Pricing is a fundamental part of every business – regardless of field.
Some industries, which include fine wines, have extremely strict preferences about price markdowns. Other large chains or CPG companies may offer more flexibility with retail partners. Regardless, price tracking is crucial to your business as real-time data becomes increasingly accessible, to both you and your competitors. In some industries, prices are changed regularly – even every day. Daily monitoring will help retailers be proactive regarding market changes and competitor adjustments.
There are many reasons why price tracking is essential. Simply put, price optimization has the highest impact on increasing profit. This statement has been confirmed by multiple studies, including findings published in a Harvard Business Review. Collecting data surrounding your business will enable you to optimize prices efficiently.
The GoSpotCheck photo-upload capability enables real-time verification of existing prices on menus, shelves, signage, and more. Original prices may face modification when combined with discounts and commercial policies. Therefore, unfiltered, clean information can only be obtained directly from the market. Pricing programs, minimum sell programs, and quarterly updates can all be monitored with mobile data collection tools. Visibility into price dynamics, including changes in competitor pricing and customer reactions, will indicate trends and help add strategic structure.
Think of it this way: your customers will examine your pricing daily. Some of the newest technology revolves around automatic price checks and corresponding email alerts. If your customers are busy monitoring your pricing, you should be too.
Pricing trends and programs change continuously. As such, daily price tracking is absolutely fundamental to stay ahead.