It is important to have competitive pricing, especially when you are a multi-brand retailer and might carry the same as other retailers.
Step 1: Set the timeline according to the product’s season
Here, we set the Periode Tanggal from April to June 2020 to identify products from the Summer ’20 season.
Step 2: Select the brand and retailers you want to benchmark
Step 3: Key in the product name in the keyword
With the keyword function, you can further drill down to specificity.
Step 4: Identify the median price and price spread of the particular product between two retailers
Here, we can see that Nike Air Force can be found in both retailers, but in different median prices and spreads.
Here, we can identify that Nike Air Force 1 ‘07 sneakers in White registered at a different current in both retailers.
As a multi-brand retailer that may list the same as other retailers, it is important to regularly run a matching exercise. Customers will always opt for the best – so it’s imperative to do so to stay competitive in the market.
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