5 Questions Every Retailer Should Ask When Choosing Their Retail Intelligence Solutions
Ever since the global recession has begun a number of retailers have started to rely on discounts in order to drive sales and to encourage those shoppers who are money conscious so they are able to browse and they can are able to purchase products both online and by visiting different stores. On one hand for the shifting of stock discounting can be such a tactic which is very effective. It is able to alter risk on how a specific retailer is being perceived by a variety of shoppers. If this thing is being over used or one is being employed with a carefree consideration then it may result in damaging the reputation of a retailer and one is more likely to be hit on their bottom line.
There are a number of questions which should be asked by retailers when they are choosing their specific retail intelligence solutions. A few vital questions with their answers have been discussed below.
Does price intelligence tool begins and ends with just website scrapping?
Web scraping is used to extract a variety of data from different websites. It is such a thing which a software user can do manually. But the term suggests that it is an automated process which has been implemented by the usage of web crawler. One of the coarsest forms of gathering intelligence is scrapping and this may not be enough if one wants to deliver a variety of insights.
Are comparison websites the only place from where the tool is gathering data from?
It may be a difficult job for an individual to gather different sort of data or information from a competitor’s website. He may also face difficulty in finding the correct data from such a website which may be reliable. A number of products may not be identical and it may be easy to compare them. The data which one might be looking for may be noisy on one hand and it may be partial on the other hand. In this regard, the best form of pricing intelligence tools are able to go through this and they present such a data which may be usable and it may be easy to compare too.
Is the present data quality assured or not?
The presence of intelligence tools of pricing helps in automating the data collection process but still one thing that is required is the human based quality of assurance so accuracy can be ensured. If a slightest mistake is caught then your data may not be of any use.
What is meant by solutions flexibility?
Whether the capacity to manage hundreds or even thousands of price points and a variety of products in a number of categories is present in it or not? Whether one is able to start a business when it is small or not and will it able to scale up when the sales of a company or the business grows up? In this regard, such a pricing tool is required which may be growing ones your business starts flourishing.
Is the solution compatible with the existing technology?
Such a strategic pricing solution should be available which might help one to get out f any trouble that one might be facing in their business. This might be related to sales or one’s customers. If such a solution is present which is effective then one’s business may flourish easily without any hurdles. The solutions should be able to work even with that technology which may not be entirely new.
Retailers should think of a number of ways by which value can be offered to their valuable customers. Retailers can help the customers by providing them with such a service which a variety of shoppers are not getting from somewhere else and they are even willing if they have to pay some sort of premium for it. An online web portal is also dealing with this thing which is known as trackmycompetitor. A number of solutions are even present here. So one can always check this online web portal if they are facing any problems related to this matter.