Competera Price optimization Software
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Retail pricing software and Price Optimization Software
We’re all living in an era of huge retail transformation.
In fact, retail as it was used to be in the past, is dead. That doesn’t imply that offline shops will disappear (it’s all about closing the gap between bricks & clicks) or that virtual reality totally replaces physical fitting rooms(even though it’s possible now). Retail transformation is all about shifting the retail model.
Top retailers outperform their competitors with successful pricing strategies and technologies that help them meet customer expectations daily.
Big retailers, as well as small internet shops, need a price optimization tool, service or solution. With such tool, retailers are able to achieve price monitoring, analysis, management and optimization in a single solution.
Yet, there is a foundation for efficient price optimization: qualitative data.
Considering this requirement, all price tracking tools as a part of retail pricing solution need to deliver data with high comparison percentages, a few zero prices, next-to-zero errors, strictly at the moment when the retailer needs to do price optimization. The best price tracking tools meet all these parameters and provide retailers with fresh and high-quality data for the market analysis and price optimization.
Another element of a powerful solution is price management functionality, its analysis capabilities, and price optimization performance. Only this mix of factors and qualitative data can make a pricing solution useful for the modern, highly competitive multi channel retail world.
How to Find the Best Provider of Optimum Online Prices?
The best pricing solutions provide the user with the following benefits:
- Shift from Excel to Pricing Software (to improve scale, speed, and accuracy metrics alongside with light experience)
- Unifying multichannel pricing strategy and tactics. The Click & Mortar Approach.
- Aligning everything and everybody in a single dashboard. People & Processes & Systems Agility.
- Understanding of key revenue drivers. How many points of margin improvement do you deliver every day?
There is a list of the most important features retail should keep in mind, when choosing a price optimizing software. It should provide the retailer with:
- Any volume of Health Qualified Data with a full cycle of data crawling, integration, processing, and analysis
- Flexible Product Segmentation and Labeling to develop strategic plan and set goals for each of them
- Price Management and Automation functionality for rapid pricing decision making and implementation of changes
- Analytical capabilities to measure efficiency of pricing decisions
- Service Level Agreement (SLA)
As a result, the best price optimizer software is a one-stop-shop for all daily activities of the retail team. It aligns competitive data, pricing rules, inventory management, marketing activities with business goals and strategy. Moreover, it gives business transparency to control pricing efficiency on every level.
Choosing the Right Pricing Software
As mentioned above, the best pricing software, price management software and price optimization software are pricing tools for retailers of any level who want to:
- Collect all necessary data and integrate it with retailer’s systems
- Get correct data processing and auto pricing comparison
- Visualize data and all anomalies in it
- Provide data analysis at the fingertips
- Draw accurate info for efficient price management
- Build different software pricing models
- Automate all pricing optimization processes
There are enterprise solutions on the market as well for huge retailers with thousands of transactions per day. Some of them are highly specialized, and used separately for every task. But it may get so difficult to integrate them in the retailer’s workflow, consisting of such processes as collecting data, cleaning it, making decisions, analyzing their consequences.
We collected all tools like that, to help you find a golden ratio of functionality and price.
Use our website to find information about pricing solutions, rank them to help other retailers find their best tool.
Repricing Software as a Retail Benefit
Another important function every pricing software needs to have:
The online retail market is constantly growing, just like your competition, so not only price tracking, but also price optimization and price tracking are required. When pricing tool reprices products automatically considering competitors’ prices, promotions, stocks, and retailer’s pricing algorithms, the retail manager can focus on the strategic stage of pricing instead of repricing routine. It saves time and helps category managers achieve their KPI’s.
Such a repricing tool sends user deviation alerts on the market, highlights pricing opportunities and change prices automatically. An example of such a tool is the Amazon repricing software, which collects data on different sellers among the platform and suggests repricing actions for every user. They are full-fledged solutions, allowing it to implement the best pricing methods and techniques.
To conclude, efficient pricing tool consists of four elements:
- Qualitative competitive data
- Price management functionality
- Analysis capabilities
- Price optimization performance
Retail pricing analytics and price optimization software given to the right hands, drives sales, margins and marketing shares. On the basis of structured data, agile frameworks, and cross-functionality it allows for building a data-driven retail company which knows its customers, helps them, makes it easy for them to shop and provides them with a truly personalized experience.
After hiring the pricing software, don’t forget to analyze its effectiveness and how the competitors reacts to your new repricing models. Involve your price managers, marketing managers, analysts to make repricing a part of all processes of your business.
Choose the right software, mix its capacity with your expertise and store’s ecosystem, and dominate the market!
Thanks to retailpriceoptimization.com we could choose the best price optimization software for our online shop. I think this website is very useful. Good luck!
We have not heard about tools for price optimization before. My good friend recommended me this website and we decided to try Competera. I can surely say that this rating corresponds to reality.