Retail is one of the most prominent industries in the world, significantly driving the economy’s growth and attracting millions of consumers daily. In this landscape, competition lurks around every corner, especially in the digital realm, where thousands of e-commerce sites offer identical items at varying prices; keeping a finger on the field’s pulse becomes essential for growth strategies and long-term success.
It’s no secret that knowledge is power; in the retail realm, that power is enlocked within meticulously kept, collected, and analyzed data, later transformed into blueprints that enable informed decision-making. While that process is traditionally manual, relying on employees tracking and comparing product prices, modern-day technology can change these dynamics, not only streamlining the method but also minimizing human error chances.
To understand the future possibilities of retail, one must scrutinize the existing procedures, which often revolve around SKUs—stock-keeping unit numbers used to track and browse competitors’ websites for exact product matches. SKUs are central to the industry, elevating retail with multiple benefits, from allowing for alphabetical inventory tracking to preparing for sales seasons and determining the item’s shipping status.
Used globally by stores, e-commerce sites, warehouses, and many others, an SKU consists of unique digits and a bar or QR code printed on a product label. Combined with a POS system, it informs decisions regarding restocking, promotions, price changes, etc. However beneficial, the manual nature of SKUs isn’t devoid of shortcomings; for instance, comparing information from multiple websites is innately time-consuming, which poses the risk of a finished analysis being outdated, as the data may have changed.
Other deficiencies stem from the SKU itself—if the complex code doesn’t match exactly, SKU searches aren’t fully accurate, leaving a lot of space for invaluable information to slip through the cracks. On a mission to empower managers and retail employees, Hypersonix Inc. created Competitor AI, an innovative solution that automates competitor analysis by leveraging the 21st-century prowess of technology.
Included on the ProfitGPT platform, Competitor AI helps match products accurately, especially when faced with vague descriptions, such as ‘black top’ or ‘women’s sneakers.’ Its stand-out feature, market-responsive AI, provides companies with the tools to modify pricing and deals in real-time, adjusting them to rapid market fluctuations and fostering competitive retail environments.
Leveraging AI-powered tools, Competitor AI can also match products based on more than identical SKUs, significantly improving the accuracy of competitor analysis. Some parameters include product names, descriptions, and even images, helping firms understand data on different features, packaging, and branding through a holistic approach.
“With Competitor AI, users can analyze products that fit descriptions as generic as ‘blue throw blanket,’ comparing their item to thousands of similar ones available for sale,” says Prem Kiran, CEO and Founder. “Without that accuracy, businesses miss out on an invaluable opportunity to truly understand the current market, risking falling behind other retailers.”
Within ProfitGPT, users can also find Pricing AI, a tool complementing Competitor AI by providing automated price monitoring, insights, and data-driven optimization strategies. The platform offers a broad suite of modules, including Promo AI, Forecasting AI, and Inventory AI, all curated to help retailers get ahead of market trends and optimize their sales tactics.
To illustrate the real-world impact of Hypersonix, Kiran recounts a story of a client who trusted this AI-powered solution to drive growth and optimize results:
One of our clients reported that the laborious task of product assortments, analyzing competitors’ pricing, and curating promotional strategies took more than 80 hours for a whole team of merchandising managers to complete. With Competitor AI, it was reduced to just one hour. With more time, the team was able to focus on other business aspects, resulting in a staggering 67% improvement in customer loyalty. Another retailer, valued at over $400 million in annual revenue, sought our help to deepen the company’s foresight into competitor pricing. With Competitor AI, the firm saw a 13.3$ increase in revenue, an impressive 700% return on investment, and a 28.6% rise in profits – a change spurred by Pricing AI’s price change recommendations.
A cutting-edge tool designed to help retailers navigate the industry’s complexities, Competitor AI automatically rebuilds data in case of any disruptions, eradicating the need for IT teams’ intervention. For Kiran, Competitor AI and other Hypersonix solutions offer much-needed innovation in a landscape plagued by time-consuming, often inaccurate practices.
“Competitor AI is like a compass that guides you toward the destination, repairs itself whenever necessary, and absorbs insights from all over the world,” adds Kiran. “It’s not about replacing the human element in retail but enhancing efficiency and precision, ultimately helping future-forward firms maintain their competitive edge and elevate user experiences.”
