Philips – Netherlands
How Price2Spy helped Philips to deal with constant price changes
Philips & Co journey dates back to 1891, when Frederik Philips and his son, Gerard, founded the company in Eindhoven, Netherlands. Inspired by the introduction of electricity, they created a pretty daring plan – creating cost-effective light bulbs. Since then, Philips has been gradually expanding its business, creating products that people didn’t even know they needed until then.
For 130 years, Philips keeps enlightening us with different innovations.
But even such visionaries sometimes need help.
Philips’s meaningful innovations have improved the quality of life for millions, creating a strong and trusted Philips brand. With their understanding of many of the long-term challenges our world faces, they see great opportunities to apply their brand and competencies meaningfully across the health continuum.
But, being in charge of such a huge brand and trying to continuously stay on top is far from easy. Offering products that can be a part of different industries like healthcare, electronics, and beauty, means gathering many competitors along the way. Moreover, in today’s fast-paced business environment keeping track of price changes is more demanding than ever.
Therefore, Philips has encountered two main challenges:
- Lots of manual work
- Analyzing the results
At first, they tried to resolve everything manually. However, soon it becomes obvious that it was an impossible task due to a large number of products. This brought with it another problem – data analysis. To predict future price changes, it’s imperative to understand the products’ price history. Manual access to such data was almost impossible.
Thus, Philips realized that they needed help. After researching who could help them and how they came across Price2Spy.
Price2Spy's given solutions
Our Price2Spy team had to think about what would be the best approach for such a big client as Philips. The following solutions appeared as the most suitable ones:
- The premium account enables automated reports – in this case, the client decided to use 4 reports – Price Matrix. Price Matrix is one of our most important reports, therefore it’s commonly used by our clients. By using it, the clients can check what’s going on with the prices on various websites, and also check the price change percentage – the difference between previous and current prices. The fourth report is the Product/Website List meant for checking which of the products are unavailable.
- Split products across countries so they can monitor different markets
By doing so, Price2Spy allowed Philips to gather all data in one place, but with the option of filtering different products and markets. That resulted in organizing data in various reports, including the historical report that this client finds especially important.
“Price2Spy did meet our requirements and we are very satisfied with the service. We want to point up fast responses from the Price2Spy team to all our questions and concerns. That was very much appreciated since it’s in alignment with our core values – We listen, discover, and challenge, to deliver meaningful innovation to people based on one consistent, core belief – that ‘There’s always a way to make life better.“ – Philips
Do you also struggle with staying on top of the market? Don’t waste any more time and start your 30 days free trial period with Price2Spy.