Pricing optimization may help optimize revenues and increase conversion by predicting how buyers perceive different product prices. Companies have to analyze sales channels and customer replies to see which combinations offer the best returns.
Pricing optimization tools might make the task easier. These solutions assist in monitoring and identifying the impact of various pricing points.
Check out the full list of pricing software
Top pricing software
Prisync is a price optimization and merchandize management solution designed to assist e-commerce organizations in developing pricing strategies that will boost profitability. It allows businesses to keep track of competitors’ prices and stock levels through comprehensive dashboards. Prisync sends email alerts, and price/stock change notifications, but also, builds reports for customized product groups. It includes some other capabilities such as batch import, stock availability management, pricing analytics, and more.
Price2Spy is a retail pricing software that uses artificial intelligence and machine learning to assist e-commerce workers in monitoring and analyzing pricing data and automatically repricing products based on their market strategy. Users can get pricing acquisition as well as a variety of reporting options for analyzing data. Organizations can use such analysis to determine pricing opportunities, such as if items are underpriced or if the price can be cut while still maintaining the required profit margin. The API of Price2Spy provides seamless integration with the organization’s favorite software as well as allows automatic price matching based on competitors’ prices.
PROS Pricing is a rapid, transparent, and dynamic price optimization software built on cutting-edge AI. Their platform helps merchants expand their business, as well as helps them to establish an optimal price plan and it makes personalized recommendations that fit with their strategic objectives. PROS pricing main features include omnichannel price management, customer-specific price optimization, streamlined sales agreements, and real-time price delivery.
Omnia Dynamic Pricing, together with Omnia’s Pricewatch, is a pricing module that offers intelligent, automatic price optimization for products. The module includes a self-learning algorithm based on price elasticity that combines internal product and sales data with data from external sources like Google Analytics. The system claims to reject pricing suggestions that are greater or lower than the market rate, effectively correcting any current outlier rates. The platform also has the ability to customize business rules at any level, product, or category, using a conditional logic-based interface to construct any pricing business rule needed.
Pricefx platform offers a modular SaaS platform for price optimization management and configure-price-quote. It provides customers with an industry-leading time to value and total cost of ownership by delivering a complete price optimization and management platform built on native cloud architecture. Its portfolio of pricing software modules is built on top of a platform that connects them to a variety of accelerator packages pricing IP, algorithm libraries, connected apps, and more, allowing you to run faster and start generating revenue right away.
The pricing equation is complicated, and there is no one solution. Companies are responding to market trends regarding pricing by putting in the extra effort and the use of highly sophisticated software combining mathematical modeling, business rules, and data analysis.
Things to know about pricing software
Price software is used by organizations to handle pricing in a logical, automated, adaptable, and effective manner. Companies may use pricing software to maintain prices competitively, grow important company KPIs, reduce human participation, and respond to market changes before they become an issue.
Today, there are a wide variety of solutions on the market that cater to various corporate requirements. Third-wave pricing software is increasingly frequently used as an alternative to in-house pricing systems since it is simple to integrate and utilize.
- Pricing optimization: These software use artificial intelligence to analyze and anticipate the results of various pricing methods to provide revenue- or profit maximizing prices.
- Price management: These software are most commonly used by pricing teams to set prices for new items, update current price lists or matrix prices, and bulk change customer-specific prices.
- Pricing analytics: In combination with price management or price optimization tools, pricing analytics are used to assist firms to evaluate their pricing performance and how they could enhance their pricing strategy.
- Price execution: The process by which prices are calculated and sent directly to the end customer or a salesperson to produce or revise a quote or agreement or submit an order.
Software for pricing optimization helps companies find the most profitable pricing for their products and services, increasing profitability and client conversions.
Data from consumer surveys, sales records, demographic evaluations, etc., is processed by these software, employing advanced technology, including machine learning, big data, and artificial intelligence.
B2B enterprises often have fewer items than B2C companies, which decreases the quantity of client data accessible for analysis. This makes it harder to model customer behavior, segment customers, and evaluate price sensitivity.
They need technologies that give elasticity-based pricing, which yields an appropriate price range rather than a price point. B2B companies can use these technologies with CPQ software to create more complex pricing and quoting models.