Customer-based pricing is challenging to calculate but guessing or ditching the strategy does no good either. Luckily, advanced IT solutions designed to process big data and powered by smart algorithms and AI can ensure the highest possible accuracy and deliver actionable insights while saving time and resources.
Tools like Priceva eliminate the need to constantly keep an eye on changes in demand and manually adjust the price of every item in your inventory. This dynamic pricing software comes with powerful features that leverage segmentation, competitors’ prices, consumer demand, and other market factors to arm you with automated price recommendations.
Clearly, IT solutions cannot replace the expertise of decision-makers, and business intelligence should go hand-in-hand with properly trained staff, but it is the most efficient way to make customer demand work for the benefit of your business.