Maintaining a competitive edge requires precise and timely pricing decisions. One leading grocery retailer sought to enhance its pricing strategy by accessing precise, real-time data on market trends and competitor pricing. However, they faced several challenges in gathering and acting on this data, impacting its ability to stay competitive across various product categories.
The Challenge: Limited Market Visibility and Data Gaps
This grocery retailer understood the importance of having a clear view of market trends and competitor pricing to make well-informed pricing decisions. However, without the right tools and data, they struggled to maintain an agile pricing strategy. Key challenges included:
- Lack of Market Visibility: a lack of comprehensive insights into competitor pricing and promotions across regions and product categories made it difficult to position their brand effectively and identify growth opportunities.
- Data Quality Issues: inconsistent pricing data led to errors that affected profitability and risked damaging customer trust. Ensuring the accuracy and reliability of this data was crucial for the retailer’s competitive strategy.
- Slow Data Collection: with a sluggish data collection process, the retailer missed timely insights essential for proactive pricing adjustments, limiting their ability to respond swiftly to market changes.
The Wiser Solution
To address these issues, the grocery retailer partnered with Wiser to implement their Retail Intelligence solution. Key features, benefits, and results included:
- Comprehensive Data Collection: Wiser’s platform enabled the retailer to gather 15,400 data points weekly across multiple categories. This extensive data collection allowed the retailer to identify pricing patterns, monitor competitor actions, and make real-time adjustments to their pricing strategies, ensuring they stayed competitive across all regions.
- Visit Customization: Through a customized visit schedule, Wiser tailored data collection for specific SKUs and cross-category products, enabling the retailer to focus resources on high-impact items. This strategic approach improved efficiency by ensuring data collection aligned with business priorities and provided timely insights on priority products.
- Market Expansion: Leveraging Wiser’s insights allowed the retailer to identify and pursue market opportunities, growing their market share and strengthening their brand presence in a competitive environment. With access to accurate market data, the retailer confidently expanded its presence, opening over 10 new locations since 2022.
Conclusion: The Power of Data
For grocery retailers navigating a highly competitive market, having reliable and timely data is essential. This use case shows how, with Wiser’s data-driven insights, brands can refine their pricing strategies, ensure data accuracy, and make informed decisions that drive growth. With Wiser’s ongoing support, this grocery retailer is well-positioned to stay responsive to market changes, and maintain a competitive edge across an expanding network of stores.
