The eCommerce landscape is fiercely competitive, and effective pricing strategies can make or break a retailer’s success. For one rapidly growing pure-play retailer, staying ahead of the competition meant rethinking their approach to pricing. Faced with challenges like inaccurate competitor matches and incomplete data from their previous solution, they turned to Wiser for a more robust solution – and it transformed their business.
Overcoming Pricing Challenges
Before Wiser, the retailer used a provider that struggled with accurately matching competitor products, particularly those without standard identifiers, leaving crucial gaps in the retailer’s pricing strategy and hindering their ability to be competitive.
Even more limiting, they offered only basic price recommendations – far from the advanced, real-time optimization the retailer needed to thrive in a fast-paced market.
The Wiser Solution
Wiser introduced a hybrid approach to price matching, combining automated and manual processes to ensure more accurate data, even for products without GTINs or UPCs. This allowed the retailer to track competitors more effectively and fill data gaps.
Additionally, Wiser’s advanced Price Optimization solution enabled the retailer to implement automated, custom strategies across different segments of their product catalog. This flexibility allowed them to swiftly adjust pricing, stay competitive, attract more customers, and optimize margins across a diverse range of products.
A Collaborative Partnership
One of the key factors in the retailer’s success was the collaborative nature of their relationship with Wiser. Weekly touchpoints and detailed Match Rate Reports helped the retailer continuously refine their pricing strategy. This close collaboration meant the retailer wasn’t just using a service – they were gaining a true partner invested in their growth.
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