PriceIntelligence software for eCommerce price intelligence
PriceIntelligence is a software solution by RS Media Group, a German company for omnichannel consulting, management and software solutions. The solution is cloud based software as a service (SaaS). The purpose of every price intelligence is to help retailers to obtain information on how their product prices compare to the competition. PriceIntelligence makes it possible to monitor product prices automatically. Its users should get quick and comprehensive overview of the market. That makes it possible to make informed decisions based on well-founded market intelligence.
The process goes as follows:
- Retailer uploads products data to the PriceIntelligence cloud. Data can be uploaded to the cloud in CSV file format.
Data must contain product EANs (Global Trade Item Number – GTIN) and prices.
- The price intelligence software automatically gathers comparable data for uploaded products. Data is gathered from more than 10000 online sources. It includes availability, delivery times and shipping costs. The data can be updated every hour.
- Business analytic reports are generated
Retailer gets a comprehensive overview of online offers by other retailers. Reports can be displayed through a web interface, as downloaded file or through an API.Product prices are ranged in three categories: expensive, optimal, cheap.
- Based on information received from the report, retailer can adapt prices to the market.
From video presentation of the product: ‘PriceIntelligence compares your assortment with that of your competitors and makes actionable suggestions. Every day, you’ll also have some products just selling unnecessarily cheap, for example if your competitors are out of stock. Those will be offered for a price increase. Price intelligence can generate repricing suggestions based on your rules and even reprice your items according to your policy fully automatically. So, using price intelligence you can always offer your customer a fair deal, which is an investment in long term customer loyalty. At the same time in the short term you can maximize your sales and profit margins.
For example, products that you are pricing to high will be pointed out every day so that you can consider discounting them to increase your sales.’