Ugam, a retail analytics solutions provider, has enhanced its pricing intelligence solution with an engine designed to deliver real-time pricing data for millions of products. The pricing engine monitors online retail prices and consumer signals, then combines that information with third-party data to help retailers set competitive prices.
“It’s critical for retailers to have real-time data in order to make timely pricing decisions that make an impact on their business,” said Sridhar Sharma, CTO of Ugam. “If price data isn’t current, retailers may be perceived as not being competitive, which can be especially damaging on high-volume traffic days like Black Friday.”
The pricing intelligence solution is part of the Ugam platform, which provides retailers and brands with a data repository that contains 7.5 billion records. The platform powers real-time product pricing, assortment and content decisions.
“True on-demand, real-time data is no easy task,” said Mihir Kittur, Co-Founder and Chief Innovation Officer of Ugam. “Pulling pricing data and consumer signals about millions of products within seconds is definitely a challenge, but this is the information that retailers need to know to remain competitive. They need to be able to see what’s happening from both a competitor and consumer standpoint in real time and leverage historic data to take action that can positively impact their business.”