Grocery store margins are so slim that it’s worth significant effort just for the minuscule chance of increasing sales a tiny bit.
The amount of revenue that could be generated by a 3% lift in sales. That’s a huge uptick for even the largest of grocers.
Automation and structured data are both critical to optimizing competitive intelligence gathering. But, grocers are making changes to product pricing, shelf positioning, packaging, and promotions every day. In order to make use of precious competitor data, grocers must have access to that data instantly.
So what does that mean? Instead of taking weeks to compile competitor data, corporate pricing analysts need to have the ability to view information as soon as it’s recorded. Then, they can analyze instantly and send any pricing changes — or other modifications — back to store managers for immediate action via a structured data request. Store staff can make necessary product changes in a much more efficient time frame, and voilà - the total processing time drops from several weeks to several hours.
With real-time data access, grocers have a fighting chance at using competitive intelligence to increase sales.
By leveraging competitive intelligence tools that offer automation, structured requests, and real-time updates, grocers can give themselves more opportunities to compete on price. In today’s low-margin grocery marketplace, that’s a must for survival.