Pricing Optimization Software
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Price2Spy is an online price monitoring and comparison tool for small to large online retailers, manufacturers, brands, and distributors from a variety of industries. The solution offers tools to monitor, track, and analyze compet...Read more about Price2Spy
PriceBeam helps businesses in hospitality, publishing, retail, eCommerce, electronics, finance and other industries conduct market research to optimize product pricing for new and existing products. It allows users to automaticall...Read more about PriceBeam
Skuudle is a cloud-based price and product intelligence solution that helps businesses of all sizes optimize profit margins and increase market share using data-driven analytics. It enables users to track and monitor competitive p...Read more about Skuuudle
COVALYZE is easy to use and makes procurement experts more efficient and effective in conducting complex supplier negotiations. No matter if you purchase material or services, COVALYZE is the right tool for you: - you need valid p...Read more about COVALYZE
Prisync is a price optimization and merchandise management tool for e-commerce businesses. The solution helps track competitor prices and stock levels. In addition, it allows users to report this data through various channels. ...Read more about Prisync
tgndata is a cloud-based pricing intelligence software designed to help businesses monitor competitor data to optimize existing processes. Key features include benchmarking, website monitoring, trend analysis, competing product an...Read more about tgndata
Intelligence Node’s Price Optimization solution is a suite of AI-driven APIs that generates pricing recommendations with 99% accuracy by leveraging internal data (inventory, sell-through rates, etc.) combined with competitor and m...Read more about Price Optimization
Qualtrics CoreXM is a cloud-based platform designed to help organizations generate sales insights and optimize product prices through analysis of customer experiences in real-time. Key features include feedback collection, concept...Read more about Qualtrics CoreXM
Omnia Dynamic Pricing
Omnia Dynamic Pricing
Used by 100+ renowned retailers & brands, Dynamic Pricing by Omnia is a cloud-based pricing automation solution, which assists small to large businesses with controlling pricing at every level in an organization. Omnia's Dynamic P...Read more about Omnia Dynamic Pricing
Competera is an AI-powered platform helping retailers to set optimal prices. It uses the last-gen ML technology combined with the best econometric practices. With Competera, businesses can boost bottom line metrics and sustain the...Read more about Competera
Cart Marketplace Management
Cart Marketplace Management
SellerActive’s e-commerce channel management system is a cloud-based multichannel e-commerce management platform. Primary features include inventory and order management. It allows users to manage product listings on various chann...Read more about Cart Marketplace Management
Netrivals is a cloud-based solution that helps eCommerce and retail sectors analyze competition prices, letting businesses optimize their product prices as per market trends. Key features include profitability analysis, forecastin...Read more about Netrivals
T-Pro Optimum is a pricing optimization solution that helps CPG manufacturers manage, analyze, and optimize trade promotions. It provides data harmonization tools, which combine data from multiple sources to analyze return-on-inve...Read more about Blacksmith TPO
Minderest is a pricing optimization tool that helps businesses of all sizes monitor competitive pricing, manufacturer suggested retail price (MSRP) and minimum advertised price (MAP). The repricing solution lets users determine a ...Read more about Minderest
Seller Republic is a cloud-based price optimization solution that enables businesses to monitor and update product prices across marketplaces including Amazon and eBay. Key features are repricing, forecasting, competitive analysis...Read more about Seller Republic
AI-Pricing Software for Retailers and Brands. We enable retailers and brands to achieve pricing excellence at scale. We do this by providing an end-to-end plug & play pricing as a service. For the full product lifecycle. Across ...Read more about Quicklizard
DPGO is an AI-driven, deep learning dynamic pricing tool for Airbnb hosts, property owners, and listing managers. The DPGO pricing tool was developed by expert data engineers and includes aspects of machine learning and yield mana...Read more about DPGO
Pricemoov is a global provider of next-generation price management and optimization solutions that help companies power digital commerce, adapt to market dynamics and empower sales teams. Featuring powerful data science, end-to-en...Read more about Pricemoov
BlackCurve is a web-based solution that helps businesses make smart pricing decisions. It is fit for any small to large retailer around the world who is looking to save time and increase profits. This pricing automation tool ...Read more about BlackCurve
For companies in any industry, Analyzer from Strategy Companion is a modular, cloud-based business intelligence platform. The system gives users access to real-time analytics, allowing them to make informed decisions utilizing dat...Read more about Analyzer
Popular Pricing Optimization Comparisons
Buyers GuideLast Updated: May 21, 2021
Pricing optimization can help maximize profits and customer conversions by allowing users to predict buyer response to different prices of goods and services. These responses can be studied along with factors such as sales channels to understand which combinations produce the most desirable results.
