It’s over five years since markets went into financial meltdown and consumers across the world still remain anxious, fearful and worried about their future. The long running recession has cemented a new set of consumer values and behaviours around how, why and where they spend their money.
We are now seeing more considered spending decisions in every aspect of life, from grocery shopping right through to which TV to buy. Customers are actively searching out good value and great service. They are looking for real proof of delivery from companies they can trust so uncompetitive pricing and inefficiency are just not tolerated any more.
The digital revolution has fuelled the new comparison culture and given consumers the applications they need to compare potential suppliers when and where they want. What’s more this has now become a game to be played, with price no longer seen as being ‘fixed’ in consumers’ minds, they actively use online applications to chase the best deals.
In order to stay ahead in this online environment retailers and manufacturers need real time information about the performance of their products and prices so they can respond with pace. This is exactly where innovative new services from Competitor Monitor come in.
Competitor Monitor’s Client Service Director James Mishreki explains more “we help businesses automate the process of collecting, analysing and presenting product and price information. For major online retailers we constantly compare their product prices to those of the competition, allowing them to optimise pricing for profitability and growth.” James goes on to say, “ The service is just as in demand by manufacturers who want a real time view of pricing among their distributors to ensure adherence to recommended retail prices.”
It would appear companies are catching on fast to the benefits of this type of service, with Competitor Monitor seeing a 100% growth in its client base over the last 12 months alone. “We’ve recently seen business from specialist online retailers to household names in sectors ranging from children’s toys to electrical products.”
So for many retailers it seems surviving ‘Comparison Culture’ is now as simple as about staying one step ahead with Competitor Monitor.
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