Omnichannel Competitor Price Monitoring Software for Real-time Insights

In the digital age of retail, eCommerce businesses have hundreds of competitors spread across the globe. Shoppers have a lot of options to choose from and compare prices across websites and platforms before making a purchase. In this highly competitive economy, brands and retailers need eyes and ears in the market to track competitor price and promotion movements across thousands of SKUs and make quick pricing decisions to stay competitive. Manual systems are not built to handle such high-volume, high-speed price monitoring, making advanced, automated pricing tools a necessity.

Intelligence Node’s price monitoring solution leverages our patented similarity engine and proprietary algorithms to track similar competitor products with 99% accuracy. The users can log into the portal and begin using the solution in 4 easy steps:

Identify products and competitors you want to track
Set pricing rules and parameters you want to monitor
Analyze pricing and product availability data produced by the platform
Make pricing decisions based on these real-time pricing and product insights

Price monitoring helps you track and compare competitor prices across your in-scope SKUs, giving you visibility into competitor price movements. Price optimization goes one step further to generate smart prices for the in-scope SKUs based on business goals, competitor data, and predefined rules to maximize profits and product level margins. Although these are the definitions of the two tools, these terms can often be used interchangeably.

The growth in eCommerce has let to an increase in competitors, consumer choices, and price wars. As the frequency of price changes across websites has increased from weeks to days to even minutes, it is becoming challenging for retail businesses to track competitor prices with the required speed and precision. While retail giants like Amazon are reviewing their product prices every few minutes to convert comparison shoppers, most SMB and enterprise players are struggling with legacy, manual tools to track and change prices. These manual tools and spreadsheets are soon getting redundant in their ability to scale and track prices of thousands of SKUs across multiple channels and competitors, multiple times a day.

Retail businesses can get complete visibility of the competitor landscape with Intelligence Node’s price monitoring tool. The solution tracks, compares and matches similar and exact products and can be used for:

Competitor price tracking
Product matching
Price optimization
Assortment and availability tracking
MAP (minimum advertised price) violations tracking
Promotions and discounts monitoring
Product visibility and share of shelf analysis

Yes, our price monitoring solution is both language agnostic and category agnostic and can track prices in 100+ languages.

With the Intelligence Node price monitoring solution, prices can be updated as often as every 10-seconds depending on the requirement of the retailer, manufacturer, or the brand. The frequency of updates can be decided by the customer and can range from every minute or every hour to multiple times a day, daily or weekly.

Intelligence Node’s price monitoring solution is served on plug & play APIs or custom dashboards then need very little to no integration with your backend systems. Depending on the scope of the project, the solution can be up and running within a week, ensuring quick implementation and rapid ROI.

Yes, Intelligence Node’s price monitoring software is a bespoke, scalable solution that can be fully customized to meet your internal goals and business requirements. You can customize the number of competitors, SKUs, geographies, refresh rate frequency, pricing rules and more and can leverage the data in the form of plug & play APIs or custom dashboards.