Big data solutions provider Invigor Group is claiming the first Australian launch of a price-tracking solution for business that allows retailers and brands to monitor market pricing across their industry.
Invigor Group chairman and chief executive Gary Cohen says the new price-tracking solution — SpotLite — allows users to choose when they want to receive detailed pricing reports directly to their inbox, as well as configure real-time price alerts for competitors' or channels' price changes.
According to Cohen, SpotLite is a valuable insight gathering tool to which the Australian market “has never before had access”.
“Our beta clients have been using SpotLite as a resource for almost two months. They have full visibility of competitor and distributor pricing, allowing them to address pricing gaps or develop promotional strategies to increase revenue.”
{loadposition peter}Cohen says several of Invigor’s customers participated in the worldwide testing phase of SpotLite, including international brands Dyson Australia and ASUS Brazil, and retailers such as Adore Beauty and Kogan, “with outstanding results”.
Marcos Santos, country product manager at ASUS Brazil, said SpotLite has quickly become a valuable tool for their team to retain a “competitive edge”.
“Our initial use of SpotLite has uncovered and consolidated an overarching view of how our products are being priced by our channels. The view of not only our own product pricing in the market, but also those of our competitors is allowing us to move swiftly and make tactical and strategic decisions across the product, sales and marketing departments in a timely manner.”
Invigor cites a 2014 McKinsey report that, on average, a 1% price increase typically translates to 8.7% in operating profits for business, and an estimate that up to 30% of pricing decisions failed to deliver the best price to their customers – resulting in loss of revenue opportunities.
Cohen says the easy access and availability of data has provided a market opportunity for businesses to track market pricing strategies holistically and in real time.
And Invigor also points to an IBIS World Online Shopping research report that Australian online sales have surged over the last five years, with an estimated annual growth of 16.2% a surge to $18 billion for 2017.