The strategic alliance comes at a crucial time in the retail market. Forrester recently predicted that retailers will need to continue engaging in dynamic pricing capabilities to maintain and grow market share in 2014, whilst recent data from Profitero has shown that Amazon changes its prices more than 2.5 million times every day.
These factors demonstrate that it is increasingly vital for retailers to have access to accurate and reliable price intelligence to enable them to develop new pricing and promotional strategies in order to compete more effectively and maintain margins.
“With the continued rise in online shopping and consumer price transparency, developing accurate pricing and demand forecasting strategies is of critical importance for retailers. Tracking competitors’ prices, product assortments and promotions has become a key strategy for many global retailers”, says Vol Pigrukh, CEO and co-founder at Profitero. “By incorporating Profitero’s price intelligence data into Blue Yonder’s Predictive Analytics solution, retailers will have access to the most accurate pricing insights to support more effective decision making.”
“Blue Yonder’s data enrichment service already incorporates third party data sources such as weather, holiday and events, all of which are factors that could easily affect the volume of sales”, explains Rakesh Harji, MD, Blue Yonder UK. “Taking into consideration inventory positions, competitor price changes and future customer demand, our strategic alliance with Profitero will now allow us to offer competitive data to further enrich sales demand forecasting and dynamic pricing predictions for customers using our Predictive Analytics Suite.”
Discover how Profitero delivers accurate and reliable competitor price intelligence to help retailers compete more effectively in today’s dynamic retailing marketplace. Email us at email@example.com or visit www.profitero.com to find out how we can help you grow sales and margins.
Profitero.com: Competitor price monitoring for retailers and brands
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.
Profitero collaborates with leading price optimization providers including Revionics, IBM DemandTec and Blue Yonder, with Profitero’s competitor pricing data integrated directly into these solutions to provide more accurate and effective price optimization. Profitero is also in a strategic alliance with Nielsen as the preferred supplier of online competitor pricing data to their retail clients.
Blue Yonder is the leading SaaS provider for predictive analytics in the European market. The company’s technology automates mass decisions in real time, resulting in accurate and precise forecasts.
Founded in 2008 and based in Karlsruhe, Germany, Blue Yonder provides industry-specific forecasting software that provides specialized business units within the enterprise with simple and quick access to big data, enabling organizations all over the world to become ‘predictive enterprises.’ Using scientifically-based and innovative technologies such as predictive modeling and machine-learning approaches, Blue Yonder can automate the decision-making processes and create forecasts of the highest quality. With customers including OTTO, dm, vodafone, and Crate&Barrel, Blue Yonder has numerous application examples for big data from the most perse sectors.