Today Blue Yonder, a leading provider of Predictive Analytics, announced its partnership with Profitero, a global provider of online competitor pricing data, which will allow retailers to make smarter pricing decisions. Monitoring in excess of 200 million prices across 4,000 global retailers on a daily basis, Profitero’s pricing intelligence solution provides insights into competitor prices and promotions while Blue Yonder’s Predictive Analytics Suite enables customers to adjust their prices in real time, according to dynamic market events.
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 and recent data from Profitero has shown that Amazon changes its prices more than 2.5 million times every day. These factors outline that it is increasingly vital for retailers to have access to accurate, 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, 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 price data to further enrich sales demand forecasting and Dynamic Pricing predictions for customers using our Predictive Analytics Suite.”