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Efficiency
79% of shoppers indicate that the most
important decision point for a potential purchase
is the price of the product itself.
In response to this trend, retailers
need to manage their pricing strategy
on a real-time basis to swiftly adapt
to changing circumstances.
The traditional, paper-based method
of pricing management does not produce
fast and accurate results. Further,
traditional approaches do not consider
the vast amount of data available to
a company and rely heavily on manual labor.
If your price is lower than that of your
competitors, you are losing potential profits.
The system determines the best positions
and suggests the optimal price increase.
If your price is higher than that of your
competitors, you are losing current customers.
In this case, the system will inform you about
adequate pricing decreases incorporating cost data.
Pricing automation starts with data analysis.
In addition to internal sales information, there is
a need for data on competitors, which can be obtained
through mobile monitoring or through external
supplier databases.
Using the data obtained, PowerPrice calculates
various demand elasticity scenarios and, eventually,
determines the optimal level of supply and pricing
for every single product.
To determine the acceptable price for
the product, managers create a pricing strategy
for each SKU or product category: maximum revenue,
maximum profit or maximum demand. The created
script templates are saved and available for selection
when needed.
Based on the input data and the specified pricing
strategy, the system determines the best price
for the product. It considers the restrictions
set by managers on price changes.
Pricing recommendations are uploaded into the
control panel. Company managers can respond to
recommendations by applying or declining them
and send the adapted prices with only one click
to the company's ERP system.
For each SKU, detailed sales analytics allow managers
to monitor key performance indicators and,
if necessary, to react immediately.
Fill out the form and we tell you more
about how to use all the advantages of our platform.
