Market-driven price optimization for over half a million SKUs at WiggleCRC Group

Competera helps WiggleCRC Group to increase market coverage, reduce pricing effort by 50% and handle more complex pricing rules and logic across five regions

WiggleCRC Group is a leading UK-based online sports retailer selling cycle, run, swim and outdoor equipment and apparel with reported £400 million ($500 million) in annual revenue operating worldwide. The company has been using Competera’s software to hit several goals with the help of a market-driven pricing approach.

Сhallenges

  • Repricing across five regions with different currencies takes longer than desired

  • Partially automated repricing, with insufficient match coverage

  • Decision-making process is not transparent to other teams

Goals

  • Reduce repricing time by 50% and make repricing more frequent on dozens of websites across five territories

  • Increase market coverage by adding more sources of competitive data into the mix

  • Make the logic behind every pricing decision transparent and available to pricing analysts, merchandisers, and buyers

  • Ensure coherent pricing of sizes for over half a million SKUs and handle more complex pricing rules and logic

The project was completed in 2 months, enabling the retailer to achieve all of its goals

  • Decreased time spent repricing by 50%
  • Prices can be integrated from Competera directly to the storefronts
  • Websites in five territories and multiple currencies reprice more frequently
  • Acquired an ability to deal with more complex pricing rules
  • Coherent pricing across all the covered products
  • The logic behind every pricing decision is available to pricing analysts, buyers, and merchandisers*

*80 people are in scope to use the system

  • Increased competitive coverage across five regions significantly
  • Doubled match coverage in the UK
  • Achieved and exceeded the match quality rate of 99%

We believe Competera is the best in the industry. Their platform provides a set of tools — including market-based pricing and AI-driven demand-based pricing — that offer solutions to an immediate need, as well as our long-term plans. They have quickly become a strategically important player that we entrust with enabling a core element of our business.

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David Elder
David Elder
Group Head of International and Pricing for WiggleCRC Group

Solution for transparent and coherent prices across five regions and currencies

To help the retailer overcome challenges and reach goals, Competera has developed a range of solutions and approaches within its pricing platform.

Repricing gets simpler and easier

Thanks to faster data integration, repricing automation and customized data export formats for seamless integration with external systems, the retailer has reduced repricing time by 50%.
Repricing gets simpler and easier

Coherent pricing

Suggested prices are guaranteed to follow the pricing strategy built with the help of the pricing decision-making tree. Such an approach eliminates human error and variability.
Coherent pricing

Transparent pricing decisions for every SKU for different teams

Three teams of the retailer including pricing analysts, merchandisers, and buyers — 80 people in total — have access to the dashboard and can look through every step of making every pricing decision for every SKU. Competera shows the whole decision-making tree for every SKU.
Stay competitive with the power of ML

The retailer has also been using the following benefits of Competera Pricing Platform

Project execution and ongoing customer support

Competera has supported the implementation of the solution with a dedicated project management approach, which included co-developing a clear and transparent step-by-step plan for both sides, tracking the progress and managing expectations of the retailer’s leadership team. Competera’s customer support team has been reacting to the retailer’s requests within minutes.

Currency-agnostic price management

As the retailer operates across many countries with different currencies — from British pounds to Japanese yen, — it was essential for the company to have a solution that would allow timely repricing regardless of the region or currency in a single dashboard. Competera has used a built-in currency converter to serve this need.

A single workstation and database

The retailer’s teams no longer need to switch between several systems and programs to make the right pricing decisions. Competera has customized the product interface to include all the necessary information (stock levels, cost, local and foreign currency, etc) for a well-informed pricing decision.

Seamless integration

The process took less than a month without involving the IT teams on the retailer’s side. Competera started with manual data uploads switching to automation when possible.

Competera makes our pricing process more transparent and coherent. Previously it was hard to see how rules worked, but now the logic is transparent, and we can collaborate with other teams, like buyers and merchandisers, who also use the system. Today, a total of 80 professionals are benefitting from the platform.

quote picture
David Elder
David Elder
Group Head of International and Pricing for WiggleCRC Group

The bottom line

Since starting to use Competera’s pricing software, WiggleCRC Group has managed to increase market coverage, streamline workflow, reduce pricing effort by 50% and handle more complex pricing rules and logic across five regions.

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A sporting goods retailer started repricing 50% faster and increased its market coverage

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