Retail Intelligence: Why price intelligence is key for multi-channel retailers

January 21, 2014
Profitero
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Profitero

Online sales were shown to have increased by more than double the rate of brick-and-mortar sales this holiday season, with a growing number of shoppers browsing online before making a targeted trip to the store that offers the best price – demonstrating why pricing intelligence is critical for multi-channel retailers.

Best Buy has become the latest retailer to release weak holiday sales, with the electronics retailer reporting that visits to its stores dropped off after Thanksgiving weekend. Chief Executive Hubert Joly commented that the growth in consumers who are shopping online has impacted traffic to physical stores – despite the retailer’s best efforts to invite shoppers to “showroom”.

According to ShopperTrak, which uses a network of 60,000 shopper-counting devices to track visits at malls and large retailers, retailers got only about half the holiday traffic in 2013 as they did three years earlier.

By contrast, online sales increased by more than double the rate of brick-and-mortar sales during the holiday season, with shoppers choosing to do less browsing in physical stores. Instead, shoppers are increasingly researching what they want online before making a targeted trip to pick it up from the retailer that offers the best price .

As channels continue to shift and blur – with consumers browsing both online and in-store before making making their final purchase – price becomes the common denominator. Accurate and reliable price intelligence is of vital importance for multi-channel retailers with an online and physical presence.

Discover how Profitero delivers critical price intelligence to more than 40 global multi-channel retailers to help them stay price competitive and deliver best value to their customers both online and in-store. Email us at sales@profitero.com or visit www.profitero.com to find out how we can help you drive sales and be successful in 2014.

Profitero.com: Online competitor price monitoring for retailers and brands

About Profitero

Profitero is the leading global provider of online competitor pricing data. We provide both bricks & mortar and online retailers with their competitors’ prices, promotions and full product assortment information. Profitero’s accurate and timely competitor intelligence enables our customers to make better informed and more profitable pricing decisions, helping them to increase sales as well as margins.

More than 40 global retailers, including Staples, Sam’s Club, Tesco, Waitrose and Ocado, rely on Profitero Price Intelligence to:

  • Benchmark competitor prices
  • Manage their prices and promotions
  • Attract price sensitive shoppers
  • Negotiate better with suppliers.

Our pricing data can be seamlessly integrated into price optimization solutions such as Blue Yonder, Revionics and IBM DemandTec, to deliver more accurate and effective price optimization. Profitero is also the preferred supplier of online competitor pricing data to Nielsen’s retail customers across more than 100 countries.

To discover how Profitero can help make your pricing smarter, contact us at sales@profitero.com or visit www.profitero.com.

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