Price Intelligence Software
In the highly competitive and high-tech market of 2019, price intelligence software has become an essential tool for retailers of all sizes. In order to set the right prices, your business needs a complete perspective of your market, your product positioning, and more. Using price intelligence software, you can stay two steps ahead of your competition and set your prices according to the ebbs and flows of the market effortlessly, increasing your revenue and sales in the process.
What is price intelligence software?
Price intelligence software, also sometimes referred to as competitive intelligence software or market auditing software, is a comprehensive tool that tracks various competitors’ products and prices in order to paint a general picture of the overall market. Many software providers go a step further than this and also monitor additional attributes such as promotions and non-pricing factors that businesses may find relevant. This information is ideally refreshed often and tracked in near-real time to ensure accuracy. All data is displayed on a platform with charts and graphs for easy analysis, though, usability can vary greatly depending on the provider.
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The benefits of pricing intelligence software
With all of this information at hand at all times, retailers have several opportunities to boost their revenue and sales, and can make pricing decisions at a lower risk than pricing based on experience alone. With an effective software, retailers can:
- Identify potential niches and market gaps that they can fill
- Discover opportunities to increase prices (e.g. when competitors are out of a given item)
- Protect and maintain their brand image
- Understand their exact market positioning for each individual product
- View the market positioning of key competitors
- Identify potential MAP violators
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Comparing and choosing the right price intelligence software
Retailers have a plethora of options to choose from when selecting a price intelligence software. That being said, each software can differ greatly in terms of the data provided, how often this data is re-checked for accuracy, and how this information is displayed. When determining which software might be the best one for your company, keep in mind the following key factors:
- Data accuracy and delivery. The ideal price intelligence software should have very accurate data that is delivered when you need it most.
- Transparency. Your provider’s platform should notify you of important details, such as if certain information is out-of-date, or if your prices are considerably lower or higher than the rest of the market.
- User-friendliness. Your software should display all the information in an easy-to-read manner, provide graphs and other useful imagery for planning and analysis, and should not be too confusing or time-consuming to use.
- Customizability. The platform you select should be customizable to your needs. Avoid software that gives large data dumps of competitors you may not need to track.
- SLA and customer support. Read carefully over the provider’s SLA to ensure you have flexibility and a guarantee of quality. Additionally, make sure that your software has an adequate customer support available to answer any questions you may have.