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Retail Price Optimization
We offer you innovative tools for optimizing your retail prices:
- We base our recommendations on the elasticity of demand
- You can solve several important tasks at once
- Our pricing information is based on real facts
Powerful Features
Our price suggestions are optimal: not too high, but also not too low
Pricing is based on the real product life cycle
Different price scenarios are provided
Price Optimization Software
Repeatable success thanks to highly accurate price optimization models
Using our solutions, retail teams can achieve their goals by tracking their progress and getting hints for effective action.
Step 1
Step 1
Test, Analyze, and Win
- See the impact of your decisions on margins and unit sales.
- Test different pricing strategies without risking your business.
Step 2
Step 2
- Your path to optimal pricing
- Re-evaluate up to five times faster, freeing up to 40 hours per month.
Your business, your rules
Price optimization software recommends goals based on your goals and constraints. You can customize parameters, revaluation steps, and stop-lists that block revaluation for specific items or categories, and other specific rules.
Scalable solutions for any business
Use targeted and elastic pricing for your entire product range. With our software, you can reprice products at any level, from individual categories or stores to countries and regions.
Increase profits with price data
According to an eMarketer survey about price optimization, 49.3% of respondents believe predictive analytics and modeling is the most effective method of increasing profits with price and product data. To better understand how our high-end predictive pricing solution will allow your company to thrive in the marketplace, we offer an analysis of the challenges retailers face in predicting prices and how machine learning algorithms can make the pricing process more efficient.
Predictive analytics: The basics
The principle of predictive pricing can be expressed generally in a simple equation: how price affects demand. Some retailers use Excel spreadsheets to solve the equation for individual products. This approach, however, doesn't work when 5,000 to 10,000 items need to be re-priced.
What You Should Consider When Pricing
With the heyday of online commerce, predictive pricing needs much more data than an Excel spreadsheet provides. Here's a list of a few pricing factors that are often neglected in rule-based pricing:
The price equation no longer seems so simple. That's why retailers are increasingly using machine learning algorithms to automate and take into account a huge amount of diverse data to put out optimal prices.
- Demand. Since customer demand is non-linear, raising prices may have absolutely no effect on demand. Lower prices, on the other hand, will have a strong effect on demand.
- Psychological Pricing. Buyers perceive price changes from $7 to $9 and from $9 to $11 very differently.
- Competitors. The actions of your competitors can also affect your sales.
The price equation no longer seems so simple. That's why retailers are increasingly using machine learning algorithms to automate and take into account a huge amount of diverse data to put out optimal prices.
Predictive Pricing with Machine Learning
A predictive pricing platform "learns" to take into account all the factors that affect prices based on historical data. New algorithms determine how prices react to changes in price factors in different pricing situations to accurately predict optimal prices under all circumstances.
Our predictive analytics solution for prices predicts changes in demand volume to determine the right prices at the right time. Using accurate forecasts of pricing that match reality, retailers can increase their sales and margins.
Our new competitive price algorithm has shown excellent results in the field. Companies that used our solution increased their profits by 15% and sales by 2.7%. These figures are all the more impressive given the performance of the control group (where prices were set without the algorithm): a 2.4% increase in profit and a 5.1% drop in sales.
Our new competitive price algorithm has shown excellent results in the field. Companies that used our solution increased their profits by 15% and sales by 2.7%. These figures are all the more impressive given the performance of the control group (where prices were set without the algorithm): a 2.4% increase in profit and a 5.1% drop in sales.
Who Should Use It?
It is an efficient ROI solution for product market repricing. Many levels are available, from specific competitor stores and hypermarkets to even countries and continents. In certain areas, this software is the best option. Even beginners who don’t have any experience working with this program will be able to master the software, thanks to the user-friendly interface and great variety of algorithms. Price optimization will help you increase your sales in a short time period. Solutions and strategies are based on data that is refreshed regularly. We have already propelled a wide range of retailers to success.
B2C retailers in offline shops
Retailers in online shops and marketplaces
Retailers that deal with many brands at the same time
Frequently Asked Questions
What is pricing optimization software?
It is a special computer program that helps retailers optimize the prices of products. Solutions are based on data analysis.
Do I need price optimization software?
Yes, it is necessary if you are a retailer. It is useful both for beginners and for retailers with a lot of experience.
What are the benefits of using pricing software?
Pricing software helps to optimize prices and minimize losses in retail trade. It helps retailers set prices according to current price trends.
Is it difficult to use Priceva's price optimization software?
No, it is quite easy. The AI interface is simple and user friendly.
Can I test Priceva price optimization software before I buy?
At the moment we don’t have free testing opportunities. But they will be available in the near future.
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