Benchmarking - Pricing


About This Dashboard

This Dashboard is a valuable tool within Retailer Pulse, designed to extract data from Insights, our market-level data view. It allows you to compare your pricing with market-wide trends. In the Benchmarking Pricing Dashboard, you can analyze the average item price by category across your stores and any market currently available in Insights. The average prices in this dashboard are calculated based on total sales after discounts and before consumer-paid taxes in Headset.
 

Why Use This Dashboard?

This Dashboard offers the ability to benchmark your pricing and gain insights into how your average item prices compare to the broader market. This information can help you shape a more effective pricing strategy.

• What is the average discount by category in my stores compared to the market?
• Among customers who shop at your stores, which category price range is more popular than the overall market?
• Is your average item price by category in line with the market?
   

Note about dashboard layouts in Benchmarking: Your store's data is visualized on the left side, while the market's data is visualized on the right side for easy side-by-side comparisons.
 

When selecting the Category Filter on this dashboard, you have the option to choose 'Your Categories' or 'Headset's Predicted Categories.' Selecting 'Your Categories' categorizes the data in the left visualizations based on your Point of Sale data. Choosing 'Headset's Predicted Categories' reconfigures your categories (only for these visualizations) to align with our standard 10 Headset categories, making comparisons more straightforward.

Here's a visual example of when you have numerous categories in your Point of Sale (Your Average Item Prices). Comparing this data to the market data on the right (Insights: Category Average Item Price) can be challenging.

However, when you choose 'Headset's Predicted Categories,' the system automatically groups any category that aligns with our 10 standard categories. For instance, if your store has various Rosin categories like Indica, Sativa, and Hybrid, the system combines them into a single Concentrates category, simplifying comparisons with the overall market.

Tool Tip!

To streamline the view of listed categories, press 'Alt' on the keyboard and select the category you want to focus on.

Your Sales, Units, and Average Item Price vs. Insights

In the two tiles below, you can compare your categories to the selected market. These tiles can be filtered for any chosen time frame and will display your total sales, total units, and average item price by category alongside the overall market.

Average Discount by Category vs. Insights

In the two tiles below, you can view your average discount by category over the selected time frame, alongside the market you've chosen. This allows you to track discounting trends within your own store(s) compared to the broader market, assisting you in making informed decisions about discount trends.