Competitive price intelligence refers to computer-based systems that identify, compare and analyze pricing and other revenue-impacting data for a business's own operations as well as its competitors.
Retailers, competitors and customers need a clear picture of the competitive pricing landscape and comprise a triangle of pricing transparency. With comparisons on products and services now available round the clock, seasoned online shoppers have clear visibility to volumes of pricing data.
Competitors may have this same information. An online retailer who lacks this visibility is, in effect, working blind from its point of the triangle. Retailers must have the right intelligence to stay a step ahead, proactively participating in this transparent marketplace to compete for business and win customers.
Competitive price intelligence provides information on relevant product attributes that matter most to managers charged with establishing and implementing pricing strategy, and it does so at a granular level. Managers can customize and choose the attributes they want to monitor.
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