Pricing Analytics Software
In the era of digital retail and price transparency, pricing analytics software can be a vital tool. Learn how to use price analysis software to boost your competitiveness and stay ahead of your rivals.
What is pricing analysis software?
Pricing analysis software is a tool used by retailers to collect, process, and analyze data in order to set optimal prices and boost competitiveness. Price analysis software can be used for various operational and strategic tasks from putting particular items on promo to making long-term demand predictions.
The main factor forcing retailers to look for advanced pricing analytics software stems from the fact that price itself remains a core factor considered by shoppers. Get this: 81% of consumers compare prices online before making a purchase.
Best Pricing Analysis Software
The retail next era: technology is the new king
The global economic recession of 2009 forced retailers of all sizes and market segments to seek for new ways of making business. Technology has become a new trendsetter replacing outdated sales strategies and pre-digital marketing tools.
The retail industry trendsetters have two things in common. First, an access to comprehensive and accurate data. Second, they use advanced tech to get crucial market insights necessary for optimal pricing.
Using advanced pricing analytics, retailers are capable of bringing an extra value to their clients. Customized promos, unconventional pricing strategies, and proactive competitive strategies are all possible with advanced pricing software.
Recommended pricing analysis software for you
How price analytics software works
There are plenty of pricing analysis software solutions available on the market today. Even though their complexity, accuracy, and reliability may vary, the three fundamental processes underlying the work of pricing analysis software are the same. These include:
- Data collection
Highly accurate data on competitors’ prices, stock availability, credit conditions, promo, and other metrics is collected or updated.
- Procession and analysis
The software processes the data to deliver important analytical insights for better decision-making
- Recommendations delivery
Algorithm generates demand-driven price recommendations based on retailer’s strategic goals.
How to choose the price analysis software solution
There is no single set of features and benefits offered by software providers. The choice of particular solution depends primarily on a retailer’s business goals.
Here are just some of the benefits that retailers might receive using the price analysis software:
- customized data sets collected in real-time
- full visibility of market changes and competitors’ impact on sales metrics
- highly accurate exact and similar product matches
- comprehensive vision of market violations by all the stakeholders
- comprehensive insights into competitors prices, stock availability, promo, credit conditions, and more
- visualized competitive insights indicating price sensitivity to market fluctuations
- actionable alerts enabling managers to prevent potential crises