Showing 1-20 of 15 products
Skuudle is a cloud-based price and product intelligence solution that helps businesses of all sizes optimize profit margins and increase market share using data-driven analytics. It enables users to track and monitor competitive pricing... Read more
Competera offers a unified pricing platform for enterprise retailers to recover lost profits and meet new shopping patterns with the help of optimal pricing for each product across all selling channels through a unique combination... Read more
Dynamic Pricing is a cloud-based solution, which assists small to large retailers and eCommerce businesses with data collection and multiple pricing strategy creation. Key features include competitor analysis, revenue tracking, process... Read more
netRivals is a cloud-based solution that helps eCommerce and retail sectors analyze competition prices, letting businesses optimize their product prices as per market trends. Key features include profitability analysis, forecasting,... Read more
Price2Spy is an online price monitoring and comparison tool for small to large online retailers, manufacturers, brands, and distributors from a variety of industries. The solution offers tools to monitor, track, and analyze competitor... Read more
RoomPriceGenie is a cloud-based price optimization solution designed to help small hotels, serviced apartments, and vacation rentals evaluate market trends and make price adjustments in real-time. Key features include automated updates,... Read more
Quicklizard is a cloud-based pricing optimization platform that allows e-commerce businesses and omnichannel retailers to calculate product pricings using artificial intelligence (AI) technology. Users can monitor customer behavior,... Read more
Prisync is a price optimization and merchandise management tool for e-commerce businesses. The solution helps track competitor prices and stock levels. In addition, it allows users to report this data through various channels. Prisync's... Read more
Qualtrics CoreXM is a cloud-based platform designed to help organizations generate sales insights and optimize product prices through analysis of customer experiences in real-time. Key features include feedback collection, concept... Read more
SellerActive’s e-commerce channel management system is a cloud-based multichannel e-commerce management platform. Primary features include inventory and order management. It allows users to manage product listings on various channels... Read more
Incompetitor is a cloud-based retail analytics platform that provides data for brands and retailers with online stores. Incompetitor offers real-time information about pricing, inventory, and sales trends. Users can monitor key metrics... Read more
T-Pro Optimum is a pricing optimization solution that helps CPG manufacturers manage, analyze, and optimize trade promotions. It provides data harmonization tools, which combine data from multiple sources to analyze return-on-investment... Read more
Minderest is a pricing optimization tool that helps businesses of all sizes monitor competitive pricing, manufacturer suggested retail price (MSRP) and minimum advertised price (MAP). The repricing solution lets users determine a... Read more
BlackCurve is a web-based solution that helps businesses make smart pricing decisions. It is fit for any small to large retailer around the world who is looking to save time and increase profits. This pricing automation tool helps... Read more
Vendavo PricePoint is a cloud-based solution designed to help medium to large businesses manage pricing strategies across sales teams, regional markets, product portfolios and more. The solution allows organizations to categorize customers... Read more
Pricing optimization can help maximize profits and customer conversions by allowing users to predict buyer response to different prices of goods and services. These responses can be studied along with factors such as sales channels to understand which combinations produce the most desirable results.
However, manually identifying optimal price points can be both tedious and ineffective. Tracking dynamic data such as competitors’ prices and the average market price can be time-consuming. In addition, price optimization involves complex calculations, which may yield inaccurate results if handled manually.
Using a pricing optimization software solution can help simplify the process. These tools help manage and identify the impact of different price points from a single platform.
We’ve created this buyers guide to help you better understand the role and functionality of pricing optimization software.
Here's what we'll cover:
- What is pricing optimization software?
- Common features of pricing optimization software
- What type of buyer are you?
- Benefits of pricing optimization software
- Key consideration for selecting pricing optimization software
What is pricing optimization software?
Pricing optimization software is a type of software designed to help businesses maximize profits and customer conversions by enabling them to identify the most suitable pricing for their products or services.
The software analyzes data pulled from customer surveys, sales reports, demography assessments, etc. Advanced technologies such as machine learning, big data, and artificial intelligence are employed for analytics.
Common features of pricing optimization software
Each vendor offers a unique mix of features; however, there are some common features among all pricing optimization software solutions.
|Pricing analytics||Leverage data analytics to gain insights into the relationship between price and factors such as customer behavior and stock levels.|
|Pricing optimization||Adjust prices for specific categories, markets, or time frames by measuring price sensitivity or elasticity as needed.|
|Profitability analysis||Determine the monetary returns of different price points. Align the finding with buyer personas and segments to generate deeper insights.|
|Competing product analysis||Track competitor and market-wide pricing trends to adjust product prices in response by using dynamic pricing techniques. Analyze if and why competitor prices are performing better and gain actionable recommendations.|
|Price list management||Automate updates for price lists and quotes in multiple currencies. Assess the impact of price changes on your KPIs before publishing the changes.|
What type of buyer are you?
Understanding the two main customer categories will help you identify the capabilities each needs to address their common challenges.
B2C companies: The two common challenges for these companies are their siloed price determination processes and the complexity in gauging customer response to different prices. To cater to these challenges, B2C companies require pricing optimization solutions that foster collaboration and help gauge the price sensitivity of buyers.
Pricing optimization tools gather data through various sources such as survey data or historical customer data. They use this data to segment customers, create behavioral profiles, and simulate responses to price levels.
B2B companies: Typically, the volume of products in B2B companies is lower, which reduces the amount of customer data available for analyses. This makes it difficult to model buyer behavior, segment buyers, and measure price sensitivity.
They require tools that offer elasticity based pricing, which instead of pointing out an effective price point, yields an optimal price range. B2B businesses can use such tools in combination with configure, price, and quote (CPQ) software for more sophisticated pricing and quoting.
Benefits of pricing optimization software
Below are some benefits of pricing optimization software. The benefits highlight the key areas that are positively impacted by these tools and the improvements you can expect with pricing optimization.
Improved bottom line: Pricing optimization factors in all the parameters that contribute to the production/development cost of a product or service and identifies the best possible price point that appeals to customers while yielding reasonable returns.
Consistent pricing: By standardizing the pricing process through automation, this software helps avoid unjustified variances in the pricing of similar products. It also ensures consistency in unit prices by avoiding unit measure errors such as a different price for a pack of two versus a pack of six.
Key consideration for selecting pricing optimization software
As the last step to selecting your pricing optimization software, you need to keep an additional point in mind.
Integrations: Though a business may have different departments to manage different functions, the processes that cut through each of the departments are interdependent and collectively determine the overall business impact. Therefore, the various tools that may be native to the departments need to be consolidated to enable a common data exchange platform across the business. Integrations come in handy for this cause. To begin with, you can try integrations with some adjacent processes and related tools such as CPQ tools, ecommerce platforms, or ERP applications.
Note: The applications selected in this article are examples to show a feature in context and are not intended as endorsements or recommendations. They have been obtained from sources believed to be reliable at the time of publication.