Leading retail intelligence technology group Cogenta has launched the first global multi-currency pricing intelligence tool for retailers, manufacturers, brand managers and researchers. The latest addition to the acclaimed Retail Insight range can convert retail pricing analyses from any number of currencies back into one currency for easy comparison.
By this means international brands and retail outlets gain real-time competitive advantage by using one global centralised system that analyses international retail prices and therein sets price points in individual countries.
This ensures that users can move with regional price fluctuations rapidly therein making time critical price calculations based on the very latest international market trend data. Previously, data from different sources had to be consolidated and compared separately; a slow, costly and unproductive process resulting in out of date analysis.
The new multi-currency application uses published spot rates with the ability for users to add additional factors, such as their bank’s fee and other related charges, to give a comprehensive real- time view of pricing. The user simply picks the currency they want to work in and all the price related fields.
They also have the ability to revert back to the original currency at any stage. Any changes are instantly reflected in the reports and download features. Currency rates are checked with an online service each day so they’re always current. Other additional factors can be added into the conversion too such as percentage uplifts by territory.
Users of the new platform also benefit as their competitors do not have this unique analytical insight into the retail markets they operate in. Thus, the global pricing analysis delivered by the multi-currency version of Retail Insight transforms their ability to compete internationally and significantly reduces the cost and time associated with managing multiple providers and processes.
Cogenta developed the Retail Insight application by using the latest high-performance, open-source search systems. These include Elastic Search, Mongo DB and Rabbit MQ. The use of such innovative search technologies is a critical factor in out-pacing traditional pricing technologies which often fail to deliver the same levels of data processing speed.
According to Cogenta’s CEO Adrian Hobbs, “This is the first tool to truly recognise the needs of international retail and brand managers for a centralised system that can adjust in real-time for any given currency, language or territory. Until now, the process has involved entirely piecemeal research and purely retrospective adjustments. With the multi-currency version of Retail Insight, users gain a level of in-depth market awareness that previously did not exist.
“The system has been eagerly awaited, so its launch will open a number of major new channels for us, with leading international brands operating across multiple countries along with retail group analysts and market research firms.”
