In today’s fast-moving world, having access to relevant data to drive business growth is important, but sometimes it is not nearly enough. Instant Access & Utilizing the available data at the right time is crucial in staying competitive in the market. Keeping these crucial issues in mind, ClicFlyer has developed a tool for retailers to track their flyer price competitiveness across multiple competitors. This tool provides a price comparison analysis within 24 hours of flyer going live. Helping in taking immediate corrective actions, if necessary.
Let’s look at the important features of this tool to understand its usability.
Overall price index to estimate pricing positioning in the market
Price index for a product is calculated as the ratio of competitor’s offer price to retailer’s offer price. An index value less than 100 indicates availability of cheaper competitor offers in the market and vice versa. The following chart shows flyer competitiveness of retailer XYZ against 5 other competitors for a particular week.
In above scenario, competitor B, C and E are outperforming retailer XYZ with their promo prices.
Price index at SKU level to check competitiveness of each offer
An overall price index analysis at SKU level is also available which highlights the count of competitor offers which are being promoted at a better price (shown against “Low” indicator).
In the above scenario, to further deep dive, retailer XYZ can view the offer level details along with offer images from the actual flyers. The offer level data can also be exported into an excel file for further analysis.
How is this solution useful?
Because of the following advantages this solution will be of great value in promotion planning and optimization strategy.
It can help in freeing up a lot of time from manually reviewing all competitor offers. As the process is automated, multiple competitors can be tracked at once.
Offer image from the actual competitor flyers are available for easy validation.
An offer match summary and insight will be available within 24 hours of flyers going live. Hence, it has a potential to be a more accurate , faster, and cheaper alternative as compared to in-house offer matching.
ClicFlyer’s brand analytics tools provide businesses with actionable insights for their pricing strategy, along with promotion analytics, which help with competition.
ClicFlyer provides business Intelligence and analytical solutions to the Retail industry in the GCC. For information on the Price Tracker solution and further analytical solutions contact us at email@example.com.