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
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.
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 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