Managing and optimizing prices is no easy task. Businesses need to know the impact of their pricing decisions in order to avoid making costly mistakes, and must analyze massive amounts of pricing data in order to do so.
Many smart pricing solutions do not consider complex relationships between products, pricing and sales. How are companies supposed to optimize their prices swiftly while also carefully considering the vast amounts of product data required to make accurate decisions?
Retail companies can drastically enhance their pricing strategy using Competera’s price management software. Harnessing the powerful brilliance of machine learning, Competera’s pricing management software allows retailers to make the most precise pricing decisions possible, and gives them a comprehensive understanding of the overall effect of their pricing decisions.
The price management software Competera provides uses advanced algorithms to process immense amounts of product and pricing data and runs countless simulations to determine the optimal prices for various products.
Companies are provided with an easy to understand pricing forecast that allows them to make the right decisions and manage prices quickly and effectively.
Using traditional price management methods, managers often must rely on their own intuition in order to make important pricing decisions in a timely manner.
It is very difficult for pricing experts to determine the overall impact of their pricing decisions on their entire product portfolio.
With Competera’s price management software, companies are given the opportunity to predict and forecast their pricing decisions to not only determine the optimal prices for individual products, but also to better understand the impact these pricing decisions have on the rest of their product assortment across several categories. Using AI-based price management software, retailers can take the guesstimation out of their pricing strategy and instead make the right decisions with a clear understanding of what impact these decisions will have.
Even when using rule-based automated price management tools, the intricate relationship between products and their prices is overlooked, and the simplicity of these pricing methods leave companies doing little more than mirroring their competitors’ pricing decisions.
Revenue growth for companies who tested our software was a staggering 16%, compared to 2.4% in the control group.
The number of transactions within the test group increased by 2.7% as transactions decreased by 5.1% in the control group within the same time period.
Every retailer seeks to increase their sales and revenue without negatively affecting their profit margin, and implementing new technologies within important processes such as price management can be a scary concept. However, companies that use our pricing software see immediate positive impact on their growth and revenue. The ROI when using Competera’s price management software is very compelling.
Competera’s price management software is customizable and easily integrated into your business’ current pricing strategy. All data analyzed by the algorithms is provided by the retailer in order to better cater to the requirements and objectives of their company. Furthermore, all targets and data constraints used in Competera’s price management software can be manually set and changed by the retailer when needed.
Competera’s price management software immediately gives positive results for any retailer using it, helping retailers manage prices more accurately than ever before. However, the benefits do not end there — thanks to the unmatched intelligence of machine learning, the more AI is utilized for a company’s price management, the more AI gets to “know” the ins and outs of the retailer’s individual products, product categories, prices, and everything in between. This means that the smart pricing decisions made by our software only continue to get more accurate over time.
As the retail market continues to become more dynamic, fast-paced and competitive, companies cannot afford to ignore the benefits technology such as AI-based price management software can provide.Get Pilot