Blue Yonder, a leading provider of predictive analytics, picked RBTE to announce its partnership with Profitero, a global provider of online competitor pricing data, which will allow retailers to make smarter pricing decisions.
Monitoring in excess of 200m prices across 4,000 global retailers on a daily basis, Profitero’s pricing intelligence solution provides insights into competitor prices and promotions; while Blue Yonder’s Predictive Analytics Suite enables customers to adjust their prices in real time, according to dynamic market events.
Rakesh Harji, UK managing director at Blue Yonder, said the tie up would enable retailers to take competitor pricing along with insight into their inventory and demand, stock optimisation targets plus external factors in order to predict what the correct price should be. This could be across 100,000 skus, Harji said.
“We help that mass decision making to happen,” he said.
For online retailers, this could result in an improvement in margins without needing to sell more product, he added. Stock holdings would also be lower since retailers would know what they were going to be selling and what inventory they have on hold.
Forrester, for instance, has predicted retailers will need to continue engaging in dynamic pricing capabilities to maintain and grow market share in 2014.
“Blue Yonder’s data enrichment service already incorporates third party data sources such as weather, holiday and events, all of which are factors that could easily affect the volume of sales,” said Harji.
“Taking into consideration inventory positions, competitor price changes and future customer demand, our strategic alliance with Profitero will now allow us to offer competitive price data to further enrich sales demand forecasting and dynamic pricing predictions for customers using our predictive analytics suite.”