Repricing; save thousands of hours in your pricing strategy

Request a demo

01/06/2015

Profile picture for user Angela de la Vieja

Angela de la Vieja

In previous articles we talked about the importance of using a software for price monitoring to know competitive information of vital importance. The purpose is obvious: to offer a competitive price, we need to know market prices. Consequently, and once we get to this point, the first question that comes to our mind is: How do I implement my pricing strategy?

Every Company has its own pricing strategy, usually marked by the pricing team, with a clear objective to enhance their competitive positioning. That strategy may vary depending on multiple factors like:

  • Product popularity
  • Seniority of the product
  • Brand
  • Category
  • Stock level

Hence, even if our pricing strategy may be simple, that is, aligned with the cheapest price of a competitor, this will vary depending on product conditions, brand, popularity etc. In such a way that applying our strategy may be a tedious and complex task, because it will become difficult to implement it manually without committing mistakes fixing your prices.

To simplify this task, the algorisms used for repricing, allow you to program a series of business rules, calculating sales prices depending on the different existing variables we mentioned. The benefits are clear:  once the pricing strategy is designed taking those variables into account, the algorism will calculate the optimum price for every product, and it will determine which price we wish to sale it, simplifying the task in minutes and reducing mistakes on manual fixing.

Another advantage is that we can increase the frequency updating our prices, improving our competitive position in real time and increasing sales figures.

If you wish to know strategies and techniques used by giants like Amazon, you just have to ask for a demo.

Find out how Minderest can take your business to the next level.

Contact our pricing experts to see the platform in action.

Related Articles

23/05/2023

How to buy and sell online at wholesale prices: Faire, the B2B marketplace born in the USA

Faire is the world's first online wholesale marketplace, enabling independent retailers and brands to buy and sell online at wholesale rates. With more than 500,000 independent retailers and 70...

17/04/2023

How to sell on Miravia, the mid/high-end marketplace from the Alibaba Group

Miravia is the Alibaba Group’s most recent launch in Spain. The Chinese giant that owns AliExpress has its eyes set on expanding throughout Europe. It is a B2C marketplace that sells all sorts of mid...

12/04/2023

Minderest becomes GfK´s principal pricing partner worldwide.

GfK, one of the leading companies in consumer goods market data and research, has selected Minderest as its principal pricing partner worldwide. Minderest outperformed other market solutions after a...