Revamping Retail Pricing Strategies with Real-Time Competitor Analysis

The client is a leading luxury store chain with a presence in over 100 countries. They retail exclusive clothing, accessories, and home products to a global customer base. The client was seeking to strengthen their capabilities to analyze the pricing policies of their competitors to improve the effectiveness of their own pricing strategies and increase sales. They were previously using a third-party platform for this purpose, but it was not meeting their needs in terms of accuracy and real-time reporting.

The client, a leading luxury store chain operating in over 100 countries, was facing challenges in analyzing the pricing policies of their competitors. They were using a third-party platform to retrieve competitors’ pricing data to develop their own pricing strategies and increase sales. However, the platform had limitations in expanding the number of competitors in pricing reports and had an insufficient accuracy level. The products mentioned in the reports matched the client’s products only by 70%. Moreover, the solution did not meet the client's accuracy requirements as it generated reports only on a daily basis and lacked real-time reporting. The client needed a solution that could provide near real-time reporting and more accurate competitor pricing data to improve their pricing strategies.

N-iX developed a new product pricing platform for the client that analyzes competitor product prices and provides near real-time reporting. The team conducted extensive Product Discovery to understand functional and business requirements, analyzed competitors, designed architecture diagrams, and prepared the microservices architecture design. They also created the platform’s UI/UX look according to the client’s needs. The solution developed was a microservices-based product pricing platform that provides insights about prices on luxury products set by their competitors. It allows the client to create date requests to get data from the competitors’ websites based on the specified market, currency, brand, product category, and product name. The pricing information is collected with the help of web scraping, where a bot automatically fetches the prices from the competitors’ websites and stores information in the database. The solution also allows generating Excel reports, which include product names, website links, and prices for both the client and their competitor.

• The new product pricing platform developed by N-iX has significantly improved the client's ability to analyze competitor pricing and develop effective pricing strategies. The platform provides near real-time reporting, allowing the client to receive accurate up-to-date pricing information with minimal delay. This has enhanced the accuracy and effectiveness of their business processes. The solution's intuitive and visually appealing UI has also improved user experience. Additionally, the establishment of manual testing ensures the error-free performance of the solution, and the built CI/CD pipeline has streamlined the development process, accelerating time-to-market.

• Improved the effectiveness of the client’s pricing strategies

• Increased sales with the help of accurate insights and analytics about their competitors

• Accelerated time-to-market by setting up the CI/CD pipeline from scratch