However, manually identifying optimal price points can be both tedious and ineffective. Tracking dynamic data such as competitors’ prices and the average market price can be time-consuming. In addition, price optimization involves complex calculations, which may yield inaccurate results if handled manually.
Using a pricing optimization software solution can help simplify the process. These tools help manage and identify the impact of different price points from a single platform.
We’ve created this buyers guide to help you better understand the role and functionality of pricing optimization software.
Here's what we'll cover:
- What is pricing optimization software?
- Common features of pricing optimization software
- What type of buyer are you?
- Benefits of pricing optimization software
- Key consideration for selecting pricing optimization software
What is pricing optimization software?
Pricing optimization software is a type of software designed to help businesses maximize profits and customer conversions by enabling them to identify the most suitable pricing for their products or services.
The software analyzes data pulled from customer surveys, sales reports, demography assessments, etc. Advanced technologies such as machine learning, big data, and artificial intelligence are employed for analytics.
Common features of pricing optimization software
Each vendor offers a unique mix of features; however, there are some common features among all pricing optimization software solutions.
|Pricing analytics||Leverage data analytics to gain insights into the relationship between price and factors such as customer behavior and stock levels.|
|Pricing optimization||Adjust prices for specific categories, markets, or time frames by measuring price sensitivity or elasticity as needed.|
|Profitability analysis||Determine the monetary returns of different price points. Align the finding with buyer personas and segments to generate deeper insights.|
|Competing product analysis||Track competitor and market-wide pricing trends to adjust product prices in response by using dynamic pricing techniques. Analyze if and why competitor prices are performing better and gain actionable recommendations.|
|Price list management||Automate updates for price lists and quotes in multiple currencies. Assess the impact of price changes on your KPIs before publishing the changes.|
What type of buyer are you?
Understanding the two main customer categories will help you identify the capabilities each needs to address their common challenges.
B2C companies: The two common challenges for these companies are their siloed price determination processes and the complexity in gauging customer response to different prices. To cater to these challenges, B2C companies require pricing optimization solutions that foster collaboration and help gauge the price sensitivity of buyers.
Pricing optimization tools gather data through various sources such as survey data or historical customer data. They use this data to segment customers, create behavioral profiles, and simulate responses to price levels.
B2B companies: Typically, the volume of products in B2B companies is lower, which reduces the amount of customer data available for analyses. This makes it difficult to model buyer behavior, segment buyers, and measure price sensitivity.
They require tools that offer elasticity based pricing, which instead of pointing out an effective price point, yields an optimal price range. B2B businesses can use such tools in combination with configure, price, and quote (CPQ) software for more sophisticated pricing and quoting.
Benefits of pricing optimization software
Below are some benefits of pricing optimization software. The benefits highlight the key areas that are positively impacted by these tools and the improvements you can expect with pricing optimization.
Improved bottom line: Pricing optimization factors in all the parameters that contribute to the production/development cost of a product or service and identifies the best possible price point that appeals to customers while yielding reasonable returns.
Consistent pricing: By standardizing the pricing process through automation, this software helps avoid unjustified variances in the pricing of similar products. It also ensures consistency in unit prices by avoiding unit measure errors such as a different price for a pack of two versus a pack of six.
Key consideration for selecting pricing optimization software
As the last step to selecting your pricing optimization software, you need to keep an additional point in mind.
Integrations: Though a business may have different departments to manage different functions, the processes that cut through each of the departments are interdependent and collectively determine the overall business impact. Therefore, the various tools that may be native to the departments need to be consolidated to enable a common data exchange platform across the business. Integrations come in handy for this cause. To begin with, you can try integrations with some adjacent processes and related tools such as CPQ tools, ecommerce platforms, or ERP applications.
Note: The applications selected in this article are examples to show a feature in context and are not intended as endorsements or recommendations. They have been obtained from sources believed to be reliable at the time of publication.