The DataWeave Blog

Category: Digital Shelf

  • Introducing the new PriceWeave

    Introducing the new PriceWeave

    PriceWeave provides Competive Intelligence for eRetailers, brands, and manufacturers. Competitive Intelligence helps businesses understand their competition better, take timely decisions, and increase sales. Our retail pricing intelligence tool serves the following major purposes:

    Compare: PriceWeave lets you access products from across any number of sources and organize them for a straightforward apples-to-apples comparison.

    Monitor: Our intuitive dashboards help you monitor prices, assortments, products, brands, and deals across competition on a daily basis.

    Discover: Discover gaps in your product catalog. Discover products that are unique to you. Discover new brands and categories your competitors have introduced. Find new competitors.

    Analyze: Get customized alerts and reports on anything that you want to track. Access historical pricing data to understand pricing strategies. Visualize data across facets at different levels of granularity.

    If you are an eRetailer, PriceWeave powers your sales, marketing, and analytics team with actionable data–for both day to day operations, as well as long term strategy. With retail pricing intelligence, an eRetailer can:

    • understand pricing opportunitiesand implement an effective pricing strategy
    • get pricing variation for the products you are tracking across competition
    • get apples-to-apples product comparison and historical pricing data
    • optimize assortment planningthrough assortment intelligence
    • continuously monitor product assortment width and depth
    • understand gaps in your (and your competition’s) product catalog
    • manage featured products and promotions
    • develop overall sales and marketing strategy
    • big picture as well multi-dimensional faceted views: price bands, discount bands, categories, brands, and features

    If you are a brand or a manufacturer who sell your products through retailers, PriceWeave helps you as well. A Brand (or a Manufacturer) can:

    • ensure brand equity
    • monitor MOP violations and discover unauthorized resellers
    • increase market penetration
    • track retailer assortment across competing brand products.
    • discover new retailers — new distribution channels
    • increase engagement with retailers as well as customers
    • get regular reports on availability, pricing, offers, and discounts

    In short, PriceWeave is a product that gives you all the data and tools to help you gain and sustain an edge over your competition.

    For a demo of the product do reach out to us at (contact@dataweave.com). You can sign up for a free evaluation at dataweave.com.

  • Tips on How to Price Your Products | DataWeave

    Tips on How to Price Your Products | DataWeave

    Picture this. You’re approaching the biggest sale of the year for your business, the number of offerings are ever growing and your competitors are inching in on your turf. How then are you to tackle the complex & challenging task of pricing your offerings? In short how do you know if the price is right?

    Here’s how we think it’s possible:

    1. Prioritize your objectives

    Pricing can be modified based on your priorities. A good pricing intelligence tool lets you understand pricing opportunities across different dimensions (categories/brands, etc.). Which categories do you want to score on? Which price battles do you choose to fight? Once you have decided your focus areas, you can make pricing decisions accordingly.

    2. Trading off margins for market share (or vice versa)

    Trading off profits for larger market shares often decreases overhead and increases profits due to network effects. This means that the value of your offerings increases as more people use them (e.g., the iOS or the Windows platform). If margins are crucial do not hesitate to make smart and aggressive pricing decisions using inputs from pricing intelligence tools.

    3. Avoiding underpricing and overpricing

    Underpricing brings down the bottom line and overpricing alienates customers. Walking the thin line between these is both an art and a science. An effective path to a balanced pricing is employing a pricing intelligence tool. A pricing intelligence tool helps you in getting the price right with ease for any number of your products.

    4. Understanding consumers and balancing costs

    Who IS your buyer? How much is she willing to shell out for the products you are selling? How much should you mark up your products to recuperate your costs? What can you do retain your consumers and attract new ones? What steps are my competitors taking to achieve this (discounts/combos/coupons/loyalty points)? Answer these questions and you are closer to the ideal price.

    5. Monitor competition

    The simplest and the most effective way to price your product right is to monitor your competitors. Every pricing win contributes to your profits and boosts your bottom line. Competitive Intelligence products let you monitor your products across any of your competitors.

    Conclusion

    There are many tips on how to price your products. An effective pricing tool goes a long way in helping you determine the right price for your products. It augments your experience, intuition, and your internal analytics with solid competitive pricing data.

    Why not give pricing intelligence a test ride then? Email us today at contact@dataweave.in to get started.

    About PriceWeave

    PriceWeave provides Competitive Intelligence for retailers, brands, and manufacturers. We’re built on top of huge amounts of products data to provide features such as: pricing opportunities (and changes), assortment intelligence, gaps in catalogs, reporting and analytics, and tracking promotions, and product launches. PriceWeave lets you track any number of products across any number of categories against your competitors. If you’d like to try us out request for a demo.

    Originally published at blog.priceweave.com.

  • Of broken pumpkins and wasted lemonade

    Of broken pumpkins and wasted lemonade

    [The idea for this post was given by Mahesh B. L., who is a friend of DataWeave. We are going to have some fun with data below.]

    Ayudha Puje (ಆಯುಧ ಪೂಜೆ) or Ayudha Puja marks the end of Navaratri. It is the day before Dasara. Ayudha Puje is essentially the worship of implements (or tools/weapons) that we use. While this is practiced in all southern states, since Dasara is Karnataka’s nADa habba (ನಾಡ ಹಬ್ಬ) or “the festival of the land” it is done so with added fervour in Karnataka. At least it does seem so if you see the roads for the next few days!

    As part of Ayudha Puje, everybody washes and decorates their vehicles (well, they are our major weapons in more than one sense) and worships them by squashing a suitable amount of nice and juicy lemons with great vengeance. Ash gourds (Winter Melons) are also shattered with furious anger.

    Just how many lemons got squashed on the last Ayudha Puje in and around Bangalore? We dug up some data from a few sources (Praja, Bangalore City Traffic Police, RTO, a Hindu article), and came with a quick and dirty estimate on the number of vehicles in Bangalore. We estimate that there are about 55 lac vehicles in and around Bangalore. You can download the data we used and our approximations here.

     

    So, assuming one lemon per wheel, upwards of 13 million lemons got squashed on October 12, 2013 that could otherwise have been put to some good use such as preventing cauliflowers from turning brown, or serving Gin Fizz to an entire country. (Of course, we know that not everyone performs Ayudha Puje. But let’s not be insensitive to the plight of our victims by digressing.)

    We don’t have an estimate on how many Ash Gourds were broken, but we are sure the quantity would have been at least enough to serve tasty Halwa to every person in Karnataka.

    Do you want to do some serious analysis on Lemons and Pumpkins yourself? Take a look at our Commodity Prices API. Register to get an API key and start using it. Like this:

    http://api.dataweave.in/v1/commodities/findByCommodity/?api_key=b20a79e582ee4953ceccf41ac28aa08d&commodity=Lemon&start_date=20131009&end_date=20131015&page=1&per_page=10

    DataWeave helps businesses make data-driven decisions by providing relevant actionable data. The company aggregates and organizes data from the web, such that businesses can access millions of data points through APIs, dashboards, and visualizations.

     

    Originally published at blog.dataweave.in.