Pricing intelligence refers to understanding market pricing intricacies using data mining to optimize pricing strategy compared to competitors. It helps businesses set optimal prices for maximum revenue and helps buyers find lowest prices. It is important due to increased consumer price sensitivity, aggressive competition that changes prices 50,000 times monthly, and increased price transparency from comparison sites. Retailers use pricing intelligence to adjust prices relative to competitors, optimize paid search campaigns, and assist employees to boost in-store sales. It involves data discovery, extraction, quality checks, and analytics to optimize pricing, improve in-store experiences, boost online conversions, and enable repricing.

2. ______________
What is
Pricing Intelligence?

3. It refers to the awareness of
market-level pricing intricacies
and the impact on business,
typically using modern data
mining techniques.

4. It’s used by
companies looking
to optimize their
pricing strategy
compared to their
competition.
It’s also used by
buyers who want to
optimize their
purchasing
strategies.

5. _______
Why is it
Important?

6. #1
Increased
consumer
price
sensitivity
It helps businesses to
set prices at the exact
best point where
supply and demand
produce the optimum
revenue.

7. #2
Increased
aggressivenes
s from
competitors
Retailers are using
pricing intelligence
combined with
dynamic pricing tools
to beat their
competitors and turn
inventory at an
accelerated pace.

8. Retail giants change prices
almost 50,000 times per month.
Source: risnews

9. #3
Increased
price
transparency
There has been a
significant rise in the
number of price-
comparison
websites/apps that
help consumers
ensure that they are
getting the lowest
price.

10. Who uses pricing
intelligence?
_______

11. Price intelligence is used by retail
organizations to adjust prices so
that retailers are right-priced
relative to their competitors.

12. It is used to shape the pricing
strategy, to optimize paid
search campaigns, and also by
the employees to help boost
in-store conversions.

13. Winners and
their peers tend
to agree that
Pricing
Intelligence is
one of the most
valuable
technology to
have in place.
Source: RSR Research, February 2017

14. __________Steps involved in
Pricing Intelligence

15. #1
Discovery
Identifying the right
sources to extract data
from the web.
Mainly, the product
pages on various
competitor sites.

16. #2
Extraction
Process of gathering
the price, shipping
information and other
available data from
the web using
automated web
scraping services.

17. #3
Measurable
data quality
Checking accuracy of
the extracted
information regularly.
Accuracy of data is
often high when high-
caliber web scraping
services are used.

18. #4
Reporting &
Analytics
Deriving actionable
insights from the data
that has been
gathered.

19. _________Applications of
Pricing Intelligence

20. #1
Optimize
pricing
strategy
Retailers are using price
intelligence to gain a
better understanding of
their price position in the
market to make strategic
pricing changes
according to real-data.

21. #2
Improve in-
store
experience
Several retailers have
taken price intelligence
into their stores and
empowered their in-
store associates to ease
the process of price
matching requests.

22. In March 2014, Walmart launched
Savings Checker.
It allows consumers to check prices
and get back the difference as a
Walmart Rewards eGift Card if
another local retailer has any of the
advertised products at a cheaper price.

23. #3
Boost pay-
per-click
conversion
rates
Retailers are using price
intelligence data in their
paid search campaigns
to throttle their ad
spend based on price
position relative to their
competitors and in-
stock availability.

24. This application can result in up to
a 64% increase in conversion rates
according to a study.

25. #4
Repricing
With the data that
retailers find through
price intelligence, they
can effectively reprice in
line with competitors.

26. With the rise in competition in
the retail industry, more and
more retailers intend to engage in
competitive price intelligence in
the next 12 months.

27. Today’s customer has access to
more information than anytime
in the history.
Comparing prices between
competing vendors takes just a
few keystrokes.

28. In such an era, it becomes all
the more important to collect,
mine and manage competitive
intelligence data.

29. This eventually leads to
increased market share by
ensuring that the pricing is
set correctly, boosting
revenues and being responsive
to the competitors’ actions.

30. PromptCloud offers fresh and custom
data feeds from the web to ensure that
you have a strong foundation to build
mechanisms for dynamic pricing.
Let us know your requirements at
sales@promptcloud.com to enhance
your pricing intelligence strategy.

31. www.promptcloud.com