Press Release | Pi Datametrics and Pricesearcher announce strategic partnership
New partners launch first joint product for digital retailers – Pi PricePoint
Pi Datametrics, digital Intelligence software provider, and Pricesearcher the UK’s largest product search engine, have announced their partnership.
The unique strategic partnership brings together the two companies’ complementary softwares creating a wealth of data and market intelligence. This provides the opportunity to develop innovative software in the future, bringing the power of big data to marketers.
This announcement is accompanied by the launch of a new joint product; Pi PricePoint.
The first ever combining of organic search data and online product price data in a single report, PricePoint allows retailers to highlight where the winning pricing opportunities exist online, alongside organic visibility.
”Retail is becoming ever more challenging and two of the most critical factors to getting it right are sometimes the hardest to achieve – pricing competitiveness and online visibility. These problems have traditionally been tackled by separate teams until now. I’m very excited that with the combined efforts of Pricesearcher and Pi-Datametrics, retailers can get actionable insight every day that will actually make a difference to the bottom line immediately – this level of insight has not been seen before anywhere.”
Samuel Dean, CEO PriceSearcher
“For the first time, retailers will be able to strategise a competitive pricing strategy that incorporates online visibility to tackle the new paradigm. We’re proud to be partnering with Pricesearcher, and look forward to researching and developing new products to empower digital marketers.”
Dan Titterton, CEO Pi Datametrics
About Pi PricePoint
According to research 86% of consumers will check competition for at least half of their purchases, so whilst a brand may have good performance in search, if they have little visibility on competitive pricing strategies then their online efforts could be futile. By viewing these in tandem, retailers can create a smarter online pricing strategy.
The report aims to provide the top level executive view of the marketplaces pricing strategy and organic visibility in relation to the report’s website.
It’s built around two key metrics; price index and visibility index score. The price index is a normalised average of price relative to the report website’s product catalogue. This is useful to determine the overall price difference of a set of competitors against the report website.
Unlike other pricing data software, there’s no need to specify the websites you wish to monitor; the only input for Pricepoint to work is your website. It will then automatically product match for all competitors selling your products online.
Meanwhile, the visibility index score is a performance score of a site measured by search terms, or in this case, product name. They represent how visible a website is within a search engine.
With scalable pricing, depending on the size of their product livery, retailers can receive these reports weekly or monthly.
More stats (according to econsultancy):
- 96% of the top UK retailers have a pricing strategy, but almost half base that strategy on their competition’s prices.
- 88% of those surveyed carry out price checking, but less than 50% react when their competitor changes the price of a product.
- 34% of retailers feel pressure to change their prices regularly, but only 15% make those changes frequently.
- UK retailers lose roughly 1.97 million hours (that’s 246,000 working days) each week on competitor price checking.
About Pi Datametrics
Pi Datametrics is an award-winning, search intelligence solution, combining industry leading software, original data and exceptional people. Their powerful formula enables corporations to transform their market visibility, inform business strategy and make sales globally.
Pi aggregates billions of daily, global searches, to provide both technical and strategic solutions. Their software enable major brands, including Debenhams, Tesco, Harrods and Superdry, to discover opportunity in new markets and drive strategy in every department throughout the business.
Pricesearcher is the UK’s largest product search engine. Partnering with retailers, marketplaces, agencies and beyond, the company gathers mammoth amounts of online pricing data and hosts it on their site for free.
With instant access to the largest volume of pricing data in the world, consumers and retailers alike can track and power their pricing strategies. Clients include Amazon, Apple, Nike, Disney and Panasonic.