This week we have announced the launch of Australia’s first ever price tracking solution for business: SpotLite.
SpotLite allows retailers and brands, of all sizes and geographies, to monitor market pricing across their industries. Users can choose when they want to receive detailed pricing reports directly to their inbox and also configure real-time price alerts for competitors or channels price changes.
According to a 2014 McKinsey report, on average, a one per cent price increase typically translates to 8.7 per cent in operating profits for business, yet McKinsey estimated that up to 30 per cent of pricing decisions failed to deliver the best price to their customers – resulting in loss of revenue opportunities.The easy access and availability of data has provided a market opportunity for businesses to track market pricing strategies holistically and in real time.
Australian online sales have surged over the last five years, with an IBIS World Online Shopping Research Report estimating an annual growth of 16.2 per cent a surge to $18 billion for 2017. With this newfound access to a wide-ranging variety of retailers and brands online, the space has become increasingly competitive.
Several customers participated in the testing phase of SpotLite world-wide, including international brands Dyson Australia and ASUS Brazil, and retailers such as Adore Beauty and Kogan, with outstanding results.
Our Chairman and CEO Gary Cohen said SpotLite is a valuable insight gathering tool that the Australian market has never before had access. “Our beta clients have been using SpotLite as a resource for almost 2 months. They have full visibility of competitor and distributor pricing, allowing them to address pricing gaps or develop promotional strategies to increase revenue.”
ASUS Brazil, the Brazilian arm of the international tech giant and a leader in the computer hardware market, has benefited from SpotLite’s holistic visibility to monitor how their products are priced across distributors and retailers, and this is playing a core role in their day-to-day business decisions. Marcos Santos, Country Product Manager at ASUS Brazil, said SpotLite has quickly become a valuable tool for their team to retain a competitive edge.
“Our initial use of SpotLite has uncovered and consolidated an overarching view of how our products are being priced by our channels. The view of not only our own product pricing in the market, but also those of our competitors is allowing us to move swiftly and make tactical and strategic decisions across the product, sales and marketing departments in a timely manner,” Marcos said.
SpotLite has been developed with a range of plans to suit all customer types, from large established corporations to small and medium sized business in any location. There is also no lock-in contract and customers have the flexibility to tailor a package that best suits their business needs.
The plans start from just $39 a month and all new customers will benefit from a 30-day free trial in which they’ll have access to SpotLite’s functionalities and features, such as email notifications, customisable charts and dashboards.
To find out more about SpotLite and sign up for a 30 day free trial today, visit www.spotlite.com.au.