How Price Intelligence Factors Into the Holiday Shopping Season
Recent tracking of the hottest holiday toy prices across three of the country’s top online retailers illustrates the importance of competitive price intelligence. On any given day over the course of a week, the prices change, sometimes multiple times. The price difference for individual toys at even the same retailer can change over the week, up as well as down. Price differentials have run up to 18 percent on singular items between retailers.
Clearly, retailers with price intelligence data are working to remain competitive and gain a better understanding of how their customers shop. In addition, they can use price intelligence to influence tactics for online abandonment, making sure of absolute value before employing remarketing and other techniques.
This season’s most successful online retailers are evaluating their offerings — and their competitors' — against the same information consumers are using to make decisions. As they become more knowledgeable and confident in their pricing decisions, the last laugh may be with them.
Christian Koestler is president and CEO of Lixto, a web data extraction and analysis firm for the online retail, consumer products and travel industries. Chris can be reached at Christian.Koestler@lixto.com.