Here, you will gain insight on how to use Product Price Monitoring and Competitor Tracking as strategic tools for your retail business. You will understand how to power your dynamic pricing by leveraging competitor product pricing and in-stock status. You can also strengthen your knowledge about how retail competitive analysis can help you gain a competitive edge and optimise your retail ROI.
KEY TAKEAWAYS:
1) Tracking competitor pricing and product pricing.
2) Competitor pricing analysis and insights.
3) Repricing at scale with competitor data.
4) Avoid the “race to the bottom” by detecting competitor strategies.
5) Comparison between a brand’s assortment and its competitors.
5) Suggested Retail Price compliance by resellers to track.
6) Manufacturers Leveraging the latest techniques for Product Mapping and more…
Watch the recorded session here: https://jktech.com/webcast/competitor-pricing-intelligence-can-increase-your-retail-gmv-by-6/
Webinar - AI Powered Recommendation Engine for Businesses
Competitor & Pricing Intelligence Can Increase Your Retail GMV by 6% | JK Tech Webinar
1. LEVERAGING COMPETITOR
INTELLIGENCE FOR GROWTH &
PROFITABILITY
DISCOVER OPPORTUNITIES AND INSTITUTE DATA DRIVEN
DECISIONS, LEADING TO HIGHER SALE AND CUSTOMER EXPERIENCE
WEBINAR
6. Algorithms relying on data of
the last 2 years may need to be
revisited. COVID has rendered
history data unreliable and
unusable.
Time Series methods WILL NOT
WORK
9. A Retailer client of ours
increased GMV by 6% by tracking
competition, and intelligently
matching prices.
While still tracking profitability
goals.
Sounds interesting?
16. Competitor Benchmarking helps answer the following questions
Pricing Analytics –
Improve conversions & GMV
• What is my competitors’
range of prices? Where do I
stand at higher or highest?
• How many products do my
competitors have in each
category?
• How do prices vary by
channel?
• Am I priced above or below
my competition?
• What are the price spreads
with a product category?
• How do I compare a specific
product?
Assortment Analytics –
Enhance and personalise
assortment
• What are the assortment gaps
with respect to competition?
• What product attributes are
most popular?
• What are the new products
and brands that we need to
consider carrying? By store
/location/warehouse?
Brand Protection
• Which resellers/ markets have
MAP (Minimum Advertised
Price) violations that erode
my brand?
• What is the pattern of MAP
violations?
Promotions Analytics
• What promotions is our
competition running vis-à-vis
our promotions?
• Where should, and where
should we NOT match
competitor promos and
markdowns? (e.g. where they
have promoted a product that
is out of stock)
25. Top Findings and recommendations
Illustrative Outputs and Analytics
Recommended repricing for
products priced either highest or
lowest in the market
There is significant opportunity to
expand the assortment for the
whiskey category as there seem to
be significant number of brands
missing on the ABC Platform
Most products are priced
reasonably well below the market
average
28. Improving sales and capital management
THEPROBLEM
Post-COVID, Erratic demand patterns lead
to lost sales and inefficient use of working
capital
↘ identifying supply hotspotswithin days after pandemic
↘ rebalancing stocks across stores optimally
↘ selecting the right external data sources for enhanced accuracy
↘ identifying and quantifying categories that pick up or lose out
THE SOLUTION
Demand forecasting AI models recovery
scenarios across categories
Comp Intelligence based Pricing
interventions
↘ Classify products into one of Rapid bounce back, Slow, gradual, double dip or structurallyaltered
↘ optimised phased reopening of stores
↘ measuring sale correlation factors by category from website trafficdata
↘ recalibrating market share models
US 3.3M
Averageliftin Salespermonth
6%
Improvedconversion
THE BENEFITS
29. Pricing optimisation and recommendations for a Spanish apparel retailer
THEPROBLEM
Spanish reseller of premium apparel,
suffering from low sales velocity and
unnecessary margin loss
↘ Challenges related to initial pricing of goods
↘ Limited in their ability to optimise markdown schedules
↘ Pricing strategies based on perceived value and ignorant of demand
↘ Inability to make dynamic trade-offs between revenue and profits
↘ No way to account for cannibalisation at a brand level
THE SOLUTION
Use artificial intelligence & machine
learning to put pricing on autopilot
↘ Cohort-based optimisation of price based on brand and SKU attributes
↘ Initial pricing recommendation based on SKU similarityand demand
↘ Dynamic markdown schedules optimised for profit
↘ Pricing recommendations account for seasonality, cannibalisation & region
11%
IncreaseIn Revenue
8%
RelativeIncreaseIn Orders
THE BENEFITS
30. Leveraging location-based analytics and competitor insights
THEPROBLEM
Categorise stores basedon their risk profile derived
from analysing Competitor prices, location-based
metrics and point-of-interest basedcustomer data
THE SOLUTION
↘ Analyse and collate data from various sources that include census block-group data, POI-based
customer visits data, restaurant and gas stationsaturation metrics and competitor price data.
