Conducting global market research has become crucial to good business practice. By tracking your competitors worldwide, you are getting a complete picture of current market trends and can thus tap into relevant opportunities for your business.
However, tracking competition can be a fool’s errand if not done effectively, accurately, and quickly. Today, this is synonymous with using the right technology to cover all the aspects that define your competitor’s product and pricing methods. In that regard, companies usually targeted ‘direct’ competition – competitors that were nearest to them in terms of local positioning. Ever since eCommerce and omnichannel shopping entered the mainstream, however, this scope has been slowly shifting to all corners of the globe.
Even in 2023, not every automated competitor tracking tool is capable of handling complex data at a global scale. But Intelligence Node’s Price Optimization Suite is: the aim of this blog is to outline the benefits of an automated AI price intelligence tool, what sets us apart, and how Intelligence Node could directly impact your profitability.
How Intelligence Node’s Price Optimization Solution Works
Intelligence Node’s Price Intelligence Solution monitors and tracks over 190,000 brands across 800,000 eCommerce websites, creating a massive dataset of over one billion products.
Our attributes similarity feature is plugged directly into a comprehensive database of attributes and a technology overlay that delivers near and exact match results. Based on this proprietary data clustering and normalization method, all the products we track are then mapped and split into 1400+ retail categories.
Top-ranked subcategories per
Thanks to this robust categorization, Intelligence Node is able to provide detailed market benchmarking with 99%+ accuracy levels.
All of this tracking produces more than one petabyte (PB) of data (equivalent to a quadrillion that has 15 zeros) a month. That adds up to one million gigabytes (GB) of data every 30 days, or more than 30,000 GB of text and image data every day. This massive volume of information, collected across competitors and sites across the globe, (with flexibility across 100+ languages) is presented in a streamlined, uniform, and easy to navigate format, enabling you to derive actionable insights in real time.
In today’s competitive retail climate, your business has rivals in every part of the world, vying for the same pool of customers. And ever since the eCommerce boom, retailers worldwide have invested tenfold in their omnichannel presence, multiplying their access to consumers and expanding their operations- evolving into malleable, dynamic, modern businesses for a global market.
This rapid expansion comes with a unique set of challenges, starting with the very first, and often most important one – language. While it is true that price is a uniform code and the most prominent feature, there are other elements to consider that constitute the key features of the product as a whole.
Intelligence Node is the world’s first retail analytics platform that has a built-in multi-lingual feature. The purpose of this feature is one of the utmost importance – it provides our customers with a single view of their global presence and overall market intelligence. Growing rapidly over the years, Intelligence Node now supports 100+ languages, and enables online businesses to benchmark competitors across markets irrespective of the catalog display language.
For this reason, our SaaS (software as a service) offering has several levels of data curating. This makes sure that all data is normalized across different online stores (including language translation, category, and attributes standardization). Once the software normalizes the data, it utilizes the patented similarity server technology to match the products.
Ease of Use
Intelligence Node converts all of the data back into English for a uniform dashboard. The end result is a neatly organized treasure trove of actionable insights for your team to leverage. Our sophisticated machine learning algorithms are configured in a way to recognize patterns not only in text-based information (product name, description, availability, etc) but in images as well, where we apply deep learning to identify, extract, and match. What you get is a truly global coverage of all your competitors, both in volume a in understanding.
The plug-and-play approach of our competition tracking tool allows each user to slice and dice data in the way they see fit. It’s easy to set up and tailor to your requirements. We also offer Open API frameworks and data delivery into native systems as available options for consuming the data.
When it comes to the tracking of global proportions, we can proudly say that Intelligence Node passes with flying colors. Now more than ever before, having real-time market intelligence is one of the most important aspects of doing business, and thriving in a digital retail arena. Our tool is an excellent way to tap new geographical markets and effortlessly map competition while reducing spending, time, and resources to a minimum. When you automate competitor benchmarking at such a scale, you can focus on your global sales and marketing efforts and enjoy all the benefits of competitive price intelligence on a worldwide level.
Ready to dive in? Book a demo today!