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- Price_intelligence abstract "Price Intelligence (sometimes referred to as Competitive Price Intelligence or Competitive Price Monitoring) refers to a concept or practice that allows retailers to be aware of market-level pricing intricacies and have insight and awareness of their impact into the business. It typically includes a detailed analysis of pricing data utilizing modern data mining techniques. It is differentiated from other pricing models by the extent and accuracy of the competitive pricing analysis. The technique can be applied by companies seeking to optimize their own pricing strategy relative to their competition, or by buyers seeking to optimize their purchasing strategies.It involves the following key elements: Discovery - finding product pages on various competitor websites Matching - determining through algorithms, whether or not the product matches exactly, or if it is a comparable product Extraction - the process of gathering the price, shipping and availability data from the eCommerce website Cloud computing - often recruited to help manage big data Measurable data quality - The database is regularly checked for accuracy Reporting and Analytics - ability to gain actionable insights from the big data that has been gatheredPrice Intelligence has become a table stakes requirement for retailers, for several key reasons: Increased consumer price sensitivity Increased aggressiveness from competitors. Retail giants like Best Buy and Walmart change prices upwards of 50,000 times per month. Amazon is the most aggressive with pricing, changing prices every 10 minutes or even more often than that at times. Increased price transparency and showrooming Increasing smartphone adoption has played a large roll in the prevalence of showrooming because there are several options for price checking apps; Amazon has Price Check, eBay has Red Laser, and Price Tracker is another favorite. These companies are making it easier for consumers to ensure that they are getting the lowest price. This phenomena is on the rise because 20% of smartphone users check prices in stores and buy online for cheaper, but 96% plan to showroom in the future. Amazon and their ever-growing market share. Amazon is a unique retailer because it operates at a loss, however it has gained a large share of the market and cultivates customer loyalty. In 2013, Amazon announced that its price for free shipping on certain products was jumping from $25 to $35. Since Amazon is the loss leader, it is able to offer products at a low price, which entices competitors to drop their prices as well. Amazon has a rocky history with repricing items. It collects huge amounts of data from its customers and often uses it to reprice its products. In 2000, it was widely criticized for testing prices by charging customers different prices for the same items. There are several technology companies that specialize in using modern data mining techniques to discover, match, extract and report on competitive pricing data. One of the largest players in the market, Black Locus, was acquired on December 17, 2012, for an undisclosed amount by home improvement retail giant, Home Depot.According to RSR Research's 2013 annual pricing benchmark study that surveys retailers, 13% of retailers have fully deployed price intelligence solutions. Another 54% of retailers surveyed were either piloting, evaluating or exploring putting one in place. A main driver of the deployment of this technology, is the lack of clean price and competitor data through traditional and manual methods.Price intelligence is used within retail organizations to adjust prices so that retailers are right-priced relative to their competitors. It is used both in corporate head office to shape the pricing strategy, to the marketing department to optimize paid search campaigns to in-store employees to help boost in-store conversions.".
- Price_intelligence wikiPageExternalLink blacklocus.com.
- Price_intelligence wikiPageID "34069053".
- Price_intelligence wikiPageRevisionID "602198188".
- Price_intelligence hasPhotoCollection Price_intelligence.
- Price_intelligence subject Category:Pricing.
- Price_intelligence comment "Price Intelligence (sometimes referred to as Competitive Price Intelligence or Competitive Price Monitoring) refers to a concept or practice that allows retailers to be aware of market-level pricing intricacies and have insight and awareness of their impact into the business. It typically includes a detailed analysis of pricing data utilizing modern data mining techniques. It is differentiated from other pricing models by the extent and accuracy of the competitive pricing analysis.".
- Price_intelligence label "Price intelligence".
- Price_intelligence sameAs m.0hrf31_.
- Price_intelligence sameAs Q7242614.
- Price_intelligence sameAs Q7242614.
- Price_intelligence wasDerivedFrom Price_intelligence?oldid=602198188.
- Price_intelligence isPrimaryTopicOf Price_intelligence.