when it comes to pricing and assortment in this nutrition and food supplement industry, our clients face a really long list of challenges, related to the various aspects of their business:
many products without standardized packaging, or coming in different flavors
quantities, weights and sizes that are not always easy to compare
price and availability that greatly vary based on shoppers location
brand names that are used interchangeably
CorpoPerfeito - our Brazilian clients
Working with many different clients from all over the world (just to name a few markets: Brazil, Germany, Spain, Turkey, Canada, New Zealand) we have learned that manual product matching is the only viable way of matching the products. Our clients typically do this themselves – however, there are several important exceptions, where clients use Price2Spy for regular product matching of new products that arrive in assortment.
As for your daily pricing operations – Price2Spy reports and dashboard will make your life easier by enabling you to quickly check various aspects of your competitive landscape by many different segments (e.g. brands, product categories). 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
Here is how Price2Spy can help product managers from this industry
The number of competitor sites monitored is usually between 10 and 20.
In countries where Amazon / Ebay operate – monitoring such marketplaces 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;
Number of individual products (SKUs) varies: from 200 to 5 000 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);
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 which will hopefully result in turnover / profit increase
Furthermore, 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;
MAP module helps identify competitors who do not honor MAP (minimal advertised price) recommendations