Pricing Optimization Software

Finding software can be overwhelming. Software Advice has helped many business owners choose the right pricing optimization vendor to simplify pricing.

Showing 1-20 of 42 products

TGN Data

TGN is a cloud-based pricing intelligence software designed to help businesses monitor competitor data to optimize existing processes. Key features include benchmarking, website monitoring, trend analysis, competing product analys... Read more

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Netrivals

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, forecastin... Read more

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Price2Spy

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 compet... Read more

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PriceWise

PriceWise is an end-to-end solution designed to help businesses manage price and rebate programs for client recruitment, contract tracking and automated customer payouts. Users can enhance program effectiveness, build partner loy... Read more

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Blacksmith TPO

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-inve... Read more

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Prisync

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. ... Read more

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Quicklizard

AI-Pricing Software for Retailers and Brands. We enable retailers and brands to achieve pricing excellence at scale. We do this by providing an end-to-end plug & play pricing as a service. For the full product lifecycle. Across ... Read more

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Qualtrics CoreXM

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

Competera

Competera is an AI-powered platform helping retailers to set optimal prices. It uses the last-gen ML technology combined with the best econometric practices. With Competera, businesses can boost bottom line metrics and sustain the... Read more

BQool Repricing Central

BQool Repricing Central is a pricing optimization solution, which enables businesses to reprice products using algorithms, data points, artificial intelligence (AI) and machine learning technologies. BQool Repricing Central allo... Read more

SellerActive

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 chann... Read more

Beyond

Beyond is a cloud-based dynamic pricing tool for vacation rental owners and property managers. It enables users to define the suitable price for their properties using analytics, user statistics and algorithms. Beyond integrates... Read more

Luminate Platform

Luminate Platform by Blue Yonder (formerly known as JDA Software) is a cloud-based supply chain management solution for large and enterprise companies. It serves clients across a variety of supply chain industries including automo... Read more

RoomPriceGenie

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 up... Read more

Omnia Dynamic Pricing

Used by 100+ renowned retailers & brands, Dynamic Pricing by Omnia is a cloud-based pricing automation solution, which assists small to large businesses with controlling pricing at every level in an organization. Omnia's Dynamic P... Read more

Price Optimization

Intelligence Node’s Price Optimization solution is a suite of AI-driven APIs that generates pricing recommendations with 99% accuracy by leveraging internal data (inventory, sell-through rates, etc.) combined with competitor and m... Read more

Seller Republic

Seller Republic is a cloud-based price optimization solution that enables businesses to monitor and update product prices across marketplaces including Amazon and eBay. Key features are repricing, forecasting, competitive analysis... Read more

Spotlite

Rally Choice is a cloud-based benefits administration solution for small, midsize and large healthcare companies. It helps consumers, benefits leaders, payers and healthcare providers. It allows users to select benefit plans, comp... Read more

KLIKER

KLIKER is a web-based app serving market intelligence data in real-time, through one screen. Raw data is collected, analysed and structured through relevant KPIs that can be used for brand management, channel coverage monitoring... Read more

Skuuudle

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 p... Read more

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Buyers guide

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?

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.

Pricing optimization dashboard in Cayan

 

Pricing optimization dashboard in Cayan (Source)

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.