Today’s retail landscape is rapidly evolving. With access to anytime/anywhere information via their smartphones, shoppers have unprecedented visibility into product and pricing information. This infographic outlines the 3 key reasons why online retail price intelligence matters for every retailer - whether you sell online or not.
Analysis from price intelligence firm Profitero reveals that Amazon.com implements more than 2.5 million price changes every day, compared with just over 50,000 total price changes that were made by brick-and-mortar retailers BestBuy and Walmart throughout the entire month of November.
Profitero, the leading global provider of online competitor pricing data, today reveals that Amazon.com is implementing more than 2.5 million price changes on a daily basis in its quest to be the most price competitive retailer on the web.
With price the number one driver for value-conscious shoppers, Profitero’s analysis also reveals that Amazon.com has increased its number of daily price changes ten-fold over the last 12 months. At the beginning of December 2012, the online retailer implemented just 269,113 price changes.
Amazon.com has increased the number of daily price changes 10-fold
The extent of Amazon.com’s daily price changes is even more significant when compared with the number of daily price changes implemented by brick-and-mortar retailers Walmart and Best Buy. During November, Best Buy made a total of 52,956 price changes and Walmart a total of 54,633 price changes, highlighting the massive price advantage that Amazon has over other retailers – and demonstrating why retailers need to be monitoring their online competitors’ prices every day in order to deliver the most competitive price on the market and avoid losing out on sales.
Best Buy made a total of 52,956 price changes during November
Walmart made a total of 54,633 price changes during November
Volodymyr Pigrukh, CEO and co-founder of Profitero, said: “It’s staggering that Amazon.com is making millions of price changes on a daily basis. The sheer scale of these price changes demonstrates why brick-and-mortar retailers need to be using an advanced online price intelligence solution if they want to compete with Amazon. Profitero predicts that the number of price changes is only going to increase as the retail landscape becomes more competitive, and so it’s impossible for any retailer to monitor this number of price changes manually.
“To understand where they stand against their competitors’ prices and avoid losing out on sales, retailers need to monitor Amazon’s prices on a daily basis. Profitero is the only online price intelligence solution in the marketplace which is capable of monitoring the prices of millions of products every day with the highest degree of accuracy.”
“Today’s hyper-competitive, omnichannel landscape compels retailers to incorporate all sources of competitive pricing data in their pricing and competitive positioning strategies,” said Rip Greenfield, SVP Global Alliances & Business Development at Revionics. “Incorporating Profitero’s competitive data with our price management and optimisation solution ensures that retailers can systematically operationalize the use of this critical data to take actions that enhance both price image and profitability.”
Discover how Profitero delivers critical online pricing intelligence to more than 40 global retailers so they can provide the most competitive prices in the marketplace. Email us at email@example.com or visit www.profitero.com to ensure you price right this holiday season in order to grow sales and increase margins.
|Profitero.com: Web based 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.
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.