Industries : Medical

Medical stores - how to win pricing wars? (victory loves preparation)

Amat victoria curam classical Latin wisdom says - victory loves preparation. If you're about to enter a long and exhausting war against competitor stores, then you better start with the preparations now. Price2Spy will help you with the pricing side of things.

This surprisingly competitive industry has undergone significant changes with the introduction of marketplaces (like, for example, Amazon) that get heavily used by small merchants who try to fight their way to market success.

Our clients range from mid-size medical retail stores operating on the national (or even international -  EU) market, all the way up to large US & European brands of medical instruments monitoring their retailer pricing policies across many different markets.

More recently, some of our clients who aim for the low pricing end are taking advantage of Google Shopping (and similar price comparison sites): instead of monitoring a broad market range,  they monitor just the cheapest seller shown there.

Product matching is done case by case - if there are standardized part numbers, which do get shown on competitor sites - we go for Automatch, while other cases are covered by manual product matching

Whatever way you use, Price2Spy will enable you to dive into various aspects of your competitive landscape by many different market segments (e.g. brands,  categories, suppliers). You will be able to easily drill down to the product details at any time - price history chart will show the development of prices over time, so you will easily recognize important patterns in your competitors' pricing behavior (for example: who's setting price trends / who's following).

Best price monitoring practices in medical industry

Here is how Price2Spy can help product managers from this industry

  • The number of sites monitored is usually between 15 and 30. In case of manufacturers / brands, this can grow much much higher (some of our clients monitor over 120 smaller and larger retail sites worldwide);
  • Monitoring marketplaces like Amazon is typically a must (usually for the cheapest price offered). In some cases several different sellers on Amazon are monitored individually - in order to ensure full pricing analytics on these channels as well;
  • In recent days more and more of our clients monitor GoogleShopping as a kind of shortcut to monitoring a multitude of individual sites. Again, GoogleShopping usually gets monitored for the lowest price offered (sometimes with shipping costs included, sometimes not)
  • Number of individual products (SKUs) can vary from 500 to 20 000 depending on the client size.
  • Price change alert emails are the most commonly used way of monitoring the price changes (in certain cases combined with Automated Price matrix report);
  • In case of larger clients,email alerts are divided (usually by product category or brand) so product managers get alerted only about products they are in charge of;
  • Use Pricing Strategy module to identify products with price increase / drop opportunities - it will result in a clear and interactive list of products and suggested pricing changes;
  • Most recent price changes (per brand or category) can be spotted via Pricing Dashboard;
  • The same goes for the share of cheapest products per site;
  • The most important feature used by brands / manufacturers is our MAP module - which helps them automatically detect retail sites who are in violation of minimal advertised price.