Whether you’re a small-scale business or a mass retailer, if you’re selling products in different categories, you’ll notice their pricing logic follows different rules. However, the larger you are, the more difficult it is to keep track of all competitors’ price changes and decide how to proceed with your own prices. In other words, if you’re trying to scale your business, or are already large-scale, these issues definitely concern you.
You also need to keep track of your customers’ purchasing habits, sensitivity to price changes, and more – across all the categories you’re present in. If it hasn’t already, it’s surely starting to sound difficult now. When we’re talking about problems with such large-scale businesses, the key to the answer usually lies in automation.
Let’s see what Price2Spy can do in cases like these.
The client we’re talking about is an international retail chain, with over 2000 employees in the UAE and 20 category managers. The two main categories they’re present in are fast-moving consumer goods (FMCG) and Electronics.
The client has its own proprietary eCommerce solution, which is connected to Price2Spy via product feed. They are monitoring prices for around 20000 products, which change weekly. There are 8 competitors’ websites that are being monitored, together with marketplaces, and classic retail solutions.
This client has its own custom repricing strategy with numerous components, of which the most important are:
Let’s see what the operation workflow looks like in this case.
There are two groups of products – one group where the repricing changes are performed automatically, and the other where the changes are manually reviewed.
Let’s dive into a bit more detail.
The automated repricing is performed for “non-key products” and It’s executed twice per day. Automated repricing means that the client doesn’t need to review the price changes. Instead, the prices are changed by Price2Spy itself. On average, in a single day, Price2Spy automatically reprices between 400 and 600 products for this client. This number alone is enough to get a feeling of how much time & resources are saved by automating this process.
However, there are certain products that this client considers very important or “key products”. In these cases, more control is needed and this is why the process looks somewhat different. For the “key products,” Price2Spy performs calculations for the ideal price change (based on set parameters) and then only suggests the change. This suggestion is then reviewed by a team of 20 category managers and is either approved or disapproved.
For this client, Price2Spy performed these calculations twice a day – early AM and early PM. In a single day, Price2Spy would calculate price changes & create suggestions for between 200 and 300 products. On average, around 150 of those suggestions were approved and implemented. This was done via Direct Repricing via a Webhook on the client’s store.
Here you can see additional details about this case study and about the client.
The longer you keep using the completely manual approach, the more revenue will you leave on the table.
This is why you should use Price2Spy. Price2Spy’s Free 30-Day Trial will ensure that you have enough time to make the right decision. In case you have any additional questions, you can contact us at firstname.lastname@example.org
|Country||The United Arab Emirates|
|Industry||Multiple (FMCG, Electronics)|
|Platform||Client’s custom proprietary solution|
|Number of products||20000|