Today’s pricing assistant tools enable companies to streamline price management of the products and services in their catalogue. These software tools aim to boost pricing positioning in an omnichannel strategy. They can be applied both online and offline. In other words, they are tools that help retailers know market prices and adapt their strategy. Because price is a key factor in consumers’ final purchasing decision, having the right pricing strategy can affect sales volume and business profits. From Minderest, we explain the main features of the pricing suite and who can benefit from using it.
Companies that can improve their profitability with pricing assistant tools
The ultimate goal of this software is to provide companies with valuable information on competitors to predict market changes and speed up decision making. Therefore, retailers, brands and manufacturers can implement them in their business every day.
In turn, these tools help retailers perform an intelligent price analysis of each product and seller. This helps retailers expedite decision making, improve their catalogue, and analyse competitors’ catalogues, allowing gaps and opportunities to be identified.
Brands and manufacturers whose profits come from B2B transactions can use pricing assistant systems. They can monitor whether retailers and distributors stick to recommended retail prices, or whether they are guilty of policy violations. At the same time, they allow them to check the prices of their items at physical outlets and analyse how other competing brands position themselves over time.
Key functionality: Competitor price monitoring
Both retailers and manufacturers need to know competitors’ prices to achieve a competitive position in the market. To this end, current software monitors the competitors’ prices, promotions, and stock daily, in any country of the world and any currency. In addition, the software obtains information about shipping costs and delivery times from other brands and online stores. Together, all these data allow you to plot the approximate course of action that competitors will follow to optimise sales.
This detailed analysis is possible for online stores and other sales channels, such as price comparison sites like Google Shopping or marketplaces like Amazon, eBay and many more. This allows you to react quickly and even predict your competitors’ movements on any of their sales channels — these benefits impact retailer’s income in the medium and long term.
To ensure that implementing these pricing assistant systems meets the needs of your business, you can depend on the help of a team of pricing experts, like Minderest. They will adapt the tools to the strategic objectives of the business. After an initial effort, the company will have intuitive resources that anyone in the business can use to achieve maximum profits.