7 features of an effective Retail Price Intelligence tool

[This is Part 3 of a series of posts on Competitive Intelligence for Retail. Find the previous posts here: Part 1 and Part 2.]

1. Accurate Product Matching

A fundamental feature of a Price Intelligence (PI) tool is that it lets you track and compare your products against your competition.

So, a PI tool must take care of matching each of your product across all other sources, so that you can make a straightforward comparison and take actions. The more accurate the product matching the more confident you are as a category manager about your decisions.

2. Extensive Product Coverage

Information is most useful when it is as correct and as complete as possible. If product matching is accurate, you are assured that the data is correct. But a PI tool needs to do this at scale.

What good is it if a large number of products you want to track are not covered? Undoubtedly the depth in coverage of products is one of the most important feature of a PI tool. Whether the product you’re tracking is a high end flat screen TV or an oven mitten, a PI tool should be able to cover and deliver intelligence on the chosen product.

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