The retail industry is highly competitive and ever-expanding. The only way to stay
to build yourself a competitive edge over the competition and nothing says
like competitor intelligence.
• Competitor intelligence is competitor data that helps you make strategic
that help you beat the competition.
• Includes product, pricing, inventory, promotion, and logistic-related data
• Advantages include better customer relationships, improved customer
awareness of opportunities and threats, and faster response to market
• Deploying AI-driven competitor tracking tools can help you get accurate data
Competitor intelligence for retail industry
Simply put, competitor intelligence is information about your competitors
use to make strategic decisions to give your existing customers the best
while also acquiring new customers.
This could include product, pricing, inventory, promotion, and
can help you optimise your own strategies and processes resulting in
experience, retention, and acquisition.
Why is competitive intelligence crucial to maintain
profitability and customer relationships?
Since retail is one of the most aggressive and crowded markets, knowing
stand in comparison to your competitors will help you stay responsive to
changes to help you make strategic decisions, ensuring that your
continue to choose you over your competitors.
Some tangible advantages of competitor monitoring include the following:
Quicker response to market changes: With accurate and timely data about
competitor’s products, prices, and promotions, you will not only be able
only stay in pace with them but also better forecast and plan for the
Increased market share: by being aware of your competitors’ prices and
promotions, you are able to take advantage of a penetrative pricing
whereby you offer lower prices and better promotions to get your
Higher customer retention: Once you get their attention, you can show
they should choose you over your competitors. About 65%
of a business's
customers are repeat customers, so once you have them, you are
retain them than any other 3rd party reseller!
Earlier awareness of new market opportunities: With timely and accurate
into competitor day, you go from reacting to market movements to
planning for them. This way you are not only able to forecast your
moves but also identify new business opportunities before them.
Better preparedness for potential threats: similarly, with prompt and
data, you are not only able to identify new opportunities to capitalise
also identify potential threats before they become too big to handle
ensuring that you are never caught off-guard by new launch, promotion,
How pricechecker helps you gain
intelligence to stay
While competitor monitoring might sound expensive,
to get right in a market as large, aggressive, and competitive as retail,
competitor monitoring tools like Pricechecker
and efficiently monitors,
tracks, and fetches competitor data.
So what does Pricechecker monitor and how does it
Products and product segment data:Pricechecker
not only tells you when your competitor
has added a new product similar to yours or similar to products in your segment,
also tells you where you stand for that segment in terms of price and demand.
For example, if you are selling 4 brands of sound bars, you can find out if your
competitor has launched a new brand of sound bards and where you stand in terms
and demand for the sound bar segment.
Pricing data: Along with product data, Pricechecker
fetches the current price at
which your competitors are selling their products along with past prices of the
so you are able to identify pricing trends which will help you forecast and plan
own pricing strategy better.
also fetches promotional data about your competitors. This
includes promotion codes and price after promotion thereby giving you an insight
your competitor’s promotional strategy while giving you the accurate pricing
are paying if they choose to shop with your competitor.
This data allows you to optimise your marketing and promotion tracking
accordingly, so you are engaging your existing customers with the best deal
while attracting your competitors’ customers with your competitive pricing.
Customer ratings and reviews: Customer reviews and
can give you crucial insights
into the product, its performance, the potential demand for it, and any
that may impact customer satisfaction.
This can help you price, stock, and promote your products to maximise customer
satisfaction while planning for exigent circumstances based on competitors’
Data relating to Supply and demand: outside of
accurate competitor product,
price, and promotion data, Pricechecker also fetches stock
products. This data can help you understand and optimise your supply and
avoid shortage or surplus.
Basically, by deploying Pricechecker for your
will be able to make
data-driven business decisions regarding your products, pricing, and promotion
put you ahead of your competition.
Now that you know what is competitor intelligence, why you need it to stay
profitable, AND how Pricechecker can help you, let
you up with your trial account
so you can see pricechecker in action!