Profit Wizards: Mastering Pricing Intelligence

Listen Now

Episode 50 of the eCommerce Matter's Podcast is now available, entitled ‘Profit Wizards: Mastering Pricing Intelligence'’.

In this episode, we discuss how eCommerce companies can stay ahead of competitors with pricing intelligence software. We will cover:

What is pricing intelligence and why do you need it?
The benefits of using pricing intelligence software.
How to choose the right pricing intelligence tool for your business.
Paid vs free pricing intelligence tools: Which is right for you?

Hosted by Philip Huthwaite, CEO & Founder of BlackCurve & Rob Horton, Chief Product Officer of BlackCurve.

🎧 Available to listen now on all other major podcasting platforms.

🎧 Available to listen now on Spotify.

Podcast Summary

Introduction

In episode 50 of the "E-Commerce Matters" podcast, Philip Huthwaite and Dr. Rob Horton from BlackCurve delve into the topic of pricing intelligence. They celebrate reaching the 50th episode milestone and reflect on past episodes' experiences.

Importance of Pricing Intelligence

The hosts highlight the significant role that pricing intelligence plays in today's highly competitive e-commerce landscape. They explain that pricing intelligence involves the use of software to gather and analyse pricing data and insights. By understanding competitor pricing and market trends, retailers can make informed pricing decisions that can enhance their profitability and market positioning.

Pricing Intelligence Software and its Features

The discussion centres around BlackCurve's pricing intelligence software, specifically their product called Tracker. The hosts describe the software as a centralised hub that aggregates pricing data and offers a range of functionalities. Users can access a dashboard, reporting engine, and other features to analyse pricing data and gain valuable insights. The software serves as a tool to ask pricing-related questions and receive answers that inform retailers' decision-making processes.

Example of Pricing Intelligence Decision

To illustrate the practical application of pricing intelligence, the hosts provide an example scenario. They mention a retailer trying to understand why a particular product is underperforming in terms of sales. Through pricing intelligence software, the retailer can compare their prices with competitors and identify any significant disparities. If competitors are offering lower prices, the software can provide insights and suggest adjusting the price accordingly to improve sales and competitiveness.

Benefits of Real-time and Accurate Pricing Data

Philip and Rob emphasise the critical importance of real-time and accurate pricing data in the dynamic e-commerce market. They explain that competitors' prices can change rapidly, and relying on outdated information can put retailers at a disadvantage. BlackCurve's pricing intelligence software addresses this challenge by regularly scraping pricing data multiple times a day, ensuring that retailers have the most up-to-date insights. Access to real-time and accurate data enables retailers to make pricing decisions based on current market conditions.

Ways to Access Pricing Intelligence

The hosts outline different methods for retailers to access pricing intelligence through BlackCurve's offerings. They mention visiting Black Curve's website and signing up for a free trial of their pricing intelligence software, Tracker. During the trial period, users can experience the software's features and benefits firsthand. Retailers have the option to upload their product data via a spreadsheet, or connect their Google Merchant Center or Shopify accounts for seamless data integration. These methods ensure data accuracy and ease of use for retailers.

Free Options and Alternatives

Recognising that not all retailers may have the budget for pricing intelligence tools, the hosts discuss free alternatives. They mention manually researching competitor prices through platforms like Google Shopping. However, they caution that manual methods are time-consuming, prone to errors, and limited by search engine restrictions. The hosts also highlight the limitations of building custom scrapers, as it may not be cost-effective or practical for smaller-scale operations.

Upcoming Offerings and Conclusion

Toward the end of the episode, the hosts provide a teaser for an upcoming product release from BlackCurve. This new offering aims to further enhance retailers' pricing intelligence capabilities, generating anticipation among users. Philip and Rob emphasise BlackCurve's commitment to providing valuable pricing intelligence solutions and express their willingness to receive user feedback for continuous improvement. In conclusion, pricing intelligence tools enable retailers to streamline pricing strategies, gain a competitive edge, and make data-driven decisions in the dynamic e-commerce landscape.

Overall, the episode underscores the importance of pricing intelligence, explores the features of BlackCurve's pricing intelligence software, outlines methods for accessing pricing data and gaining insights, discusses free alternatives for budget-conscious retailers, and hints at an upcoming product release from BlackCurve. The hosts emphasise the value of real-time and accurate pricing data in making informed pricing decisions. They highlight the benefits of using pricing intelligence software to analyse competitor pricing, optimise profitability, and stay ahead in the ever-changing e-commerce market.