Competitor Price Monitoring: SKU360° vs Your Current Data Provider

In the competitive world of retail and FMCG, winning the competitive edge isn’t just about setting the right price; it’s about gaining real-time, accurate insights into competitor pricing and promotions. Unfortunately, traditional price collection methods are stuck in the past, with slow, error-prone processes that simply can’t keep up with today’s fast-moving marketss.

That’s where Shepper’s SKU360° comes in. We've revolutionised competitor price tracking by providing retailers and FMCG brands with timely, reliable data to help them stay ahead. Read on to discover how we’re changing the game and what makes us stand out.

What is SKU360° by Shepper?

SKU360° by Shepper is a tool built specifically for retailers and FMCG brands looking to improve their competitor price analysis strategies. Unlike traditional methods, which rely mostly on manual data entry, SKU360° leverages our nationwide Shepherd community to collect real-time information on product promotions and price changes. With SKU360°, users can access the most recent changes happening online and at physical store locations.

So, how does SKU360° work? Our Shepherds collect pricing and promotions directly from physical stores through the Shepherd app on their smartphones. After uploading photo evidence of shelf-edge labels (SELs) and front-of-pack labels, we use Optical Character Recognition (OCR) to extract details such as prices and product names, which are then sorted and organised using machine learning. After extraction, the data is immediately validated against the captured images to ensure accuracy and prevent detection errors. With customisable cadences, users of SKU360° can monitor prices over time or run a one-off check.

The Traditional Price Collection Process

Traditional price collection methods have yet to evolve with today's technology. Instead, they rely on manual practices, such as handwritten notes or basic apps, to collect pricing data. Manual methods are prone to human error, slow, and lead to mismatches and rework.

Additionally, the lack of immediate error detection means any mistakes are often caught after data has been ingested, further delaying the decision-making process and increasing costs. Whereas, machine learning and OCR provide visual proof and data extraction backed by technology, allowing scale and precision.

How SKU360° Solves These Problems?

SKU360° is designed to address the weaknesses of traditional price collection methods. One key advantage that we’ve touched on is photo evidence of the products. This allows data to be instantly validated for accuracy before ingestion and processing.

Unlike traditional methods, where errors might not be caught until after ingestion, SKU360° catches mistakes at the point of upload. SKU360° is also faster. Traditional methods can take days to process, whereas our product delivers insights in as little as 24 hours. With SKU360°, there is no longer a need to sacrifice precision for speed. Instead, we provide up-to-date, accurate insights in a fraction of the time it would take traditional collection agencies.

SKU360° offers much more than traditional price collection methods, providing insights that go beyond pricing and promotions.

• Back-of-Pack Data: Collects product details such as ingredients, provenance, and nutritional information.
• Competitor Tracking: Enables brands to monitor both competitor pricing and product attributes that influence consumer purchasing decisions.
• Scalability: Allows for flexible data collection across multiple SKUs, retailers, and regions, adapting to the scope of any pricing strategy.

Take Control of Your Pricing Strategy Today

Relying on traditional price collection methods simply isn’t enough to stay ahead in today’s market. SKU360° by Shepper provides a faster, more accurate, and scalable solution for retail and FMCG brands that wish to upgrade their pricing decisions. With added benefits like back-of-pack data, SKU360° gives you the edge over outdated methods.

Ready to upgrade your competitor's price monitoring? Get in touch with us today and see how easy it is to grow your business with SKU360°.