Online price transparency has created a ‘competitive pricing imperative,’ in which shoppers’ purchase decisions for certain price-sensitive SKUs are influenced more by price competitiveness than by price sensitivity alone.
Scottsdale, AZ (PRWEB) June 19, 2014
Clear Demand, the first to deliver an omnichannel retail pricing solution architected completely on Big Data, announced today its partnership with 360pi, the leading provider of competitive price intelligence. Under this joint initiative, 360pi’s real-time price intelligence is fed into Clear Demand’s pricing platform, which in turn alerts retailers to competitive price changes – including compliance with product-line and pricing rules – and helps manage competitive price strategy. This relationship is part of both companies’ initiatives to carefully build an ecosystem of strategy and technology partners that help retailers compete more effectively and leverage their existing technology investments.
The retail industry is shifting its perspective on ‘dynamic pricing’ as online price transparency changes the urgency associated with competitive pricing. For reference, 360pi profiled the dynamic pricing behaviors of six major retailers, including Amazon, in last fall’s Bain Retail Holiday Newsletter No. 3, which explored the ‘art and science’ of pricing. Dynamic pricing and price transparency were also the focus of a recent article in NRF’s STORES Magazine, “Playing the Price Game: How ‘Dynamic Pricing’ Strategies Could Change Retail.” As a proponent of dynamic pricing and contributor to this article, Clear Demand anticipated the need to transform the underlying pricing architecture required to deliver the speed and transparency necessary for dynamic pricing in omnichannel retailing. As well, Clear Demand identified the need to introduce new demand models that measure shoppers’ sensitivity to competitive price gaps.
“Online price transparency has created a ‘competitive pricing imperative,’ in which shoppers’ purchase decisions for certain price-sensitive SKUs are influenced more by price competitiveness than by price sensitivity alone,” said Jim Sills, president and CEO, Clear Demand. “Understanding and executing on these insights can help shape sustainable merchandise and pricing strategies and help retailers avoid the proverbial race-to-the-bottom. 360pi’s best-in-class competitive price intelligence, combined with Clear Demand’s big data analytics, holds the key.”
“We collect billions of pricing and product data points for our retail clients – that’s big data,” stated Alexander Rink, 360pi’s CEO. “Increasing price transparency and price dynamism across categories means these numbers are growing exponentially, adding to the challenge facing retailers. We are extremely pleased to work with retail pricing and analytics leader Clear Demand to help retailers understand what’s happening, and then take effective and sustainable action in near real-time.”
360pi derives profitable insights from product and pricing big data to help leading omnichannel retailers, etailers, and manufacturers compete and win in a price transparent world. 360pi's customer base accounts for over $US100 billion in annual retail sales and includes Ace Hardware, Build.com, Overstock.com, and RIS Fusion award-winner Best Buy Canada. 360pi monitors millions of products with unprecedented accuracy to give retailers and manufacturers real-time visibility into the market with full awareness of the competitive pricing landscape to "right price" for their respective customers. Ultimately, 360pi helps customers make smarter pricing decisions to drive increased revenues and margins.
About Clear Demand
Clear Demand is the first company to deliver an OmniChannel retail pricing solution that synchronizes prices, promotions and markdowns online and in-store to produce a consistent brand and shopping experience. Architected on big data and delivered as a multi-tenant software-as-a-service (SaaS), Clear Demand’s pricing solutions can be administered from a public or private cloud. Clear Demand’s rules-based pricing approach uses innovations that simplify adoption and use. As a result, retailers see value in just weeks, with more transparency and minimal disruption to existing business. For more information contact sales(at)ClearDemand(dot)com or visit us on the web at http://www.ClearDemand.com.