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Leading Fashion Retail Chain - Competitive Pricing Analysis Across Retailers

The Leading Fashion Retail Chain found it challenging to track fashion products due to the removal of all unique identifiers.

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Introduction

The Leading Fashion Retail Chain is selling over 1 lac+ styles across various categories like fashion, beauty, watches, and accessories. They have competitors selling the same products, and hence, the retail chain is keen on monitoring competitors for specific categories to optimize their prices and increase sales.

Goals and Objectives

Optimize prices to boost sales

Optimize prices to boost sales

Gain competitive insights

Gain competitive insights

Category-level reports to analyse assortments, prices, and offers

Category-level reports to analyse assortments,
prices, and offers

Data-Driven Pricing Strategy.

Data-Driven Pricing Strategy.

The Problem

Challenges in Product Matching

Challenges in Product Matching

Tracking over 100,000 products without unique identifiers across competitors and multiple channels is challenging

Gap in Competitive Analysis

Gap in Competitive Analysis

Lack of data from competitors hampered pricing decisions, affecting market competitiveness.

Real-time Tracking

Real-time Tracking

Real-time tracking of price changes and promotions has been impossible, hindering market responsiveness.

The Solution

  1. Rubick AI’s algorithms are engineered to consistently retrieve data from primary sources, ensuring they have access to reliable and precise information for data-driven decisions. This empowered the retail chain to optimize pricing strategies, enhance margins, and drive sales growth effectively.
  2. Using Rubick AI’s proprietary algorithm’s four-pronged approach to use brand names, titles, images, and prices as identifiers ensured that we could achieve 99% accuracy in the fashion and beauty category matches. They were able to see all the competition insights for the first time on a single dashboard.
  3. Our algorithms not only find the prices and discounts shown but also identify special deals like banners or bundled offers for the product or category. This made it easy to analyze the actual price customers paid to competitors and enabled the retail chain to offer better promotions and discounts than the competition.

What We Achieved

Pricing Intelligence helped optimize the prices to bring 50% of the total inventory at available at the best price in the market.

Using Pricing Intelligence, the competitors’ price violation detection became easy, leading them to win the trust of brand partners.

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