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Competitive Pricing
Does your company operate in a competitive market?
Launch dynamic competitive pricing, a method that provides you instant results: gross margin increasing and sales growth.
What is Competitive Pricing:
You consider real-time competitors' prices for price calculations.
Competitive environment data empower you to manage price position in the market and manage sales efficiently.
What companies leverage Competitive Pricing:
Competitive pricing is essential for every retail company with direct competitors, in the sense that competitors have a part of this company's SKUs in their assortment.
Dynamic competitive pricing is critical for e-commerce companies and multichannel retailers. Internet shoppers tend to switch from one store to another, comparing prices easily.

Price is one of the most important factors for retailers, and its importance grew in 2020.

For 44 to 66% of consumers, price is a very or extremely significant factor in determining where to shop, depending on the retail segment.
(source: consumers and retailers research, 2021 retail-week.com/tech/strategic-report-five-winning-pricing-strategies-for-2021/7036479.article?authent=1)
What do companies achieve with Competitive Pricing:
Dynamic competitive pricing allows retailers to significantly and rapidly increase sales or/ and margin: the performance improves in the first week or even in the first days after launching.

With competitive pricing, a retail company gains profits growth as "money out of nothing": without raising costs, just optimizing the price for its market.
WITHOUT dynamic competitive pricing or with poor automation of competitive pricing, companies either lose sales, or cut their gross margin, or reduce both profitability and sales:

Some prices of such companies are "above the market."
Top retailers lower their prices; a retail company doesn't adjust its price fast enough and loses customers.

Some prices are "below the market."
When a retailer increases its market share and cannot rapidly adjust its prices according to the competitors' prices, the company often sets an excessively low price, much lower than all other retailers, to ensure delivering the best offer. If the company had set a price equal to the "first", "second", "third" lowest prices in the market, the company would have received the same sales volume in pieces with a higher margin. Thus, the company is constantly losing its gross margin.
Competitive pricing is the method that provides the fastest results.
For KVIs, using competitive pricing is crucial.

A hint:
Combine competitive pricing with zone pricing, considering the prices of your local competitors.
Imprice platform empowers your pricing specialist to maximize profits and sales rapidly, considering in real-time competitors' behavior for each zone, brand, product category, product segment, even a specific SKU.
How Competitive Pricing Works with the Imprice Platform
Automated considering of competitors' prices
Imprice automatically recalculates prices considering changes in competitors' prices, all internal factors, and constraints.

Minimum price recalculation interval -
every 10 minutes.
All data for efficient competitive pricing
within a single window
Your company's internal data:
Competitors' data:
History of all data and rules changes and analytics:
Cost prices, inventory turnovers, stock levels, future supplies, margin constraints, aimed price position against competitors, and pricing rules.





Imprice automatically loads goods data from your ERP system.
Actual prices, promotions, markdowns, competitors' stocks, RRT.

Imprice allows setting an individual list of competitors, pricing rules and scenarios, types of prices for every specific brand, store, region, goods segment, and even SKU.





Imprice automatically collects your competitors' prices or automatically loads those prices from your vendor.
Imprice stores your SKUs' prices, pricing rules formed those prices, competitors' prices of competitors, the position of every price against competitors, margin, and revenue of each date.

Imprice makes reviewing and analyzing the data incredibly convenient.






Imprice helps to explore data aggregated by region, brand, and goods segment, shows dynamics of indicators, charts, dashboards, assortment intersection with competitors, competitors' price indicators.
It's easy to create and manage pricing rules with Imprice.
It's easy to analyze competitors and your own prices.
What affects the price efficiency, and what should pricing rules and strategies consider:
Company's strategic goals and positioning in a specific market, agreements and obligations to suppliers, recommended retail price, competitors' prices, competition in a particular geographical area or city district, competition on selling a specific brand, product group, SKU, ...




Inventory turnover, cost price, variable costs in different markets, stocks and competitors' stocks, the next supplying date, if SKU is KVI or not, ...



Daily changes of every factor, shoppers' reaction to the price, ...


Imprice enables you to launch pricing scenarios and strategies of any complexity.
Examples of pricing custom needs you can implement with Imprice easily:
Scenario 1.
We want to keep the third lowest price position among our key competitors.

For a specific brand A, there is an obligation to a supplier: to set a price not lower than the price of a retail chain X.
Therefore, for brand A, if the third minimum price in the market is lower than the price of X, the price should be set equal to the price of X.
Solution:
With Imprice, you implement this pricing strategy in a few clicks using the default settings.
Scenario 2.
We have an obligation to a supplier of one goods group that we set prices not lower than prices of Y and Z retailers.

We also have an obligation to a supplier of another product group about our prices correlations with W and X companies' prices.

Finally, we have an obligation to a supplier about the recommended retail price (RRP). But there is an agreement also: if 30% of top retailers do not follow RRP, we may also reduce the price to their level.

At the same time, we have different competitive strategies for different product groups and brands. We want to set the second-lowest price on the market for some SKUs and the fourth-lowest - for others.

Our price calculations have to consider all these conditions.
Solution:
With Imprice, you implement this pricing strategy in a few clicks using the default settings.
Scenario 3.
In Munich, our chain has a high market share and excellent coverage by delivery points.

We want to launch a series of price experiments to assess accurately where we can increase margin in the assortment: for what SKUs and to what level it is possible to raise margin without losing sales.

In Berlin, we provide only a few delivery points, so our online store less attractive for some consumers. Also, we have a target to increase market share there.
Some Berlin competitors don't operate in Munich. They compete with us for several product groups, and their pricing strategies are aggressive.
Some of the Munich competitors don't operate in Berlin.

In Berlin, our target is to increase sales with the help of lower prices, considering Berlin competitors' behavior in real-time.
Solution:
With Imprice, you implement this pricing strategy in a few clicks using the default settings and Zone Pricing.

The Imprice Analytics module provides convenient monitoring of results during increasing profitability tests and allows you to make the necessary adjustments quickly.
Talk to Imprice pricing experts: