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Online pricing intelligence

Pricing competition has become hotter than ever due to shoppers (and competitor retailers) making active use of online pricing information to see instantly what price retailers are charging for their products.

The speed of change in the market, and the number of competitors selling the same product, means that success relies more than ever on keeping informed about a particular product price. 

GfK’s Online Pricing Intelligence (OPI) solution supports both manufacturers and retailers; delivering a clear understanding of the daily pricing dynamics affecting different brands across different retailers. 

We track item-level prices for millions of products across multiple countries, currencies and languages on a daily basis. We show how prices are changing, by how much, how frequently and when.

For retailers, our data lets you assess your product price performance across multiple categories and geographies. It can also be linked directly to your retailer price management systems, to allow price changes to be made automatically based on the criteria you set. This means your retail pricing strategy can adapt in the fastest possible time to changing competitor activities.

For manufacturers, our smart insights help you to better understand and monitor the position of your own products and competitor products within the market.

Latest insights

Here you can find the latest insights for Online pricing intelligence. View all insights

    • 12/02/16
    • Fashion and Lifestyle
    • Home Appliances
    • Media and Entertainment
    • Retail
    • Technology
    • Consumer Goods
    • FMCG
    • Home and Living
    • Online Pricing Intelligence
    • Point of Sales Tracking
    • Point of Sales Analytics
    • Shopper
    • Trends and Forecasting
    • United Kingdom
    • English

    Online sales account for a record breaking 48% of total Black Friday sales

    This year we’ve seen a further evolution of Black Friday. The event, which in reality is still only a few years old on these shores, has become the key trading period in the UK retail calendar.
    • 11/10/15
    • Retail
    • Technology
    • Automotive
    • Home and Living
    • Brand and Customer Experience
    • Market Opportunities and Innovation
    • Online Pricing Intelligence
    • Point of Sales Tracking
    • User Experience (UX)
    • United Kingdom
    • English

    Highlights from #FCSummit15

    GfK's Future Consumer Summit 2015 in Canary Wharf brought together GfK experts alongside future thinkers from leading brands. They discussed their vision and evidence-based predictions of future consumer behavior. Speakers included Unilever, BBC, IKEA and Neue. 
    • 08/24/17
    • Online Pricing Intelligence
    • Promotion and Causal Retail
    • Global
    • English

    The first three steps to getting your online pricing decisions right

    With saving money the number one reason that consumers shop online, retailers need to ensure they maintain the right price position. This involves a careful balancing act if you are to stimulate sales without any loss of margin. But you can manage this successfully if you get six core activities right. We take a quick look at the first three of those activities here…

    One: Track the right things, not everything

    You don’t need to track all of your competitors’ pricing and promotions activities to meet your pricing objectives. It is far better to focus your resources on tracking those pricing and promotions activities that can have the greatest impact on the performance of your business.

    Two: Benchmark your pricing against the market

    Pricing activity may happen at a product level, but tracking the price position of your full product range across categories using a pricing index is important. For this will enable you to ensure your price position compares favorably to the rest of the market. By evaluating pricing at both a product and category level, you can identify any price shifts and their potential influence on your price position early.

    Three: Make sure you are basing your pricing decisions on data you can trust

    Ensuring the prices of your specified products are benchmarked against all relevant competitors is a real challenge. Particularly when product descriptions and attributes can vary significantly across retailers. The accuracy of this matching process is key to the success of any pricing strategy. With data you can trust, you can better direct pricing decisions and negotiate with your suppliers to drive immediate value for your business. Connected Consumers’ ability to check prices whenever and wherever they choose using different devices has made it difficult for retailers to effectively manage their online pricing. To remain competitive, you must identify those pricing and promotions activities of your competitors to track. You need to examine your price position in the context of the market. You must also ensure you are basing your pricing decisions on the right data. But pricing decisions don’t simply end there, there are several other factors to consider that can drive your bottom line which we will explore further in our white paper. The positive impact on your revenue and profit of making the right pricing decisions can far outweigh your investment in the processes and services that support these decisions. The winners in the new retail battleground will be those that utilize pricing intelligence to get their online price position right. hbspt.cta.load(2405078, 'bbfd0727-8c1e-43a7-9530-fdc868e79756', {});
    • 06/16/17
    • Retail
    • Consumer Goods
    • Online Pricing Intelligence
    • Global
    • English

    Fine-tune and optimize your cross-channel pricing for better brand positioning

    Today’s Connected Consumers are increasingly price sensitive. According to our FutureBuy 2016 study, 58% of shoppers compare prices in different stores and more than a third (39%) use price comparison and discount websites. Consequently, promotional activity is intensifying as retailers and manufacturers battle to attract consumers with better deals. It is therefore vital that your pricing strategy is perfectly pitched.

    Perfecting pricing

    Defining and optimizing your pricing requires ongoing investment to ensure you are a) attracting buyers and b) securing your profit margins and brand positioning. You therefore need to continually monitor pricing dynamics and promotions across all channels: in-store, online and in print (ads, circulars, all relevant retailers and publications). Reviewing pricing strategies doesn’t necessarily mean price drops. It might be that, within the context of the market, your products are undervalued. You could not only be missing out on valuable margin, but also negatively impacting your brand positioning in the eyes of your target customer. A small increase in your price could have a significant impact, so this analysis can be hugely rewarding. In a recent project, we helped our client recognize that the strength of its brand justified higher price points. As a result, it claimed back valuable margin from its competitors. However, pricing that is too high could cause deal-seeking consumers to look elsewhere, so it’s important to find the sweet spot that is just right for consumers.

    Managing price erosion

    Price erosion is a sometimes unavoidable part of the product lifecycle, but manufacturers and retailers that have the ability to track both their online and offline pricing are better equipped to slow down unwanted price drops and ultimately maximize their margins.  Spotting price erosion early, before the price becomes set at that level, allows brands to be able to react to the correct market activity so they can bring back the highest ROI from their promotions.

    A competitive advantage

    With an overview of pricing, you can answer questions such as what is my product’s daily market price (advertised/promoted)? Is my pricing policy being followed? Is my pricing right for my audience – not too high, or low? What’s the ideal price gap between my product and that of my competitors? Crucially, we can help you track your pricing right down to an SKU level across the entire length of the customer journey. You can also combine this intelligence with Point of Sales Tracking data to determine the real return on investment of your pricing strategy. With these tools and techniques, you can fine-tune your pricing across all channels to optimize your brand positioning, and maximize your sales and profit. It’s a key tactic in your strategy to conquer the connected shopper. James Rudd is a Business Developer at GfK. He can be reached at James.Rudd@gfk.com. hbspt.cta.load(2405078, 'eaacf04a-2fb4-40eb-a5fb-a488a5da91cc', {});
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