In order to be competitive, it’s critical for retailers to keep track of how their prices compare in the market. Consumers are increasingly price motivated, so retailers need to be able to product match accurately and have the latest price intelligence at their finger tips.
Nebraska Furniture Mart operates the largest home furnishings store in North America, selling a range of home products. In order to benchmark their pricing, the retailer had been using two suppliers to receive competitor prices for Appliances and Electronics – a notoriously price competitive category. However, Nebraska quickly realised that the data they had been receiving was only 60% accurate: they urgently needed a solution that was capable of delivering much greater accuracy, enabling them to confidently adjust their prices every day.
Profitero delivered the initial test files within one week, and after reviewing the data Nebraska immediately recognised that we were experts in providing accurate competitor pricing data on a daily basis. An audit conducted by Nebraska showed that Profitero price data had achieved 98% accuracy – 63% higher data accuracy than the other providers they had been using.
Nebraska now uses Profitero seven days a week to adjust their prices and provide their customers with the best available prices. Our solution has helped free up the 20-30% of Nebraska’s time previously spent checking competitor prices, enabling their buying and merchandising team to market to and negotiate with manufacturers and focus on growing sales.
To find out how Profitero helps the world’s leading retailers adjust their prices and stay competitive, email us at firstname.lastname@example.org.
Profitero.com: Web based competitor monitoring for retailers and brands
Pricing intelligence company Profitero provides retailers with actionable price intelligence data, monitoring over 50 million products across 4,000 eCommerce retailers every day, observing pricing, promotions and stock availability. We work with the world’s leading retailers, enabling them to acquire new customers and grow profit margins by monitoring and responding to changes in competitor pricing and promotional activity as they happen. For more information on Profitero price intelligence and competitor monitoring, visit www.profitero.com or email email@example.com