The Price Index is a metric snapshot showing the normalized average of price relatives for a given class of goods in a given location, during a given interval of time.
Price Index displays your products/categories/brands positioning against similar parameters of the competitors, or the market in general. It helps to check retrospectively whose actions influenced your sales the most, and how exactly. It’s pretty common to meet retailers who don't know which competitors really influence their performance and sales. Alternatively, to set higher prices while keeping the same sales dynamic.
You can read more about Price Index here
Competitor pricing analysis is a good foundation for market changes alerts. It can help retailers to change their tactic and actions in order outcompete an ecommerce competitor:
Agile Pricing is a dynamic pricing strategy that adapts to every market change automatically, yet can easily be corrected by a manager.
To successfully use Agile Pricing, a retailer needs to apply to its software different pricing strategies, pricing models, and pricing algorithms.
More information about Agile Pricing you can find in our e-book.
Through competitor pricing analysis, Price Index and Price Algorithms smart dynamic pricing software, can make automatic repricing suggestions. This provides the retailer the following benefits:
This is the part no retailer thinks of at the beginning, yet it’s essential for Price Monitoring and Optimisation. Every retailer has its own scenarios for inventory management and the right pricing software helps get rid of spreadsheets and manual assortment management tools.
Price Monitoring software focuses on supplying easy-to-use insights, and gaining UI for the custom needs of each particular e-tailer.
No matter what you’re looking for, whether considering to hire Competera, or choosing another supplier, don’t forget to ask these six pivitol questions:
Can a potential supplier forecast the economic effect of using their software?
Is it possible to adjust the monitoring schedule to your business needs? Do they provide an SLA for data quality?
Can you use your specific tags for managing the item segments inside the dashboard, e.g. brand tags, ABC tags, Longtail tags?
What options for integration with third party services do they have?
Does it use a Price Intelligence, or Price Index tools to help your online store to optimize the workflow?
Is there an ability to synchronise the results with the shop’s virtual showcase?
Take a look at what companies are saying about Competera retail pricing software:
Competera is a great software provider. We’ve received the results of our collaboration with Competera - using Price Intelligence and we’ve reached our goals. We hoped, and were able to, to optimize the pricing process, and increase the number of customers. I want to emphasize how pleasantly surprised we were with the very qualified and quick-responding support team. They furnished the information on any of our requests 24-h/7-day. A great product and great team!
Competera has reinvented pricing for us! For quite a while, pricing managers sought an optimal price for their product categories. In most cases, the decision was made to simply to lower the price. In other words, to lower the profit margin. Fortunately, we teamed up with Competera four months ago, and now we have truly optimal prices. Keep in mind, not the lowest prices, but the most beneficial, from the revenue side as well as in customers’ eyes. Keep on, keepin’ on, Competera!
Having more than 7000 products in our range can be difficult to monitor from a pricing perspective. In the gift retail sector, prices change every day and for us to deal with all that new data is a real challenge. We wanted an accurate and reliable pricing solution that could help us be more price competitive and gain more profit per product. Competera met all these requirements. Now we are able to monitor our prices in the marketplace, and improve the profit per product thanks to the up-to-date information that the Competera platform has to offer.
Competera help us to strengthen our pricing attractiveness Mataharimall.com is a leading online marketplace in Indonesia. Our goal was to implement a framework for competitive pricing recommendations for our sellers. Competera delivers actual competitive pricing data in a usable format for our category managers allowing us to make considerable changes in assortment for monitoring on a monthly basis to keep up with our regular marketing campaigns. With Competera we strengthen our pricing attractiveness across key products in Indonesian online retail market.
Competera price management software enables a rapid reaction to market opportunities and drives a new approach to the right pricing, on the right products, at the right time
Get monthly news letterson the most important eCommerce news and materials.
No spam, we promise. ;)
We’ve just sent an email to confirm your email address. Please click the green button in this email to confirm your subscription. And let’s rock!