Track Changes in Price and Other Economic Indicators Impacting Macro and Micro Trends
Understanding the macro and micro trends in global prices is extremely valuable for both public and private organizations. Fluctuations in price or other economic indicators can be helpful indicators for understanding the complete environment or future trends. Changes in prices can serve as early signs of economic change in a region and can also be used to inform pricing strategies.
Pricing data needs to be up to date in order to use it, but often there is a lag between the time the data is collected and then released. Utilizing old pricing data doesn’t allow you to have an understanding of the real-time environment. Additionally, not every country has the capacity to collect pricing data continuously. Relying on pre-packaged data doesn’t provide the granularity most businesses need.
In emerging markets, there can often be a great deal of price volatility that is best observed through continuous monitoring. When you continuously track indicators that are relevant to your organization, you can make more tailored decisions and strategies.
Why Monitor Prices?
For different organizations, price monitoring can serve different purposes. On a micro level, this data can be valuable for retail organizations where pricing is extremely competitive and can be a huge product differentiator. It enables businesses to quickly understand changes in prices and promotions, allowing for quick strategy changes.
Pricing data can also be extremely valuable on a macro level. Monitoring a select basket of goods can provide an indication if there is inflation or changes in the market that might need to be acted upon. This may help you understand if you need to redistribute resources.
How Premise Monitors Prices
Through crowdsourcing technology, Premise is able to use local Contributors to capture pricing information on-the-ground in real-time. This unique approach to data collection allows organizations to monitor a wide range of pricing information around the globe. By continuously monitoring different factors, you can gain a deeper understanding of fluctuations in specific markets.
Here are a few ways clients have used pricing data:
- Product and Commodity Monitoring: Monitor or verify the price of any product, service or commodity in a targeted area or in multiple locations.
- Competitor Price Tracking: Track the prices of your competitors’ goods or services in selected retail outlets or regions.
- Price Verification: Ensure that your brands’ pricing is accurate at retailers across the globe, including promotional efforts.
- MSRP Benchmarks: Through regular visits to a subset of all stores, Premise Contributor’s can help create price trackers and establish benchmarks against the recommended sales price, allowing for price compliance analysis.
- Monitoring Economic Stressors: With the help of Premise, monitor different price variables in directed locations that can serve as early indicators for economic stress.
- Inflation Monitoring: Monitor products and commodities for indication of inflation or monitor changes in inflation within specified regions.
- Pricing Indexes: Using fewer observations but with the same results, we can provide high-quality and more cost-effective pricing indexes to measure changes in price over a period of time.
For any organization to excel, it is critical that they integrate timely and accurate data into their operations from the beginning. Getting real-time pricing information can greatly help inform strategies and drive business decisions that otherwise would not have been possible.