Revenue management aims to forecast consumer demand, optimize inventory and maximize revenue growth using dynamic pricing.
By changing the prices of goods using dynamic pricing strategy: according to the latest research by American economists, dynamic pricing increases revenue by 11%.
Revenue management with dynamic pricing helps the retailer to find a perfect balance between competition and profitability!
Profitability is the main indicator of a retailer's success for the long term. Even if at the moment the plan is to grab market share, bring a new product to the market, or get rid of a competitor. In the end, the goal is to maximize retail profits in the future.
To do this, it's important to monitor changes in the market, forecast demand, make decisions on products in time, and improve pricing.
Pricing is one of the most important details of the revenue
management mechanism, it must be flexible in order to adapt to changes in the market.
Profitability management is selling goods at the right time
to the right buyer at the right price.
Dynamic pricing balances between these factors and ensures the growth of profits due to the optimal prices.
Dynamic pricing allows for making a profit on regular changes in the market, taking into account internal factors (sale plans, costs, and supply) and external factors (competitor pricing and demand).
A full-fledged SaaS solution helps retailers monitor their competitors and implement the most effective dynamic pricing. Good software for repricing the goods must deliver quality data in a convenient form in order to make the right decisions.Request Demo
eliminates days of manual work and possible human error
with flexible configurations which allow for custom time settings for different categories