Dynamic Pricing Software for Online and Omnichannel Retailers

In the time of price transparency, implementing a proactive pricing policy requires retailers to stay flexible and quick in decision-making. Find how to gain an upper hand on the market with optimal prices driven by advanced market analytics and ML-powered dynamic pricing engine.

What is dynamic pricing software?

Dynamic pricing software is used by online and omnichannel retailers to automatically set prices in response to market trends, changes in demand, and other variables.

Dynamic approach enables the business to implement goal-driven and elasticity-based pricing for the entire portfolio at any level from specific categories or product lines to national markets and world regions.

What is dynamic pricing software?

When dynamic pricing software is used?

Dynamic pricing software is often used to manage products the demand for which is rather fluctuating. But the approach’s application is not limited to one or two types of SKU.

Dynamic pricing software can be used to set prices for various types of products. Here are a few examples:

  • New entries
  • Best Price Guarantee (BPG) products
  • Cash and revenue generators
  • Exclusive range of products
It is important to note that implementing a dynamic pricing approach for specific types of SKU requires the company to meet specific business maturity standards. For example, historical sales data or a dedicated team of tech specialists might be required in some cases.
dynamic pricing

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Find how Competera dynamic pricing software works and learn all ins and outs of dynamic pricing.

How dynamic pricing software works?

Competera dynamic pricing software uses historical sales data to estimate cross-dependencies between products in the portfolio and calculate demand function. Here is the basic workflow of a dynamic pricing algorithm.

Historical data on price points and demand is processed and analyzed by the software.

The demand function is built based on identified cross-dependencies.

Advanced algorithms process more than 60 pricing and non-pricing factors to craft optimal value offerings.

When to use dynamic pricing software or why tech matters

As a company reaches a particular level of business maturity, using old pricing methods becomes irrelevant and risky.

Automated, coherent, and transparent pricing is a must for retailers willing to increase market share, provide customers with the personalized shopping experience, and align operational activities with strategic goals.

When to use dynamic pricing software

What are the benefits of dynamic pricing software?

Pricing policy powered by dynamic software brings plenty of benefits for the business. Here are some of them:

  • Dynamic pricing is one of the most sustainable means of boosting long-term revenue and profit uplift
  • Dynamic pricing software relies on accurate forecasts securing the achievement of strategic goals
  • Dynamic pricing platforms help retailers to gain insights into consumer behavior and provide every customer with a personalized best offering
benefits of dynamic pricing

The proof is in the numbers

Take a look at the results of companies who have already taken advantage of our price optimization software:
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50% less repricing time

A sporting goods retailer cut repricing effort for over half a million SKUs
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16% revenue increase

A consumer electronics retailer maximized revenue without losing their margins
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10.3% gross profit saving

An apparel retailer used markdown recommendations during sale campaign
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8.1% revenue increase

A health & beauty retailer achieved revenue as well as item sales growth
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Software Trusted by Customers Across the Globe

Each of Competera's clients receives an average of 7-15% revenue uplift

Reach the next level of pricing

Try Competera’s dynamic pricing software to reveal your full market potential

Best Analytics / BI Solutions

E-commerce Germany award

Price Optimization Solutions

Constellation

#1 eCommerce Solutions Software 2019

Crozdesk

Top 3 startups at the AI Summit

London Tech Week

Great User Experience

Finance Online

High Performer 2020

G2 Crowd