Consumer electronics – no price monitoring, no success
- One of the main characteristics of this industry is the large number of products with relatively short life cycle. However, Price2Spy is equipped to easily handle large product catalogs, which is essential for optimizing the pricing and assortment of a wide range of products. Get into the depths of your competitive landscape by many different segments (e.g. brands, categories, suppliers)
- Most of the products from this industry have standardized part numbers, meaning that Automatch is possible in most cases (for example: a Scandinavian distributor of several global brands is monitoring nearly 120 sites across 7 countries)
- Large stores typically have different category / brand managers. In some cases, the work is split by product category (mobile devices, cameras etc.), while in others it can be done by brand, or even by product supplier. No matter how your internal organization works, Price2Spy’s flexible setup can address it – so each product manager takes care (and gets alerted) only of the products from his domain
- One specific request we have encountered in this industry was the necessity to monitor not only the product price, the very strict availability conditions (for example: the product is considered available only if it can be shipped that very day), but cashback / promotional prices as well
- In some cases, monitoring price comparison sites (like vergelijk.nl in Holland, idealo.de in Germany or prisjakt.nu in Sweden) can be a shortcut for monitoring a multitude of other sites. However, such approach means that you’re monitoring only the cheapest price on the market, and you lose the information on individual site pricing (meaning no price analytics per individual retailer)
BEST PRACTICES AND SOLUTIONS
Integration: API / Feed
When you have a large number of products, as it is in the case of this kind of industry, API integration is usually a must (Typically, the client’s software initiates the process by inserting new products into Price2Spy. Price2Spy then performs Automatch, and feeds fresh pricing data back to the client’s software). The alternative to API would be creating a feed of your products – to be passed to Price2Spy on daily basis.
By using Pricing Dashboard, you will be able to track most recent price changes, as well as stock movements (per brand or category); the same goes for the share of cheapest products per site. In most cases these reports are segmented by categories / brands / suppliers;
Head to Head / Price index comparison reports
By using comparison reports, you will be able how do prices of a particular competitor compare to yours. On the other hand, price Index will show how competitor prices were evolving over time.
MAP (minimal advertised price) violation module is heavily used in order to spot competitors who are violating MAP agreements, and to document such occurrences. Many of our clients use Price2Spy to warn manufacturers when their competitor violates the MAP price.
Use Pricing Strategy module to identify products with pricing opportunities – it will result in a clear and interactive list of products and suggested pricing changes. Price changes can even be automated, upon client’s requests.
Price change alerts
This a highly competitive industry, and during high season (for example: Black Friday) one cannot afford to have inadequate price, not even for a single day. This is where Price2Spy price change alerts come in – so you can react swiftly. Of course, alerts should be used on limited number of SKUs (or just for important price changes) – otherwise your mailbox might get swamped.