The client is one of the world’s largest home improvement retailers. They are on the Top 10 list of world’s largest retailers, the top 30 on the Fortune 500 list, and in the Top 50 of Internet Retailers Top 500. They have stores in all 50 states, as well as in Canada, Mexico, and China. The client carries their own private label brand of items as well as brand names and they were in need of a competitor price monitor.
The Competitor Price Monitor Business Need
The client wanted to expand their competitive position in the online market. They needed a competitor price monitor that would provide complete and reliable data that they could count on to make strategic pricing and assortment decisions that would help promote their sales and margins. They client had an existing competitor price monitoring partner but was not satisfied with the versatility of the solution or the accuracy of the data. They needed a competitive intelligence solution that provided data that could be relied upon as accurate, provided improved mapping, full customization, and private label monitoring.
Private Label Monitoring
As the client and its competitors sell not only brand name products, but also carry their own in-house private labels, they needed a solution that could accurately and consistently compare similar products with different labeling.
Accurate data was critical for the success of the competitor price monitor. The client relied on the competitive intelligence data provided to make the best pricing and assortment decisions.
The client has an internal competitive intelligence group with their own competitive intelligence database. They needed a price and assortment monitoring solution that would feed data seamlessly into their database and that could also react quickly to changes needed.
The partner solution that the client had provided a web crawling solution and so was unable to provide either accurate data or private label monitoring. Also, finding a competitor price monitor that was fully customizable to meet their internal requirements was difficult.
Ugam Interactive was able to provide the client with the PriceTrac competitor price monitor that mapped products , instead of their existing crawling solution.
The PriceTrac competitor price monitor was able to meet all their needs including:
- Reliable pricing and assortment data
- Comparing brand and private label products
- Fast set up with customization
- Quick turnaround on new product mapping
With the PriceTrac competitor price monitor the client has been able to make better pricing and assortment decisions, resulting in increased sales and margin.