Medical and Pharmaceutical stores - how to win pricing wars?
- 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
- 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 want to monitor just the cheapest seller shown there
- Large number of SKUs from different categories
BEST PRACTICES AND SOLUTIONS
It is important to be up to date with every price change. In case of larger clients, this is more difficult. Here, email alerts are divided (usually by product category or brand) so product managers get alerted only about products they are in charge of.
Product matching is done case by case – if there are standardized part numbers, which do get shown on competitor sites – we go for Automatch. Automatch will keep trying until it finds the matching products, and when the product gets added to a competitor’s site, Automatch will pick it up, and add it to your Price2Spy account.
The cases which can’t be covered by Automatch, are done by manual product matching. Our manual product matching team can help in such situations. What we’d need from you is a list of products you would like added to Price2Spy, followed by a list of your competitors. After that, your Price2Spy account will be set up.
Multiple markets, single account
Need to monitor more than one market, but don’t want to complicate things with creating multiple accounts? No worries, Price2Spy has a solution for this as well.
MAP (minimal advertised price)
If you’re about to enter a long and exhausting war against competitor stores, then you must detect retail sites who are in violation of minimal advertised price. Our MAP module will help you.
In such competitive industry it is vital to be well informed about the situation on the market. With Pricing strategy module, you will be able to detect on time products with price increase / drop opportunities, and to define your strategy accordingly.