The proliferation of online sales channels makes online retail a turbulent marketplace. Brands and manufacturers are struggling to stand out in a sea of choice. In this situation, price monitoring has become an almost indispensable resource for gaining competitive advantage. The confluence of monitoring and the EAN code is crucial, as both elements play a key role in a brand’s pricing strategy.
Understanding price monitoring for brands
Price monitoring is the process of continuously tracking and analysing the prices of the products that a brand and/or manufacturer sells on the market. The work is not limited to monitoring competitors’ prices, but also to adjusting one’s own prices according to changing market dynamics. This approach enables brands to make informed decisions about pricing, promotions and positioning in a highly competitive market.
The EAN code as a driver of price monitoring for brands
The EAN code, also known as the European Article Number, is critical to brand price monitoring. This unique numeric code, visually represented in a barcode, is used to uniquely identify each product in a store or supply chain. The first digits of the EAN indicate the country of origin, followed by the manufacturer’s identification number and the specific product number. This accurate identification is essential for efficient tracking of products through the distribution channels.
Part number and SKU: Key components in tracking
In addition to the EAN code, the part number and the SKU are key components for product tracking. The part number is a unique alphanumeric identifier assigned to each product by the brand or manufacturer. The SKU (Stock Keeping Unit) is also an alphanumeric code used to identify, locate and track a product. In caste
These alphanumeric combinations can often include special characters. Efficient use of part numbers and SKUs undoubtedly contributes to more effective control of products in the supply chain.
Conclusion
In conclusion, in today’s highly competitive marketplace, price control and product tracking are key elements to a brand’s success. The EAN code, part number and SKU are essential tools for accurate and effective monitoring. By using these unique identifiers, brands can make informed decisions, adapt to an ever-changing trend and optimise their strategies to achieve maximum performance across all channels.
