With broad and accelerating ecommerce adoption, most enterprise retailers have deployed some form of product and price intelligence. However, only a select few are effectively leveraging this investment for sustained market advantage in an otherwise difficult retail environment.
In the hardware and home improvement market, two of 360pi’s customers – Ace Hardware and Build.com – are not simply surviving, but thriving against the dual threat of Amazon and big box rivals. And, it’s extremely important to note that each applies a very different approach to the market, highlighting the importance of differentiated pricing and assortment strategies and tactics to continued success.
360pi’s relationship with Ace extends back several years, during which time Ace has consistently reported strong financial returns including record results for the past three consecutive quarters. Ace prides itself on being the “neighborhood hardware store” powered largely by having the right products at the right prices for the local market, which is exactly the value proposition that 360pi’s price and product intelligence supports for them.
Still in the hardware category, but operating with a very different business model and value proposition is ecommerce pure play, Build.com. Since joining forces with 360pi for price and product intelligence, Build has improved its ranking on the Internet Retailer 500 list by 15% and is now the top web-only retailer in this category.
Ace and Build prove that retailers can effectively compete and win against the likes of Amazon with price and product intelligence that adeptly powers their go-to-market strategy. These winning retailers also highlight that retail today is not a ‘one-size-fits-all’ solution. Successful retailers know that different brand promises require different approaches to strategies like dynamic pricing, regionalization, and the role of online vs. the store.
To hear more about the tactics and strategies of retail leaders, please join 360pi’s Alexander Rink for his Shoptalk panel discussion on Intelligent Pricing and Merchandising next Wednesday May 18th at 10:45am.