here.
To read a blog written about this program on the Profitero Web site, click here.