World’s largest and UK only pure-play online supermarket Ocado is the latest retailer to select Profitero for competitor price monitoring.
In order to offer better value to its customers, online grocer Ocado has signed up with Profitero to provide it with the daily online pricing data of its competitors. Using this timely pricing intelligence, Ocado will be able to benchmark its products’ prices against those of its competitors with ease. Competitor price monitoring is proving to be invaluable to retailers in today’s marketplace to help them grow sales and profit margins.
Ocado chose Profitero as it is the most scalable solution on the market. The patent-pending matching technology delivers the highest match rates and accuracy in the industry – with a 25-30 per cent higher success rate than the competition. It also allows for fine customisation of a client’s product matching requirements.
As well as providing retailers with the highest match rate in the industry for branded products, the company also match and normalise weight and volume for private-label competitor matches at scale, so that clients can benchmark own-label products against any competitor. Profitero is the only service to offer automated private-label matching for the FMCG market in the UK.
“We’re delighted to welcome Ocado as our new client,” said Vol Pigrukh, chief executive and co-founder of Profitero. “Ocado is a perfect example of where we can help grocers to better place themselves for growth in the future. Our flexible solution meant that we were able to set up matching of products to the specific requirements of Ocado’s business.”
“We see huge potential for our product in the market. Whether you are operating in the online or offline retail sector, Profitero’s pricing intelligence can help you see where your prices are too high – losing out on sales – and where prices are too low – losing out on profit margins. This pricing data allows you to benchmark your pricing against competitors more effectively.”
Thomas Thomaidis, head of grocery merchandising and insight at Ocado said, “Accurate pricing information is vital for Ocado to find opportunities to improve our value and range offer to our customers. Profitero have understood our mission to be different and have met all of our challenges in every step of the journey to achieve this.”
Ocado was established in 2000, started trading in 2002, and is now one of Britain’s leading online retailers. Ocado operates a centralised distribution model – orders are fulfilled at a unique, high-automated Customer Fulfilment Centre in Hatfield, Hertfordshire, before being loaded onto delivery vans making local routes, or transported by HGV to vans stationed at a network of regional UK distribution spokes. The company delivers over 28,000 product lines, including big-name brands, Waitrose goods, a range of over 430 Ocado own-label products and now a growing non-food selection.
Profitero works with many successful retailers in the FMCG and grocery vertical (e.g. Ocado, Tesco), consumer electronics and home electrical (e.g. Tesco Direct, Worten), DIY, beauty, office supplies as well as many other categories. The news emphasises how more and more retailers are choosing competitor price monitoring company Profitero to help them with their pricing strategies.
Pricing intelligence company Profitero works with retailers and manufacturers to help them increase sales and maximise their profits by using competitor price, promotions and stock information at scale. For more information on Profitero price intelligence and competitor monitoring, visit www.profitero.com or email firstname.lastname@example.org.