Industry Competitive Compare system helps HP to stay ahead of competitors
HP is currently one of the top players on the hardware market. However, the competitors don’t sleep. Companies all over the world work day and night to release products that are cheaper, more powerful and more attractive than their competitors do, trying to increase their sales.
How to track every single product released by other market players? How to gather the relevant and up to date information about the upcoming devices? This were the questions HP tried to answer with a custom software in cooperation with Bintime.
Researching the competition
HP understood the importance of competitors comparison for their sales department and partners. The first steps the company made towards proper market understanding was manual research. The results were promising, but not satisfying. The manual research was too time-consuming. Low efficiency of the process, as well as frequent mistakes made by the researchers, forced the company to search for an optimized solution.
The first step towards automation was the exact understanding of which products should be compared. To find the closest competitors it was important to compare the specifications of all the products currently available on the market. The best solution was to extract this data from a third party resource Icecat, which is one of the most extensive catalogs for product information worldwide.
Since it was a challenging task and required an in-depth expertise in ecommerce data mining and data architecture, HP decided to hand this task to a partner, whose core business was processing and distribution of ecommerce product data.
With these concerns HP reached Bintime. Our main task was to provide a comparison tool to effectively monitor all the products which might compete with the range of HP.
The central objective of the development process was a tool which enables the sales managers and partners of HP, as well as buyers, to compare the company’s product with its competitor devices currently available in the retail shops in one click. One of the key features of the software should be the ability to generate the lists of the competitors for every HP’s device according to their specifications and price.
This should also work vice versa. The user should be able to choose a product of any company and search for an equivalent in the HP range.
The comparison logic should be customizable manually in the backoffice of the application.
Gepard Syndicator technology at the core
Having a strong expertise in ecommerce data mining and organization, Bintime suggested Gepard Syndicator as the core tool of the entire system. It collects data from Icecat, the product catalog with thousands of sheets available in multiple languages, transforms the data into the desired structure and delivers it into the centralized data pool. This way, you get a unified database of all similar products under one format and structure, which allows to further analyze and manipulate the data.
Building the software on top of the ready core component allowed us to save plenty of development time and dramatically reduce the final cost of the product.
It took only two months for the team to deliver the stable solution. The whole process was divided into four major stages:
The next stage will be native integration of the functionality in the internal management system of HP.
Within 2 months of development, the team was having weekly meetings with HP for an online demo of updates.
As a result of our cooperation, the powerful Industry Competitive Compare system appeared. The software can currently process around 1,5 millions of items and supports over 40 languages.
Industry Competitive Compare system overview
The product allows a quick overview of the competitors of every single product HP currently produces in just a few simple steps.
The simple and intuitive functionality has enabled the HP team to make the competitors research fast and efficient.
“Industry competitive tool allows us to provide the right product data to our reselling partners. It helps them better advise and consult about HP products against the main competitors and grow total sales of HP products across multiple leading reselling brands. As a side effect, we also can’t but mention that such a comparison tool helps not only our reselling partners, but also provides a better understanding for our marketers and content managers how well the HP products are presented on the web if compared to our competitors, bringing new opportunities to improve the way how we display our products. Thanks to Bintime team and Gepard Syndicator as a core technology of Industry Competitive Tool, we have reduced time and hours of manual research and could significantly improve the quality of products’ research, having more accurate analysis and much more happier team members, who can perform better results now. We are 100% sure that we will explore further opportunities to improve our market research process with the capabilities of Gepard Syndicator.”
Market research is an essential part of a successful business process, wherever we are talking about industry giants, SMBs or startups. Knowing and understanding the competitors enables you to always be one step ahead.
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