Sniffie’s price matrix is a useful tool for seeing the state of your market right now. This article offers information on how to use the price matrix efficiently. The FAQ for the price matrix can be found here.

Please note that if you have defined your website / store name in your account settings, that store’s information will always be presented as the first column in the price matrix. All statistical indices are calculated based on this first column. If you have not done so, all indices are calculated based on the first row, which may change depending on your filters.

Price matrix screenshot on pharmacy market. Hovering over CPI tooltip
Price matrix screenshot on a pharmacy market. Hovering over CPI tooltip

How are price matrix rows populated

Price matrix consists of three parts

These are

  1. pricing table that containts individual price points and their analytics
  2. product summaries, which are presented under the product name or at the right of the price table. These contain basic analytics for that product group (i.e. pricing table row)
  3. analytics table, which contains information on indices.

All of these three parts of the table can be shown and hidden using the fast filtering system at the top of the screen. Your selection will be remembered between different page loads.

Fast filtering for price matrix
Fast filtering for price matrix.

The first column represents your website / store name

You need to define this setting in your account page. If you have not done so, the first column may change between different filters. All indices are calculated using this column as a reference.

Each row in price matrix pricing table represents a product group

Each row in the price matrix represents a confirmed product group.  By default, each row represents a product group with two or more exact matches.

The name of the product in the product group is the combined name for the product group in Sniffie’s system. Because products can be named differently between different stores, you can find out the exact name by hovering on the cell.

Each cell in price matrix represents a product in a single vendor

Each cell represents a product in a certain vendor (i.e. website / physical store) combination. If a website + physical store combination has multiple products in a certain exact product match group (e.g. different colour T-shirts matched together), all analytics are calculated on demand from the product with the lowest price.

Price matrix cell color tells you the lowest and highest price at a glance

All cells that are colored green have a price that is the lowest in the market.

All cells that are colored red have a price that is the highest in the market.

All white cells have a price between the lowest and highest price point. If all products have the same price, they are colored green.

The arrow in the price matrix cell shows how the price has changed

An upwards arrow means that the price has been increasing between the last two checks. A downwards arrow means that the price has decreased between the last two checks. A horizontal arrow means that the price has remained the same.

When you hover on the arrow, you get the date and time when the price has been last updated.

By default, only exact matches are included in the price matrix

If you want to include substitutes, these can be included by applying “Include substitutes” filter on. If substitutes are included, the restriction to include two or more exact matches in a product group is lifted. Thus, a product with no exact matches but multiple substitutes are shown in the price matrix.

All substitute products have an icon in their cell to give information about their substitute status at a glance. If a vendor (i.e. a unique website + physical store combination) has an exactly matched product as well as a substitute product, its price is shown instead of a substitute product price.

Price matrix rows are calculated on demand

As with every other analytics Sniffie offers, nothing in price matrix are calculated beforehand. Everything is calculated real-time, always. This allows extreme flexibility in analytics via filtering.

The rows in the price matrix are fetched from Sniffie’s servers in batches of 25 product groups at a time. If you have e.g. 100 exactly matched product groups, the information is fetched 25% at a time. The percentage is shown at the top of price matrix. If you have thousands of product groups and thousands of vendors, the full price matrix population without any filtering may take a while. In addition, if your computer has trouble rendering the amount of information in the price matrix, Sniffie will notify you of this. With modern computers, this may occur when the number of cells in the matrix is over 200 thousand.

If you feel there’s too much data coming to the price matrix, you can always press stop at the top of the price matrix to stop the fetching of additional rows. Afterwards, you can filter down your selection using Sniffie’s filtering system.

Making sense of the price matrix statistics

For each product row, Sniffie calculates the following statistics:

  • Stores stocked
  • Minimum price (such cells are green)
  • Average price
  • Maximum price (such cells are red)
  • Quartile¬† (25%, median, 75%) prices
  • Mode (i.e. the most common) price point

An upwards arrow in a cell means that the price of a product has increased during the last 2 checks. A downwards arrow means that the price of a product has decreased during the last 2 checks. A horizontal arrow means that the price of a product has been stable during the last 2 checks.

Price matrix screenshot pharmacy market history hover
Price matrix screenshot pharmacy market history hover

The first rows contain column statistics

Sniffie automatically calculates column statistics based on your selection. These include CPI and market index. Read more on these statistics here.

 

 

Exporting price matrix data

Sniffie offers multiple ways to export the data from your price matrix. The easiest is to press Export button and select the format. We offer CSV export (great for Excel!) and PNG image export (great for PowerPoint presentations). Please note that PNG rendering may take a while for very large price matrices.

You could also fetch the pricing data via Sniffie’s product feed. If you subscribe to an email report, the price matrix is sent to your email.

Price matrix export button pressed with CSV option hovered.
Price matrix export button pressed with CSV option hovered.

 

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