Price matching practices appear to be becoming more exhaustive as retailers turn up the heat on one another to stay ahead as the cost of living increases.
A growing number of retailers are said to be subscribing to Exhaustive Price Matching (EPM) – a new service that allows retailers to compare the cost of thousands of similar products.
Software developed by price intelligence company Skuuudle uses AI to allow retailers to monitor the prices their competitors are charging for similar products. However, unlike other price matching services, EPM lets retailers see the price of not just branded goods but also of like-for-like products and of the price charged per gram.
Skuuudle also says its data is reviewed by a quality control team to ensure the highest levels of accuracy.
The firm is now working with retailers including Asda, Primark and Lyreco.
A spokesperson for Skuuudle said: “Customers use price to measure everything about your business, and they decide to buy from you when they are convinced the price and service you offer gives them the greatest value.
“At a time when inflation is affecting the marketplace so much, competitor price monitoring is becoming ever more valuable to help retailers develop strategies to gain a competitive edge.”
Skuuudle highlighted inflation will be here for some time to come and more companies are expected to take an increasing interest in the benefits of EPM.
The spokesperson added: “In the past, retailers had to rely on solutions which only worked for branded products using simple methods like finding identical barcodes. With Skuuudle, they can now see how much their competitors charge for very similar own-label products, or even branded products sold in different quantities.
“One example might be a competitor suddenly introducing a new size bottle of own-label orange juice which is £1.10 for 900ml, where you’ve both always sold them in one litre bottles previously. Where other pricing intelligence solutions would leave those items unmatched, Skuuudle can make the connection and ultimately ensure you’re giving your customers the best price per millilitre.
“We also value data quality control above all else. Although we make use of Artificial Intelligence for speed and scale, we believe employing Organic Intelligence – exceptionally talented human quality control analysts – makes the difference between ‘good enough’ and ‘outstanding’ quality. For retailers setting prices on billions in revenue for millions of customers, that quality is essential.”
NAM Implications:
- A no-brainer for suppliers and retailers…
- But an even greater appetite for a consumer-version of this type of service, methinks!
