In the news each day, there are reports of price increases (inflation) that average 4%. When a product's price increases 4% or 45%, this often hurts a retailer. Reason: the retailer may not know about this price change till after it has sold the item. Therefore, the retailer sold the item at 45% less than what it should have. If the item is a special order and the retailer does not have it in stock, it may barley make a profit on the order.
Bridge's product sharing service helps retailers avoid inflation's pitfalls. Currently, more than 840 stores use the Smart Products service to protect themselves from inflation’s costs on 67,000 products. These products’ prices are up-to-date on the retailer's website. The respective brand maintains the price in real-time behind the scenes. This ensures that the retailer does not sell that five--piece silverware set at $400 (shown in example) and lose money. Instead, our retailers sell it at the correct price, which is 45% higher: $580.
In the example shown, we see price increases from our brand partners that cover a wide spectrum. We see increases of 10%, 11%, and 45%. As one can imagine, a store owner updating a wide variety of prices on thousands of products would be a near impossible task.