The Price Index is a metric snapshot showing the normalized average of cost relatives for a given class of goods in a given location, during a given interval of time.
This 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, retail price optimization software helps set higher rates while keeping the same sales dynamic.
You can read read more about Price Index
Competitor pricing analysis software is a good foundation for market change alerts. It can help retailers change their tactic and actions in order to 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 retail price management software different pricing strategies, pricing models, and pricing algorithms.
Find more information about Agile Pricing in our e-book.
Through competitor pricing analysis, Index and 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 Competitive Monitoring and Optimization. Every retailer has its own scenarios for inventory management and the right retail 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 pricing optimization software, don’t forget to ask
these six pivotal questions:
Can a potential supplier forecast the economic effect of using their pricing 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 of the pricing optimization tools with third party services do they have?
Does it use Competitive Intelligence, or dynamic price monitoring to help your online store to optimize the workflow?
Does the price optimization tool have 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 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