It has never been more important to stay relevant in a competitive market. Keeping an overview of your competitors, their prices, and the number of vendors currently listing your products is essential. This data will help you maintain relevance and reduce the risk of having inventory that is bad sellers, not profitable, or has lost interest from consumers.
The data will help you make informed decisions about optimizing your assortment by looking at product performance. It will guide you in where your primary focus should be and which product could be phased out of your inventory.
The features mentioned above are available in your primary feed in PriceShape. This blog post will explore the new assortment feed and explain how it allows you to focus on the right products.
New Assortment feed
Introducing new products to your inventory can be challenging. Some products might be highly relevant but face too much competition. Additionally, the latest products you want to introduce could be priced much lower than anticipated, making it difficult to match those prices due to the purchasing price agreed upon with the supplier. Creating an assortment feed lets you make data-driven decisions about which products to prioritize. You will be able to:
- Identify the gaps and opportunities in the market before your competitors.
- Give you a competitive advantage before even deciding whether to introduce the product.
- Help you negotiate purchasing prices and decisions.
Private Label feed
If you are working with private label products and assortment, chances are you have defined a price point when these products were initially introduced. Since then, the price point might or may not have been glanced upon. Adding these products to PriceShape and finding comparable products ensures you always have the right price point for your private label assortment.
Related PriceShape platform feature: Marketing optimization
This can bring you benefits such as:
- Being on top of the price for an important assortment
- Follow the market fluctuations - dynamic pricing
- Consumers' perception of your products
- Enhancing Profitability
If you would like to better understand your products and how to handle them based on data, contact your Customer Success Manager for more information and to get started with a new assortment feed. Are you not a customer yet? Then, book a meeting with one of our product specialists today to learn how pricing data will benefit your business.
