MarkVision, large-scale update of 'MarkAI' price monitoring service

– ‘Unauthorized sales’ outside of the manufacturer’s official distribution network, adversely affecting brand pricing policy and consumer trust

– It is possible to determine whether the appropriate selling price is maintained in the largest domestic e-commerce and the economic effect through sanctions against unauthorized sales.

– MarkVision plans to work to protect corporate brand value and build a fair e-commerce ecosystem

 MarkVision (CEO In-Seop Lee), an AI-based IP integrated solution company, announced on the 9th that it has applied a large-scale update to its 'price monitoring' service that detects products and sellers that damage brand value through indiscriminate price discounts online.

Recently, with the diversification of e-commerce platforms and the activation of individual seller registration, anyone can easily sell products, and 'unauthorized sales' outside of the official distribution network of the manufacturer are rapidly increasing. It is difficult to identify the source of purchase and distribution process of unauthorized products that have not been officially approved by the company or brand, and they are often sold at excessively low prices for top exposure on the platform, which can have a negative impact on the brand's pricing policy and consumer trust. Even sellers with formal contracts lose their price competitiveness, and brands suffer from significant sales losses.

In this situation, the price monitoring service that Markvision has been providing since May of last year has been detecting not only official sellers who are selling at prices different from those agreed upon at the time of contract, but also whether unofficial sellers are selling products, sellers with high transaction shares, and product price fluctuations in detail. In this update, functions such as ▲understanding whether the appropriate selling price is maintained and the current status ▲analyzing the economic effect through sanctions on unauthorized sales have been added to reflect the flow of the rapidly changing e-commerce ecosystem.

The e-commerce company, which had a total transaction amount of 55 trillion won as of last year, is known to have adopted the so-called “lowest price matching system,” which automatically lowers the selling price if a competing online shopping mall is selling the same product at a lower price. This has been consistently pointed out as a problem, as the brands that end up selling their products at the lowest online price after price competition have no choice but to shoulder the loss of sales due to the collapse of the fair price policy.

With this update, you can now see at a glance how much the average price of a specific product sold by various sellers in the e-commerce is compared to the fair price. In the case of sellers suspected of unauthorized sales due to excessively low prices, you can report and sanction them to the marketplace through Markvision’s own system, and the economic loss is also quantified and presented through this. At this time, sales cases in other marketplaces suspected of lowest price matching can also be sanctioned, so each brand can appropriately utilize this function to maintain the fair price line of their products and recover sales.

In a situation where many companies, including Lotte Chilsung, Hangil Trading (the official importer of Villeroy & Boch), and Brand 501, have been actively introducing price monitoring services, this update is expected to help companies and brands, especially in the daily necessities and F&B sectors where consumers frequently purchase goods, to manage prices more effectively.

Markvision CEO Lee In-seop said, “With this price monitoring function update, we wanted to help many companies protect the brand value and trust that they have worked hard to build over a long period of time, and also create an environment where consumers can purchase trustworthy products that have been officially approved.” He added, “Markvision will continue to do its best to build a fair e-commerce ecosystem that satisfies both brands and consumers.”