↘ Build a forward-looking index with a 6-8 weeks lag window to identify stores with higher risk to
increasing gas prices and inflation
↘ Create final store groups using statisticalinference models and suggest prescriptive actions to
these store groups
THE BENEFITS
↘ The Trade area analysis of the store location provides critical insights on store placement,
understanding customer behavior and geographical bias.
↘ The stores can be grouped into different tiers based on the insights derived and appropriate
prescriptive actions can be suggested to each store tier based on competitor insights, location
insights and influence of macroeconomic trends.
32. Competitor Benchmarking integrates into enterprise systems via tailored UX or
APIs
Exemplar from our e-commerce client
Tailor made app pulls data from
Competitor Benchmarking systems
via APIS
• Prices matched only for selected
products
• Prices matched only if inventory,
margin constraints are met
• Prices matched only if no
competitor gimmickry detected
Competitor Benchmarking
primed for a set of
products & channels
Data pulled via APIs Apply rules and models Pricing and discount
decisions pushed into
enterprise ERP systems
Competitor Benchmarking is
onboarded for the set of
products, categories and
competition
Push prices into SAPS4 Hana –
MM and SDvia Odata APIs and
other ERP systems
33. Broader Applications - Industries and Features
Food
Discovering trends
Grocers
Competitor Pricing
Restaurants
Menu Equivalence
E-Commerce
Quotes and Qualification
Fashion
Discovering trends
Travel
Discovering Prices
Insurance
Quotes and Qualification
More…
34. Our Discovery Offering unearths opportunities for improvement and builds a
business case…
We sample your data, processes and
levers and provide a roadmap to
achieve businessoutcomesusing data
driven decisioning
▸ Opportunities
▸ Levers
▸ BusinessCase and benefits
▸ Initiatives & low hanging fruits
▸ Value Realisation Roadmap
35. JK Tech US Inc.
608, Fifth Avenue, Suite 401,
New York, NY 10020 USA
JK Tech UK Ltd.
107-111 Fleet Street, London,
EC4A 2AB, United Kingdom
JK Technosoft Ltd.
F-3, Sector-3
Noida – 201301, India
Thank You
Kishore Rajgopal
kishore.rajgopal@jktech.com | +91 96865 66077
36. Our clients worldwide are enjoying business results that are difficult to ignore…
Grocery Deliveries
+03% Revenue
-35% Out-of-Stock
Grocery
SaaS for managing
independent Retail stores
Apparel
+08% Orders
+11% Revenue
Consumer Electronics
+05% Average Sale
-10% Out-of-Stock
Apparel
+14% Revenue
-03% Inventory
Jewelry
+05% Gross Margin
Pharma Retail
Healthcare
Algo for predicting
panic attacks
Retail
Product Attribution
Marketing
Hyper-local marketing
38. External data sources
• Point-of-Interest (POI) data to understand visitor rate,
median dwell and visitor landscape. Upcoming POI trends
by state, category and brand – sourced from third party
vendors.
• Mobility data to understand cross shoppinginsights –
Sourced from SafeGraph, CAP Locations, Veraset.
• Location based storesaturation data - obtained from
Google APIs and other geospatial libraries like
OpenStreepMaps
• Demographyprofile – Data sourced from the US Census
bureau, ESRI demographics data, Spatial.ai
• Environmental data – Weather and climate related data by
location – ClimateCheck, Tomorrow.io, CustomWeather
• Social Media Activitydata - From Spatial.ai
39. Benefits of acquiring incorporating external data sources
• Point-of-Interest (POI) and mobilitydata
Visitor statistics, Dwell times, Trade area analytics,
consumer insights, retail site selection, location-based
marketing, understand transience and store grouping.
• Location based storesaturation Data
Count of total establishments in the region, location-based
competitor discovery and profiling for retail stores.
• Demographyprofile
Customer spending data helps understand median
customer spending per transaction at an online site or retail
store. Also helps with customer and store profiling, based
on the demography metrics of visitor block groups like total
population, median income, median age, etc.
• Environmental data
Historical and upcoming weather patterns help model
seasonality into the forecasting and decisioning models to
enhance forecasting accuracy.
40. Competitor Benchmarking performs fuzzy matching as needed…
Example of Price comparison of an
item against identical
or similar products from the
competition
Illustrative Outputs and Analytics