The power behind price comparisons
What’s the average price of a gallon of milk? $2, $3? I’m sure you could probably take a guess. But then, is that for 1%, 2%, fat free or organic? And while we’re at it, would that be a branded variety or a private label? Trying to get an answer suddenly becomes much more complicated than you think.
For retailers, brands and manufacturers, setting the right price is more important than ever. It keeps them competitive in a world where shoppers are increasingly more price-motivated too. So being able to set a fair price for a gallon of milk shouldn’t be hard work, and that’s why accurate product matching becomes the key to success.
Match products to be competitive
For a lot of companies, the process of identifying exact or similar items against those stocked by their competitors can be a long, complicated journey. Competitors rarely catalog their inventory with the same titles, images or descriptions for example, as you can see here:
Without a solution in place to match these items automatically, identifying them requires manual input. That can take hours of research and a lot of data entry, which leads to an inevitable increase in cost and a decrease in productivity; something any profitable business should be striving to avoid. Yet it needs to be done to remain competitive.
Choose the right solution
Luckily in today’s high-tech world, there are many options available to do this for you. By harnessing the power of artificial intelligence and advanced machine learning, a business can match the products they need to in minutes.
However, the data provided by many solutions can be flawed, creating incomplete, incorrect or simply inconclusive results, producing on average an accuracy rate of around 80%. That means 20% of items are likely to be mis-aligned on key factors such as price.
Industry-leading accuracy
Here at Bungee Tech, product matching at scale is something we solved a long time ago, and we do it well, helping brands to accelerate in the digital space.
With the most comprehensive roster of retail banners to choose from (both pure-play e-commerce websites and brick-and-mortar stores), we capture data such as price, promotion and assortment details with an industry-leading accuracy of 97%+.
We’re able to match any combination of branded and private labels, and we can look at these details in large markets or in a very localized way, such as by zip code.
17%+ makes all the difference
We estimate that the cost of bringing existing product matching data up to the match rate that Bungee Tech provides could cost a business as much as $250,000. It’s a staggering difference, and one that would definitely buy a lot of milk!
Precise product comparisons
It’s not just staple food items either, we can do this for any product you can think of.
Take pet products for example; one of our clients requires us to provide a daily market comparison of leading items to ensure that they are competitively priced. Our incredibly smart solutions can detect and match these items from any competitor websites they choose, even with missing, partial, or similar data.
As we head into Winter, this cozy self-warming pet bed is proving a hot choice for socially-distanced cats and dogs! Our technology has matched this item across multiple retailers, despite the big differences between photos, titles and descriptions, providing all the details our retailer needs to be competitive.
Armed with accurate and reliable intelligence like this, a business is now able to lead the way, instead of just keeping up with the competition. Fair pricing leads to customer loyalty too; the holy grail in today’s consumer market.
Bungee Tech solutions are trusted by top global retailers and FMCG conglomerates, with our customers ranging from startups to established Fortune 50 companies. Let us help to propel your business to the next level today.
