First of all, we need to define what is a product match. Let’s suppose you’re selling headphones, and EVEN EarPrint H2 Wireless is one of your best sellers, so you want to set the optimal price for it. To do this, you have to find these exact headphones at the websites of your competitors and compare their prices.
And here the mess starts...
When matching products, you check many parameters for comparison to ensure the products are identical: model name, version, color, technical characteristics, ISBN, availability, discount, etc. When all parameters of a product are absolutely identical, it’s an exact match. If there’s a slight difference, for example, in color, we call it a similar match.
Popular challenges of product match retailer faces daily
The economic effect of the business strongly depends on the quality of data, which is a basis for analytics and tactical decisions. Presume you have 5 competitors and 100 products in your shop. Even if product comparisons are 80% accurate, the other 20% may cause serious losses, meaning wrong prices for at least 20 items (percentage of comparisons is one of the main indicators of data quality).
But what if you sell thousands of thousands of products, not being sure the competitive data is full and accurate?
To provide the best data quality, mixed type of product matching should be used: automatic comparisons to quickly collect large amounts of data and human-based comparisons to match products by more parameters.
This approach helps achieve the highest possible percentage of relevant comparisons with no mistakes.
Here is how our Product Matching Farm works. All comparisons are initially automatic. We built an algorithm allowing quick collecting and comparison of all products with the help of an automatic script. But robots are not entirely perfect! That’s why we additionally use visual comparison.
While automatic matching allows full crawling of a website right after you add a new competitor to the dashboard, visual matching has its own advantages.
With the special algorithm of product search and multi-stage verifications, we developed our own constantly replenished data catalog of comparisons which improves capacity and verifies the results.
Our product match team has been growing over time. It is experienced in different industries and markets and is motivated by KPI-system and bonuses.
Let you make correct pricing decisions on the basis of high-quality data is our main task. That’s what our Product Match Farm is performing to achieve this goal:
With the mixed approach, we deliver high percentage of comparisons by many parameters, low amount of zero (non-found) prices and very low amount of errors in the collected data.
Quick product comparisons, completeness and quality of dataTry Competera