Competition Monitoring with KLIKER Alerts
What is the easiest way for Competition Monitoring in retail? KLIKER alerts!
How would you find the following information about your competitors?
- Who has new products on offer?
- Who changed the price? Which is a new price?
- Who is out of stock? Who has new goods on stock?
- Who crashed your promotion?
By using the Alerts feature in the KLIKER market!
Continue reading if you want to learn more about how simple can it be to monitor your competition and track all changes in real-time on one screen.
Competitive Analysis in Retail industry
First of all, let's agree on one thing - almost all job positions in the company (C-level, manager, sales, marketing, product) should be aware of the company's competitive landscape. Knowing who your competitors are and having a detailed competitive monitoring system is of uttermost importance. To be successful in the industry, understanding the competitors is almost equally important as offer and positioning.
In retail, competition can directly affect how your customers think, research, compare and finally - bring purchasing decisions and buy products. Therefore, if you do not consider some retailers on the market direct competitors, consider them indirect ones, because every company out there might steal the attention of your customers.
Who are your competitors?
- If you are a retailer - other retailers and eCommerce businesses.
- If you are a distributor - other brands, other distributors, and retailers who buy from other distributors.
- If you are a vendor - other brands.
We have created KLIKER market module called Alerts for this purpose - to provide precisely and systematically tracked information on competitor moves.
Alerts in Competition Monitoring
How to use Alerts in daily, weekly or monthly Competitor Monitoring?
First of all, there are several ways you can monitor your competition with Kliker, Alerts are just a starting point. After going through Alerts, you can use Dashboard KPIs like Retail Brand Share, Price History Graph on every SKU in My Market and more.
Here is how you can use every Alert in Competitor Monitoring.
1. New Product Alert
New Product Alert alerts a user each time a new item is listed within the offer of a specific retailer in the KLIKER market scope.
You can choose any brand, any retail, and track newly listed items of your competitors. See action buttons for more details:
- add alert to tasks
- check product details (specs)
- check listing details (My Market preview)
- check price history
For brands (vendors), it can be used for competition monitoring of other brands on the market. Or, it can be useful to track product lead time from delivery to the distributor until reaching the retail shelves (physical and digital ones).
For retailers, competition monitoring is a daily task. An additional My Price column is integrated into the New Products Alert screen, so you can immediately compare your offer against the new entry of your competitor.
New Products Alert displays all newly added offers in the last 10 days.
2. Price Change Alert
Price Change Alert shows which retailer has changed the price on which product (SKU). You can choose a brand, retail, or specific product (SKU) to filter the results.
You can compare the old and the new price, and use this Alert for daily competition monitoring in terms of pricing - always be up to date with the new promo prices of your competitor brand or retailer.
3. Stock Change Alert
Stock Change Alert alerts the users when a certain retailer is out of stock on a listed item or when it receives a new supply of a listed item, back on stock.
How do we know that?
- KLIKER market conducts several data imports daily. Depending on the product category and industry dynamics, we refresh the data once, twice, or more times daily, to deliver an accurate market overview to our users.
- During every import, a stock level indicator is saved for each digital position in the offer. It means that we save the information about the product's name, price, and availability to purchase. If the availability to purchase field is changed between two data imports, it becomes a Stock Change Alert.
4. Crashed Promotion Alert
Crashed Promo Alert is giving the user a simple insight into offers that are being promoted by one retailer, but are also offered by other retailer(s) with a lower price - thus becoming crashed promotions.
This screen will be updated with positions (products) you pin as your Pinned Products. You can choose to pin all your portfolio or only hero products (for vendors), while retailers can pin products currently on promotion.
5. Old stock Alert*
Old Stock Alert is an additional alert showing products that are more than 60 days on offer across all target retailers. It is available for selected product categories like Notebooks.
Targets Alert appears when a Target is reached. If there are no Targets set, this tab is not visible.
Every user can set his own targets in Target Configuration, as a maximum or minimum for a selected KPI (e.g., minimum display shelf share for his brand on the selected market).
How to start?
First, we invite you to create a competitive landscape for your company. Get to know your competitors and their way of doing business.
If we are monitoring your industry and you notice a new player on the market (new retailer, new brand) that might have an impact, it will be added to KLIKER scope.
Once the setup is here, be persistent and let competition monitoring be your regular activity.
Users use KLIKER market for:
- Pricing Strategy << read more
- Competition Monitoring >> reading now
- Dynamic Pricing in eCommerce << read more
- Brand Management << read more
If you are working in a vendor, distributor or retail company, we believe you might find KLIKER useful.
Contact us to arrange a demo call and show you how to Fast Forward Your Market.