FAQ Pricing - XPA
FAQ1: What criteria are your algorithms based on to compare my products with those of my competitors?
We start with the product from your own repository and compare it to the vacuumed information. Several comparison criteria are taken into account: wording, price, nomenclature, characteristics, etc.
FAQ 2 : What are the main challenges related to “product matching” in retail?
Product line complexity
Retailers can have a wide range of products, and each product can have many variations. Identifying the exact match between two similar products can be difficult.
Variability of product descriptions
Different retailers may use different terminologies or abbreviations to describe the same product. This makes matching difficult. For example, a built-in dictionary would be needed to translate commonly used abbreviations.
Differences in product codes
Some industries use different types of codes to identify their products, such as EAN 13, CIP 13, CIP7, etc. Matching these codes requires a cascade approach.
Products without direct correspondence
Some products, such as private labels (Private Brands), may not have exact equivalents among competitors, requiring manual matching based on a proximity score.
Constant inventory update
With the constant addition of new products to the market, a monitoring system is necessary to quickly detect these new products.
FAQ 3 : What benefits can we expect from implementing an effective “product matching” system?
An effective matching system offers several major advantages for retail brands:
- Competitive pricing – By accurately identifying competing products that match those in your inventory, you can adjust your prices accordingly to stay competitive.
- Effective Competitor Analysis– With effective product matching, you can quickly compare your competitors’ assortment, allowing for more in-depth market analysis.
- Responsiveness to new products – An effective monitoring system alerts you to new products entering the market, allowing you to react quickly.
- Reduced Errors– Using tools such as the built-in dictionary, matching errors due to terminology can be reduced.
- Strategy customization – With proximity score calculation methods, you can adjust the criteria according to your pricing strategy, guaranteeing personalized matching.
FAQ 4 : What techniques are commonly used to improve product matching?
Use of unique codes: EAN codes are commonly used to uniquely identify products, facilitating automatic matching.
Built-in dictionary: To translate common abbreviations and terminologies, reducing matching errors.
Cascade matching: This technique manages different types of codes to identify products, allowing precise matching between various types of codes.
Calculation of the proximity score: This method takes into account criteria such as codes, labels, etc., to determine the similarity between products.
Product differentiation: The tools allow you to distinguish identical, comparable and comparable products with coefficient, taking into account variations such as capacity or quality.
New product monitoring: Monitoring systems quickly detect new products on the market, allowing retailers to stay up to date with market trends.
Thus, by combining these techniques, retailers can obtain a robust and efficient “product matching” system.
FAQ 5 : How does the proximity score calculation work?
The proximity score module uses different calculation methods to evaluate the similarity between products. These methods take into account various criteria such as codes, labels, EAN codes and many others.
The aim is to make it easier to find and compare products. In addition, you can adjust the weights assigned to different criteria to obtain a matching adapted to your pricing strategy.
FAQ 6 : Is the “Cascade Matching” functionality suitable for all sectors of activity?
This feature is designed to handle different types of product codes, such as EAN 13, CIP 13, CIP7, etc.
These codes are commonly used in various industries. Although we have integrated a wide range of codes to cover as many sectors as possible, we recommend that you contact us directly to discuss your specific needs.
Our team is always ready to work closely with you to ensure successful integration into your field of activity.
Reportings & Dashboards
FAQ 1: What types of data can I import into Optimix XPA dashboards?
In Optimix XPA’s dashboards, a multitude of data can be imported to enrich your reports and provide a complete view of your pricing activities. Thanks to seamless integration with Business Intelligence tools, you can integrate data from external sources into Optimix XPA’s reporting module.
For example, it is possible to import internally calculated elasticity coefficients, product attributes, product sheets, as well as information relating to VAT and taxes, among others.
These imports provide personalized, information-rich dashboards, promoting better decision-making based on concrete and relevant data.
FAQ 2: How can I export the generated reports, in what format and how often?
You can export the generated reports in various formats such as Excel files or PDF reports. What’s more, you can export at any time, according to your needs.
Optimix XPA’s reporting module makes it easy to export data and results from your dashboards. You can easily export this data in a variety of formats, including Excel files and PDF reports. This flexibility allows easy manipulation and analysis of data according to your needs. Additionally, the automated reporting feature allows you to generate reports automatically on a schedule that you define.
This facilitates continuous monitoring of your key performance indicators (KPIs) and regular tracking of performance trends. So whether you’re looking for a one-off or periodic export, Optimix XPA has the tools to meet your needs.
FAQ 3 : What key indicators are generally tracked in retail pricing dashboards?
In retail, pricing reports are essential for monitoring and analyzing key performance indicators (KPIs). These KPIs may vary according to the retailer’s specificities, but they generally include elements such as profit margin, sales volume, conversion rates, average basket, price indexes versus competitors, price elasticity, among others.
The reporting module provides a clear view of these KPIs, and offers the possibility of customizing dashboards according to the indicators you wish to monitor closely. Monitoring these KPIs is essential to understanding the performance of your pricing strategy, identifying opportunities and risks, and making informed decisions to optimize your prices in line with business objectives.
FAQ 4: How does XPA facilitate collaboration and information sharing across the enterprise?
XPA promotes transparent communication and effective collaboration within the company. The generated reports can be shared with various stakeholders, such as pricing, category management, marketing, IT teams, and management.
By providing each stakeholder with the relevant information they need, XPA ensures that everyone is on the same page and that decisions are made based on the most current and relevant data.
FAQ 5: What are the main advantages of dynamic data integration compared to manual updating?
Dynamic data integration ensures real-time information updates. This means you always have access to the latest data without waiting for manual updates or processing delays. This speed allows for more responsive decision-making, based on current information. Additionally, this eliminates potential human errors associated with manual updates and ensures data consistency at all times.
FAQ 6: How does the integration with third-party Business Intelligence tools work? What types of data can be imported?
Our retail software reporting solution is designed to integrate seamlessly with third-party business intelligence tools. You can import a multitude of data from external sources, such as elasticity coefficients, product attributes, product sheets, VAT and tax information, and many others. This integration enriches your reporting, providing a more complete view of your pricing activities, enabling deeper analysis and informed decisions.
FAQ 7: How can dashboards be customized to meet the specific needs of my business?
XPA’s retail software reporting module offers great flexibility in creating dashboards. You have the possibility to personalize the formulas, shapes and vocabulary used. Additionally, you can adjust the dashboards based on the metrics you want to monitor closely.
This allows you to create dashboards that accurately reflect your needs and priorities, ensuring you always have access to the most relevant information for your business.
