What is price intelligence?
Price intelligence gives you price insights with the help of precise data. It involves data mining processes to curate data from a variety of sources such as your competitors. Pricing intelligence then gives you accurate recommendations to change your product pricing based on the collected data. Pricing intelligence software enables businesses to make more profitable pricing decisions while keeping customers satisfied and happy. AI-powered pricing intelligence tools such as those offered by Intelligence Node are the most reliable solutions due to their high levels of accuracy and powerful analytics.
What are the benefits of price intelligence?
Pricing intelligence has numerous benefits such as below.
Better insights into trends
Pricing intelligence uncovers pricing trends and demand trends that were otherwise not visible to you. This enables you to make arrangements accordingly. For instance, if the trends signify that a particular season has a high demand for your products, then you can stock those products in advance to ensure zero stockouts. Trends provide opportunities for your business to shine.
Retain customers and acquire new ones
Pricing intelligence enable you to acquire new customers when they see that you are providing a good product at a fair price. You can retain your loyal customers by offering them products at pricing they are willing to pay and offering discounts occasionally. Pricing intelligence isn’t just about selling at the lowest prices but also about making profitable pricing decisions so you aren’t at a disadvantage.
Protect profit margins
You want to protect your profit margins because that is how your business can grow. Pricing intelligence software protects your profit as it tells you the price that is most beneficial for your business and one that is accepted by your customers. Pricing intelligence enables you to enjoy higher profits when your competitor is out of stock or has a much higher price that customers aren’t willing to spend.
Stay ahead of the competition
When you use pricing intelligence you will stay ahead of your competitors. You will be able to refresh and reprice your products at a much faster rate than them giving you an edge over what they offer. When you see gaps in their offerings, such as a higher price for a particular product category, you can set a price a bit lower thereby attracting their customers and making better sales.
Which industry can benefit from price intelligence?
Pricing intelligence benefits aren’t confined to a single industry. Pricing intelligence is mainly used by those sectors where price change can mean the difference between sales and no sales. The retail sector is among those industries which can benefit the most from pricing intelligence solutions especially e-commerce businesses. This includes consumer electronics, makeup brands, furniture, and so on. Amazon is an excellent example as it refreshes and reprices its products on a regular basis to ensure it can win over other retailers. Amazon is said to have a 2-minute refresh rate and to stay up to speed with this online giant means you need a solid pricing intelligence software solution.
How to choose price intelligence software?
The success of your pricing strategy depends on the tool you use for price intelligence. You should choose a pricing intelligence software that enables you to make price changes in minutes and provides thorough insights into pricing. The software should enable you to track similar products and must have a high refresh rate to show you accurate competitor prices. It should uncover market trends such as demand and product availability so you can change your prices in an instant. It must have a mechanism in place to alert you of any changes that occur so you can tweak your pricing accordingly in real-time. An AI-powered pricing intelligence is by far the best solution to pricing right.