This product linking webinar will address the proliferation of private labels, product attributes for fresh items, and best practices in maintaining product links
Davis, California – Engage3, which helps retailers and manufacturers manage their Price Image through accurate competitive data, data science, and Artificial Intelligence-powered software solutions, today announced a free webinar titled “Beyond the Price Check: How Product Linking Can Unlock Competitive Intelligence” to be held on September 29, 2020 at 11:00 a.m. Pacific time.
From the entry of disruptive deep discounters who only carry store brands to the proliferation of private labels at established retail outlets and the growth of fresh, the importance of linking like-items has never been more important in maintaining a competitive advantage.
In a report titled “The Future of Private Brands” that surveyed 2,000 shoppers, private-brand agency Daymon found that 86% of U.S. consumers view private brands as equal or better to national brands. It also noted annualized sales of $183 billion in private-brand in 2019, representing a 19.2% dollar share, and an increase in private-brand sales of 5% year over year. This increased growth in private label is two times faster than national brands.
For produce sales, Anne-Marie Roerink, a principal at research company 210 Analytics, reported an increase of $4.5B between January and August 16, 2020 over the same period last year, in a Winsight Grocery Business article. This remarkable increase comes with new challenges in assortment and pricing practices.
The webinar will demonstrate how retailers and manufacturers can leverage product matching technologies to unlock the true value of their competitive data.
During the webinar, attendees will gain insights into:
• Improving visibility: Discover how product matching powers competitive pricing. With the increased demand for attribute-driven fresh and general merchandise items vs. the traditional UPC-to-UPC matches, product linking now determines the success or failure of competitive intelligence programs.
• Establishing a strong data foundation: Learn about a product linking platform that enables collaboration between pricing, merchandising, marketing, and product management. The platform serves as a productivity tool, a system of record, and the basis for any competitive comparison.
• Discovering assortment opportunities: Identify meaningful product equivalences to uncover missed possibilities in assortment. After links are established, they need to be monitored and get refreshed so they can continue to be useful.Product, Pricing, and Merchandising teams who are interested in the best practices in product matching can register for the webinar at https://www.engage3.com/events/webinar-september-29/.