Verification of displayed RRP on third-party stores like Amazon

When it comes to selling products on different platforms, it is crucial for retailers to ensure that the recommended retail price (RRP) is correctly displayed on third-party stores. This aspect plays an important role in building trust with customers, staying competitive in the marketplace, and maintaining brand integrity. In this article, we will take a closer look at why the correct display of the MSRP on third-party stores is so important and how automated monitoring can significantly support this.

The importance of the RRP for retailers

The recommended retail price (RRP) of a product is the price recommended by the manufacturer. At the same time, retailers can adjust the selling price according to market conditions or strategic direction. 

For retailers, it is important that the RRP is correctly displayed in third-party online stores. This is especially to maintain brand consistency and price integrity. Displaying the MSRP correctly ensures that customers know the suggested retail price and can make an informed purchase decision. This helps avoid price discrepancies and consumer confusion. In addition, retailers rely on the MSRP to maintain a competitive advantage and protect their profit margins. Failure to display the MSRP correctly can result in improper discounts or price discrepancies, which can negatively impact the retailer's reputation and profitability. As a result, retailers place a high priority on ensuring that the MSRP is displayed correctly in third-party stores to maintain brand consistency, pricing integrity, and customer trust.

The challenge of correct RRP representation

• Extensive and constantly changing assortment: One problem that many retailers face is an extensive, constantly changing product range. The continuous updating of product data on various platforms is time-consuming and therefore cost-intensive.

• Faulty automated insertion: In many cases, the insertion of product information on third-party stores is automated by the platforms themselves. Due to technical problems, this can lead to errors that are not immediately recognized by the merchants.

Consequences for retailers

Misrepresented RRP can lead to customer confusion and undermine confidence in the credibility of the retailer. This, in turn, can have a long-term impact on business success.

1. Customer Confidence: False RRP can undermine customer confidence in the retailer. Customers may feel deceived and not shop with the retailer again in the future.

2. Warning letters and penalties: Based on legal systems, incorrect pricing can result in legal consequences. Merchants could face warning letters or fines.

3. Loss of competitive advantage: If other retailers quote correct RRP and the own retailer does not represent it correctly, this could lead to a loss of competitive advantage.

The solution: Market intelligence for retailers

To meet these challenges and ensure the correct display of RRP on third-party stores, retailers have access to advanced price and market intelligence technologies such as copio analytics.

1. Regular data readout: copio analytics enables retailers to regularly and continuously read out relevant data from third-party stores. This gives them an up-to-date overview of product data and enables them to react immediately to errors.
   
   
2. Reduced manual effort: The manual checking of thousands of articles for correctness of the data is associated with significant time and thus high personnel costs. Thanks to copio analytics' technology, this effort is significantly reduced.
   
   
3. Avoidance of competition violations and penalties: The use of such technologies reduces the risk of unintentionally committing competition violations, which can be accompanied by warnings or severe fines.

It turns out that the correct display of the recommended retail price on third-party stores is a challenge. At the same time, however, this can be successfully mastered with the help of modern software solutions such as copio analytics. These enable regular and continuous monitoring of product data on third-party stores. This significantly reduces the manual effort required to check the RRP. In addition, retailers can identify and correct errors at an early stage. Furthermore, by using such technologies, retailers can focus on their main tasks and strategic activities instead of spending valuable resources on the tedious manual review of product data. This enables them to run their business more efficiently, focus on growth and innovation, and ultimately increase their competitiveness.