In today’s retail landscape, success depends on having a solid strategy that adapts to market changes in real time. The Very Group, one of the UK’s largest online retailers, faced challenges with inconsistent pricing and growing competitive pressure. They needed a better way to keep track of competitor pricing and product availability, especially in fast-moving categories like electronics and toys. To tackle this, they partnered with Wiser, aiming to streamline their pricing strategy and improve overall market responsiveness.
Real-Time Monitoring of Competitor Pricing and Product Availability
Wiser provided The Very Group with the tools to monitor competitor prices in real time, ensuring they could make quick adjustments based on market conditions. This was crucial for standardizing their pricing approach across a catalog of 50,000 products managed by over 200 merchandisers. Rather than relying on manual, reactive processes, Wiser’s data allowed them to make more informed decisions, improving both sales performance and margin protection. Additionally, the availability data from Wiser helped The Very Group avoid unnecessary price cuts when competitor products were out of stock, helping to safeguard their profitability.
Shifting to a Data-Driven, Dynamic Pricing Model
This partnership has allowed The Very Group to shift from a reactive pricing model to a strategic and dynamic pricing model. By integrating Wiser’s insights, they can now manage promotions and inventory more effectively throughout the year, rather than depending on large seasonal sales events. For other retailers facing similar challenges, The Very Group’s experience highlights how data-driven solutions can offer a clearer path to staying competitive in an ever-changing market. Read the full case study to learn how Wiser helped them achieve this transformation.
