360pi, a leader in retail price and product intelligence, has unveiled the latest generation of its 360comparables solution targeted to address the unique challenges and opportunities presented by private label brands.
This release augments 360pi’s patent pending attribute-based matching algorithm with the option for customer-controlled product matching. Retailers build smarter product matches by starting with a list of proposed matches that they can accept, decline, and append to over time — essentially creating a living smart match list for comparable products. This release also delivers integrated product views of all exact and “like” product matches including equivalent private labels products with associated competitive pricing, providing retailers with instant intelligence on all the products that matter to them.
Private label brands have been a retail staple for many years, but are quickly gaining momentum as retailers seek to compete, protect margin and increase customer loyalty in an increasingly price transparent world. As well, private label brands may offer retailers some added protection in the supply chain.
Once largely the domain of grocery and CPG, private label strategy continues to be adopted across categories including apparel, electronics and hardware.
“Having an effective private label strategy is critical to long term success in the hardware / home renovation market and being competitively priced is a critical component,” said Andy Voelker, corporate retail pricing manager, Ace Hardware. “360pi is essential to our private label success, providing an accurate view of the competitive pricing landscape for both exact and ‘like’ products.”
“The value derived from any investment in competitive price intelligence is directly related to the accuracy and completeness of the product match list. This is especially true for ‘like’ matches including private label goods," stated Alexander Rink, CEO of 360pi. “We tripled the match rate of Ace Hardware’s incumbent solution, and we are pleased to further improve upon these match rates with our latest generation of the 360comparables solution, optimized for private labels.”
According to 360pi, it monitors millions of products from hundreds of retailer websites and delivers price intelligence for exact and similar matched products with unprecedented accuracy. 360pi's customer base of "brick & mortar", e-commerce and multichannel retailers accounts for more than $100 billion in annual retail sales and includes Ace Hardware, Build.com, Overstock.com and RIS Fusion award-winner Best Buy Canada.