Product Matching Software: What Is It and How Does It Work?

In the “digital era, e-commerce businesses are multiplying and offers for similar products are increasingly numerous. The result? Markets are all ultra-competitive, regardless of the sector! To maintain their leading position and stay ahead of the competition, companies are pulling out all the stops. In this race to remain competitive, product information analysis represents a major challenge for these companies. Among the specialized data analysis tools available on the market, more and more are using a product matching software. But what exactly is a product matching software? What are the advantages of using this type of software for online businesses? More explanations in this article.”

Product Matching Software: Definition

A product matching software is a software that allows collecting a maximum of data concerning:

• The prices applied by competitors on similar products or services,
• The price variations in the market;
• The stocks of products or similar services available from competitors;
• The cost breakdown covered by the prices practiced by competing brands.

It also allows monitoring and automating all types of tracking of competing brands.

Indeed, competing companies offering the same or nearly similar products can be very numerous in the market. Monitoring them can quickly become time-consuming.

Thanks to artificial intelligence, the software will match products, meaning it will link identical products or similar ones sold by competing companies.

Two main types of product matches are possible:

• Identical matches: exact matches are made when the compared products have exactly the same characteristics.
• Similar matches: products that are more or less identical, but have one or more characteristics, such as color, that make them slightly different from each other.

The software will sort all products on the market, analyze competitive data collected and compare it with the product data of the company using it.

A product matching software can be used by all types of e-commerce companies. The use of this tool is particularly interesting for resellers and online stores that sell to the end consumer.

The Advantages of Using a Product Matching Software for E-commerce Sites

Collecting, exploiting, and analyzing product data from a market, thanks to the use of a product matching software presents numerous advantages for companies. Here are the main benefits:

Obtain an In-depth Knowledge of Their Market

The billions of data exchanged daily, the multiplication of collection channels, and the “evolution of consumer behaviors complicate the processing of information for companies. Thanks to the use of a product matching software, they can track the ” evolution of all indicators that concern them in the market in real-time. They can precisely monitor the different market factors that interest them the most as well as all their competitors. In this way, companies have a both more global vision, but also a finer and more in-depth view of their market and their competitors.

Make Better Decisions

Online companies must be able to react quickly, be in a constant process of optimization, and make the right decisions rapidly if they wish to survive in a context where consumer expectations are constantly evolving and competition is increasingly strong.

The use of a product matching software guarantees them quick access to all product data in their market and reliability of information for everyone at all levels of the company.

Thus, they no longer waste time searching, collecting, and analyzing missing data, as it is directly exploitable in the tool. In this way, companies can work on short, medium, or long-term projections and make more relevant decisions.

At each fluctuation, they are alerted and make decisions based on concrete elements.

Practice a Dynamic Pricing Policy

The analysis of all product data collected by the software allows e-commerce businesses to “develop precise product pricing strategies in line with market fluctuations. The product matching software allows for comparison of prices set by competing brands and obtains detailed information on” price evolution. Thus, e-commerce businesses are better able to define the price positioning of competing companies and use it to establish a relevant pricing strategy. Through the analysis of this data, they are able to set the right price at the right time.

Increase Their Revenue

“The study of data collected by the product matching software allows sellers and resellers to” anticipate market evolutions and trends. The prices of featured products will therefore be more in line with current market needs. Price is closely linked to a company’s commercial attractiveness and thus to its competitiveness, success, and sustainability. Practicing fairer prices allows these online businesses to “be more attractive in the eyes of consumers, to gain market share, and therefore to” increase their sales and revenue.

Reduce Their Costs

The exploitation of product data allows retailers and online businesses to identify what works and what doesn’t in their marketing and commercial strategy. Thanks to the software, companies can thus quickly detect unnecessary expenses. They can highlight the most interesting products and remove those that perform the least. Their marketing and commercial strategy is sharper and more relevant, they are closer to the real needs of the market, which allows them to constantly readjust their budgets and ultimately reduce their costs.

Stay Ahead of the Competition

Through the use of this software, online businesses stay informed about price changes of products offered by competitors. The continuous analysis of this data allows them to be reactive, make the right strategic decisions, and thus stay ahead of the competition. The processing of the quantity of data available via specific tools such as a product matching software represents a real strategic opportunity and a decisive competitive advantage for all online businesses.

Trustt is a SaaS (Software as a Service) that supports brands in their development and naturally addresses first-party data challenges by collecting fresh data such as:

• consumer insights from quantitative studies;
• UGC and affinity influence outcomes;
• Enriched and qualified customer reviews.

The Trustt tool guarantees quality data and trusted insights. Thus, e-commerce businesses can reach the right audience before launching their product, but also throughout the product lifecycle, thanks to data, targeting, and enriched reviews.