As inflationary pressures and economic uncertainty changed spending habits over the past few months, consumer behavior has shifted. According to a McKinsey survey, 90% of consumers have noticed that prices are rising. As a result, “more people are looking for value; price is at the top of the list of consumers’ motivations for switching [to different brands and retailers].”
But retailers and consumer goods companies face tough challenges when it comes to pricing and promotions. Leaders often have to make decisions based on inaccurate, obsolete data siloed in legacy systems, limiting speed and insights. Pricing data from vendors and suppliers arrives slowly, hampering assortment decisions. And existing data about competitor pricing is costly and difficult to get in a timely manner. It’s also often unstructured, requiring sophisticated engineering and data science resources to process it for analysis.
Companies that want to stay ahead of the competition can make smarter pricing and promotion decisions with fast access to high-quality, accurate, and timely data. For example, if you know the percentage and speed of increase in specific raw materials costs, you can forecast pricing accordingly. You can also run your promotion strategies at a more granular level based on SKU, zip code, and channel data.
Snowflake gives retail and CPG companies the data capabilities to improve pricing and promotion decision-making. Snowflake’s data platform provides a single source of truth for customer, supplier, partner, and business data. Companies can quickly and effortlessly share and collaborate on data with business partners. And with the Snowflake Marketplace, companies can enhance customer and competitive insights with seamless access to ready-to-query data.
One such data provider is Cybersyn, a data-as-a-service company whose mission is to make the world’s economic data transparent to governments, businesses, and entrepreneurs, and enable a new generation of decision-makers. Cybersyn aims to solve issues of data quality by offering both free public and unique proprietary data sets via the Snowflake Marketplace. Cybersyn’s data is structured in clear, straightforward tables with data dictionaries, SQL examples, and Streamlit visualization apps. Its data is updated as fast as it is released and is analytics-ready to simplify engineering for customers.
Here are a few ways retail and consumer brands can augment their existing data with Cybersyn data:
- Benchmark sales trends by category and digital ad metrics such as spend, cost per thousand impressions (CPM), and cost per click (CPC) with Shopify Benchmarks
- Track underlying input cost changes with the Bureau of Labor Statistics’ Consumer Price Index (CPI) and Average Prices (AP) data
- Track how the fed funds rate is impacting retail sales growth by industry with Sales, Inventory, & Inflation Measures from FRED
To see how your retail or CPG company can unlock the power of data to improve your pricing and promotion strategies, visit Cybersyn. You can also search over 1,800 data products on the Snowflake Marketplace.