Dynamic pricing models can help optimize prices in e-commerce and other industries.
Pricing Software in E-Commerce
Tips for how Pricing Software can help E-Commerce companies streamline and optimize their pricing.
Pricing in E-Commerce often involves updating thousands, if not hundreds of thousands of prices on a very frequent basis. While theoretically Microsoft Excel will hold over a million lines, in practice manual updates become very cumbersome and also miss out on a number of optimization options. This is where Price Management and Price Optimization software comes in.
One flow, that could easily be configured in Stratinis Pricing Suite is the following:
The flow can run either fully-automatic, without human intervention and just publish the 100K prices automatically, with data imported automatically and a price (the one to be published on the website) is calculated inside the software. Prices are then auto-published to the website but maybe with some optional checking first against various KPIs (e.g. profitability or competitor prices).
Or it can run manually, where Pricing managers run simulations and change various options, and analyze these against benchmarks or historical data. Once happy with changes to the overall scenario, revised prices can be published to the website.
- Big savings on manual work
- Less human mistakes from updating big spreadsheets
- Faster reaction to market changes
- Built-in analytics
- Flexibility in running and comparing different pricing scenarios (e.g. increases or responses to competitor price changes)
- Advanced price optimization options if using e.g. Stratinis Pricing Suite
Contact us and learn more about how we can help you with your e-commerce pricing. Or check out our partners over at PriceBeam who can help you with E-Commerce pricing process and data design.