LONDON--(BUSINESS WIRE)--For a leading E-tailer, Quantzig’s innovative competitor analysis solutions which combined competitor price tracking and product pricing strategies generated more than 36% improvement in profit margins, resulting in better customer retention and loyalty. Schedule a FREE demo for comprehensive solution insights.
In today’s highly commoditized retail world, it is difficult for e-commerce players to distinguish their products from millions of similar products in the market. Therefore, e-tailers need to redefine the traditional competitor price tracking mechanism to improve customer experience and boost profitability. In such a scenario, leveraging an analytics-based competitor price tracking solution was crucial for an ecommerce company that wanted to remain competitive in the dynamic retail market. They chose to collaborate with Quantzig to leverage its analytics expertise in competitor analysis to gain competitive insights through efficient price monitoring.
Over the past 15 years, Quantzig has helped Fortune 500 companies solve some of the toughest business problems using a unique combination of design thinking frameworks, plug-and-play innovation accelerators, and an army of agile decision scientists. Want to know more? Get your customized proposal to know how we can help you.
To track pricing trends and its competitor’s pricing strategies, a leading fashion E-tailer based out of Netherlands approached Quantzig. The e-tailer wanted to leverage competitor price tracking solutions to analyze competitors’ prices and gain in-depth insights into their sales data, product rotation, and historical trends to analyze the impact of their promotions on brand value. The primary objective of this competitor price tracking assessment was to evaluate the product pricing strategies of leading e-commerce companies. The other key challenges faced by the client included:
- Analyze pricing trends in a highly competitive e-commerce market
- Inability to retain valuable customers
- The need to improve customer retention strategies
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Solution Offered and Value Delivered:
Quantzig’s competitor analysis experts worked with the client to analyze their core business challenges and devise a robust competitor pricing analysis framework to effectively track competitor pricing strategies over a certain period. The comprehensive three-phased approach helped the client achieve groundbreaking results by transforming their ability to analyze their competitors and achieve a significant increase in profit margins.
Some of the solutions offered and the results obtained are as follows:
- Devised better pricing strategies to drive customer loyalty based on a thorough analysis of competitor strategies
- Improved customer retention by 2X with the help of latest statistical approaches and platforms
- Developed a customized analytics dashboard to help the client track their competitor’s pricing strategy in real-time
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal