Why Us - Why Price Glance?

Price management is a challenging and resource-intensive task. Tracking competitor prices manually in the market can be extremely difficult. As small retailers, the crucial question is how to establish competitive and highly profitable retail prices.

Traditionally, this involves assigning a team to gather competitor prices from various websites, comparing them with recent prices, and reviewing or discussing new pricing with the team. For retailers with a large number of SKUs, this process can be time-consuming and resource-draining, particularly if prices change frequently on a daily basis.

Price Glance is a tool specifically developed to address the mentioned challenges by utilizing an algorithm called “Reasonable Price” and intelligent functionalities. The concept of Price Glance emerged from a commitment to assist Canadian Small-to-Medium-sized Enterprises in gaining a competitive edge through enhanced technological capabilities in price management. It offers automated business recommendations while reducing the need for excessive resources, time, and operating costs.

The advantages of this solution include

Research demonstrates the benefits of implementing a price monitoring tool, which include:

Cut the cost

Significant reduction in price management time, leading to savings of hundreds of thousands of dollars annually in manual staff costs, which can be reinvested in key business priorities.

Potential

Potential increase in sales volume by up to 25% - 30%.

Increased ad ROI

Improved advertising return on investment (ROI) by up to 10%.

Price monitoring

Implementation of price monitoring resulting in an 18% increase in sell-through rate and a 12.5% revenue boost

More competition.

Enhanced competitiveness, sales, and profit margins for retailers, with average increases ranging from 3% to 20% depending on business size

Proactive Control

Active control of profit margins to desired levels.

HOW DOES IT WORK?

Price Glance is a Software-as-a-Service (SaaS) platform that offers price monitoring and recommendation features through a subscription-based licensing model. The software is centrally hosted by Price Glance, providing enterprises with access to its available resources or the option to set up a new Price Glance crawler specifically tailored to manage their retail prices after subscribing.

Automate the process of crawling competitor prices and receiving alerts without the need for extensive manual effort. By simply entering the competitor’s website URL for comparison, the system will initiate data crawling and continue operating. It real-time indexes retail prices across various categories and stores them in the database.

The “Reasonable Price” algorithm automatically suggests a sensible retail price based on the following criteria:

  • Cost of goods sold
  • Competitor’s retail price
  • Other costs
  • Desired profit margin percentage

Previously, this process required thousands of hours for manual processing, but now it has been automated using advanced techniques. It has significantly reduced the time required to process data from hundreds to thousands of product SKUs to just a few hours.

The system employs intelligent labeling and provides recommendations for a sensible business proposal by comparing the reasonable selling price with pre-set criteria.

It automatically tracks low-competitive or negative, low-margin products and offers corresponding actions, such as:

  • Extremely competitive price: Promote sales, run advertisements
  • Reasonable price: Promote sales
  • Non-competitive price: No promotion or advertising
  • Non-competitive price: Do not display on the website (no selling)

These actions are suggested and executed automatically, ensuring efficient and effective pricing strategies for optimal business outcomes.

Automatic labeling with intelligent tags to showcase to customers on the website’s front-end in order to attract their attention:

  • Top-selling products (automatically tagged)
  • Top products with high view counts (automatically tagged)
  • Top products with significant profit margins (automatically tagged)
  • Products with ample inventory volume (automatically tagged)
  • Products with varying promotion percentages, from high to low (automatically tagged)
  • Products offering gifts (automatically tagged)
  • Products with the lowest price (minimum price) compared to competitors (automatically tagged)
  • Products with prices below the threshold for decision-making (automatically tagged)

By implementing these tags, customers are provided with valuable information and incentives, enhancing their engagement and facilitating better purchasing decisions.

The system seamlessly synchronizes product data with Shopify, Facebook, and Google Merchant Center based on smart tags.

Through smart actions, advertising campaigns on platforms like Facebook, Google Shopping, and Shopify are automatically executed. This integration utilizes automatic product feeds and smart tags to optimize the campaigns and ensure their effectiveness.