Transforming
the price monitoring process
to technology with incredible precision and access
to real-time market insights
Transforming the price monitoring process
From traditional labor intensive process to technology with incredible precision and access to real-time market insights
Effective pricing control is paramount for CPG companies, ensuring competitiveness and profitability. Accurate pricing strategies, supported by robust analytics, empower companies to navigate market dynamics, respond to consumer behaviors, and optimize revenue. In this landscape, pricing control emerges as a strategic imperative, driving success in the dynamic consumer packaged goods industry. efficiency, agility, and ultimately boosts profitability in the fiercely competitive retail landscape.
Some implications need changes
Traditionally, price monitoring involved manual methods, where field staff meticulously recorded product prices on paper or spreadsheets during periodic audits. This approach was labor-intensive, error-prone, and lacked immediacy in delivering insights. Relying heavily on human observations made the process time-consuming and less accurate. As a result, businesses faced challenges in keeping pace with dynamic market conditions and responding swiftly to competitor’s pricing strategies.
Nevertheless, the introduction of AI image recognition technology has revolutionized the price monitoring landscape. This solution allows businesses to automate the data collection process, ensuring accuracy, speed, and real-time access to critical pricing information. In this sense, with the advent of retail analytics and AI-driven solutions, this manual approach has evolved.
Streamlined Data Collection
Extracting high volumes of relevant pricing data is a simple process when image recognition based mobile application comes to place. Automating data collection with advanced machine learning algorithms allows to streamline price monitoring, save time and minimize human errors.
Furthermore, this solution goes beyond monitoring your own product prices, bearing in mind it provides a comprehensive view of competitor pricing. This offers valuable insights into market trends and positioning, empowering businesses with this data to make informed pricing decisions, ensuring competitiveness without compromising profitability.
- The system identifies own and competitor’s products on a photo
- Prices and price tag types are recognized and associated with respective products
- Results are stored in the database for analysis
So what can you conclude?
The insights derived from AI-driven price monitoring contribute to more effective and strategic decision-making. These insights can be used, for example, to adjust pricing strategies or launch promotions.
Powered by AI, automated systems now provide efficient and accurate price monitoring, transforming the way retailers and CPG companies manage pricing information, streamline operations, and enhance overall decision-making processes in response to a dynamic context where and when time is crucial.