Competitive Price Intelligence
Also called price intelligence, in ecommerce terminology, competitive price intelligence refers to the use of detailed analytics to create and optimize a retailer’s pricing strategy. For example, a retailer might use price intelligence tools to scan the Web for pricing data, then use competitive price intelligence software to optimize its pricing based on the accumulated pricing data in order to better compete in the market and improve sales.
Most competitive price intelligence software and platforms provide retailers with the tools required to analyze industry pricing and obtain information on current market prices, detailed analytics to help make informed business decisions about pricing and the tools to measure the effectiveness of a competitive pricing strategy.
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