Pricing Automation for retailers

What Is Pricing Automation?

Pricing Automation, at its core, is the use of advanced software to automate the process of pricing products. This enables businesses to change, define, and execute their pricing strategies effectively, significantly reducing human effort and eliminating errors. The advent of pricing automation has redefined how retailers establish their prices, allowing them to respond swiftly to external or internal triggers and maximize profit.

Competera’s Pricing Automation service is an embodiment of this technology. With a clear focus on coherence, speed, and flexibility, this automated pricing system offers tailored pricing logic to harmonize pricing across all products and channels. It is a cloud-based service with defined workflows, which allows retailers to easily manage their pricing processes and understand the cause & effect analysis of every price change.

The Price Automation Process

The pricing automation process begins with the integration of various datasets, such as product lists, current prices, competitive data, and other factors used in pricing rules like stock levels, sales volumes, e-commerce traffic, and planned pricing activities. These datasets are processed and analyzed in detail by the automated pricing system.

The process further involves a self-service pricing configuration with preset and customizable rules, ensuring that prices are determined based on the retailer's specific needs and market dynamics. The software also offers optimal workflows for different user roles, with an easy-to-use interface and real-time and batched repricing initiated by changes in cost, competition, or other factors.

With Competera's Pricing Automation, every SKU-level price interpretation comes with a forecast projection and a playground for what-if scenarios, providing retailers with the tools they need to develop powerful and controlled pricing strategies. Furthermore, the system allows for price recommendations to be exported in any format, facilitating easier integration with your existing systems.

Should Pricing Infrastructure Be Fully Automated?

In the age of e-commerce and digital transformation, having an automated pricing infrastructure can offer numerous benefits. However, the extent of automation often depends on the complexity of your pricing process and the specific needs of your business.

Pricing Automation is designed to reduce pricing efforts by at least 50%, all while ensuring absolute transparency of pricing moves made in the past and forecasting effects in the future. This automated repricing tool offers the flexibility for retailers to maintain control over their pricing strategies, while still benefiting from the efficiencies of automation. This balance between automation and control allows businesses to retain their strategic pricing decision-making, while leveraging the power of automation to execute their pricing strategy more efficiently.

Develop More Powerful and Controlled Pricing Strategies

With pricing being a key factor that drives customer purchase decisions, the ability to develop powerful and controlled pricing strategies is vital. Pricing Automation systems, like Competera's, provide businesses with the tools to create pricing strategies that are not only more responsive but also more profitable.

Whether you're looking for an automatic repricing tool or a complete pricing automation system, Competera's Pricing Automation service is a comprehensive solution that offers both flexibility and control. It allows businesses to redefine their pricing workflows, leverage detailed insights, and ensure their pricing strategy is as profitable as possible. With a time-to-value of just two weeks, Competera's Pricing Automation is the right choice for businesses looking to take their pricing strategy to the next level.