Competitive Price Intelligence Provider, 360pi, launches new product aimed at helping retailers optimize prices on new and similar products.
Ottawa, Canada – October 4, 2012
360pi unveiled today a new product focused on competitive price intelligence for similar or substitute products. The new 360comparables solution is aimed at giving retailers a look into their competitors’ prices on products that share many (or all) of the same features, but are not identical in model number or brand.
360comparables is a SaaS (Software as a Service) solution that uses artificial intelligence to match products based on their common features. This allows retailers to do the same kind of comparison a consumer might do while shopping. Using televisions as an example, two different models may share all of the same attributes (resolution, screen size, number of external ports etc.) but have two different manufacturers, and consequently, both may be included in the consumers’ consideration set. “In addition to providing many more competitive prices per product, 360comparables enables retailers to truly see their prices and products from their customers’ perspective since customers don’t just compare prices for the same product across retailers -they use prices of similar products as comparison points as well” says Nick Desbarats, product lead at 360pi, “it is a much requested product by many of our customers, and we are excited to have developed the technology to make it possible.”
This capability is essential for many aspects of pricing strategy. The first and foremost application is in pricing house brand or private label products. By being able to find the prices on products with comparable features, retailers are able to optimize the prices on their house-brand products and other products exclusively sold by them. A further application is in the use of determining brand premiums by comparing products that share the same features but just differ in manufacturer. This will allow retailers to optimally price new products and perhaps increase their margins on brands where they have been underpricing. 360comparables is in line with 360pi’s overall commitment to provide intelligence solutions to their retail customers, and will “enable retailers to increase their revenues and margins by providing them with a powerful and robust solution to compare and price new or private label products” concludes Alexander Rink, CEO of 360pi.
By going beyond price intelligence on exact matched products, retailers are able to take a more realistic and comprehensive view on their prices. To find out more about 360comparables, visit 360pi.com
About 360pi 360pi, a global leader in retail price intelligence, delivers online competitive monitoring solutions that give retailers complete visibility into their competitors’ prices and assortments. Top retailers use 360pi’s industry-leading match and accuracy rates – made possible by its proprietary artificial intelligence and cloud-based, Big Data capabilities – to enhance their pricing strategies and enable margin and revenue increases of up to 80%. For more information, contact 360pi.