The powers of the web are providing consumers with real-time access to product prices across dozens or even hundreds of retail sites at a time. However, retailers are challenged to keep a constant pulse on competitor pricing and consumer demands.
To assist retailers with their pricing initiatives, 360pi has released the 360insights suite. With 360insights, retailers have access to self-service dashboard reports and easy-to-read visualizations of pricing information. The offering is designed to give retailers valuable insights into how they can adjust pricing and product assortments to increase margins and overall revenue.
Retailers are empowered to dissect and react to competitor pricing data, even at the individual product or SKU level. One feature of the 360insights suite, called ThreatMap, provides a comprehensive view of relative price competitiveness by category and retailer. Users can explore ThreatMap to compare their prices with peers.
Because retailers have access to extensive pricing history, they can see how their competitors alter prices on a weekly, daily or even hourly basis. As a result, they have the intelligence to refine and optimize their pricing during pivotal selling periods such as the holiday season.