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Data as it currently is: The challenges of yesterday’s data
The old ways of both collecting product data and presenting that data to customers doesn’t cut it anymore for today’s CPGs and retailers.
August 5, 2021
2 Min Read
Grocery dataPhotograph: Shutterstock
Sponsored by Datasembly
The old ways of both collecting product data and presenting that data to customers doesn’t cut it anymore for today’s CPGs and retailers. The pricing intelligence still being used today by brands and stores across the country isn’t necessarily incorrect, it’s just insufficient. Here’s why:
For retailers:
It’s sampled. Sampled data is like a puzzle piece—it’s part of the scene but it’s just not enough to see the big picture. This forces retailers to base their pricing decisions on an incomplete competitive landscape.
It’s expired. Retailers shouldn’t be basing real time decisions off old pricing data. Days make a difference in effectiveness and value of price changes. Retailers could be pricing KVIs either too low or too high, risking millions on competitor prices that are yesterday’s news. To compete and win at pricing every time, decision makers need fresh, real-time data.
For CPGs:
It’s not shareable. Traditional syndicated data has onerous restrictions regarding what can be shared with retail clients. Shareable data lets CPGs create a more transparent partnership with retailers and save money on trade spend.
It’s averaged. Pricing is now hyper-local. Within metro areas there could be meaningful differences that impact revenue. Accurate store-level data is required to fully view all pricing and promotions and allow CPGs to quickly make the right decisions.
It’s incomplete. Item and store level data on all private label items is increasingly important in making better decisions on pricing, assortment, new items, and more.
Better data, better decisions
Thankfully, there’s a better way forward. Datassembly is changing the way retailers and CPGs receive, use and share pricing information. That means no more “best guesses,” no more averages and no more “playing pricing tag” with competitors. Real-time, hyper-local pricing data takes all the guesswork out of pricing, negotiating trade spend, better assortment decisions and data driven promotions. Datassembly allows users to see the complete pricing picture and make better decisions, every step of the way. Datassembly customers have more real time visibility into the competitive retail landscape than ever before; this new source of data with fewer restrictions opens up a world of new opportunities, empowering their teams to work smarter, not harder.
To learn more about Datassembly product data collection technology platform, and how it can empower stores’ retail pricing and promotions strategies, reach out today to request a demo. And don’t forget to subscribe to the Datassembly blog to see the latest resources.
