In simple words. price optimization software applications are intelligent. AI-powered tools that help you price your prducts and services for maximum profit. It does not mean that these tools simply suggest that you include a high price for your offers compared to your competitors in the marketplace. Using these technologies. a price optimization tool does the following:
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These tools analyze market trends. eCommerce market price performance. and many other sales intelligence data to suggest optimal prices. Therefore. if new database there is a sale in the holiday season. you can dynamically adjust the price of your products to sell maximum units. Alternatively. you can increase the price of a product that is in short supply chain supply to accommodate additional acquisition costs. These tools include the following technologies: smart algorithms AI and ML Data Analytics Price intelligence programs to collect competitor prices
Optimization solution with your business processes
Do you plan to offer instant personalized BY Lists and personalized pricing for every buying and selling interaction in your compny? So regular spreadsheet tables are not enough. You need robust price optimization software like . PROS uses pricing science. (AI) and machine learning (ML) to optimize prices for its offers every day. It uses a segmentation model for pricing and continually updates it to accommodate changing business needs.