Price intelligence: How to win custom in a price-transparent world

 

 

Consumers today are smarter, savvier and sharper than ever. Over the past decade, the continually growing use of the internet has made it easier and faster than ever to comparison shop. During the recent recession, shoppers learned to lean even more heavily on the Web to do research and find good deals. Now, as the economy recovers, these sharp consumers are not about to go back to their old ways. In addition, future technology advances will make it only easier for consumers to comparison shop.

 

The result: a bevy of research-focused consumers and a price-transparent world. What’s a retailer to do? Use their intelligence - specifically, price intelligence.

 

Rapidly becoming a best practice at online retail and consumer products companies worldwide, price intelligence refers to computer-based systems that identify, compare and analyse pricing and other revenue-related data for a business’s own operations as well as its competitors – data that is critical to making informed pricing decisions.