The Challenge: Tracking Competitive Pricing Information
The client wanted to understand pricing strategies of their products against niche players and other leading online multi-category retailers to determine the best possible selling price for their products. They wanted visibility into highest and lowest price points and benchmark the best competitive product offerings in order to boost revenue and market share.
To monitor and analyze competitive pricing and derive actionable insights, the client partnered with Springbord based on its proven expertise in data management.
The Solution: Monitoring Competitive Pricing
Springbord worked closely with the client to deliver the project as per the clients requirements and objectives. The team helped develop a robust, flexible, and cost-effective competitive price monitoring tool to track, compare, and analyze competitive pricing data and information continuously.
Based on the pricing comparison we delivered benchmarking information and also provided on-demand actionable reports enabling the client to optimize their product pricing and create effective promotional campaigns that cater to price sensitive customers.
Results: Optimizing Product Pricing and Maximizing Revenue
Springbords competitive price monitoring and analysis helped the client gain complete visibility into real-time as well as historical pricing information. Our solution enabled the client to make strategic and tactical pricing decisions for their products to boost revenues and gain market advantage. Some of the other benefits that the client derived includes:
- A highly customized and scalable solution to meet future business requirements
- Quick turnaround on adding new competitors or products that ensure up-to-date information
- Current and accurate data on wide ranging metrics to offer comprehensive visibility
Springbord is a leading global information service provider that develops custom data acquisition and processing solutions for a broad spectrum of industries. Springbord is a part of the Enerji group that offers services in the realms of data, content and design space. Our focus is to deliver business results by employing a wide range of leading Internet-based capabilities and other resources to provide efficient, relevant, and cost-effective business process outsourcing services. Our hybrid solution (human intelligence + automation) is known for the best data management solution. We have been quite successful in understanding the information needs of our clients and notably in aggregating and enriching databases. Our services have reduced costs, increased productivity, and facilitated business growth for several organizations around the globe.
If you wish to know how Springbord can help you harness the power of data and drive better business outcomes please click here