“We do over 3 billion Pricing Decisions Daily”
Businesses spend a lot of time developing their pricing strategies. Unfortunately, many of them are not effective. Effective pricing in the digital economy begins with having access to the right data, analyzing it, and delivering it on time to generate the best price for the right customers.
A successful pricing strategy enables companies to meet their profit targets while also nurturing customer loyalty.
To maintain profitability and competitiveness, businesses operating in volatile industries such as e-commerce, direct to the customer, and travel sell goods and services multiple times throughout the day.
Amazon’s prices change more than 2.5 million times per day. To stay competitive and profitable at the same time along with changing market conditions, these businesses must frequently update their prices. It requires pricing analysts to constantly monitor competitor price changes and then manually adjust prices across different spreadsheets or outdated technology. This inefficient method usually results in pricing errors and discrepancies. Pricing analysts who rely on traditional pricing solutions must manually flag system alerts that require a quick response. such Practices are prone to error and unreliable, particularly when dealing with large amounts of prices.
This makes it more difficult for pricing teams to develop dynamic or agile business strategies and to align pricing across the organization.
Dynamic pricing can eradicate the need for repetitive tasks by 80% and reduction of manual supervision.
It enables businesses to improve their response to competitor price changes by 87 %.
Now, let’s examine the primary pricing challenges and how daily actions can be more efficient by using Sciative’s dynamic pricing solutions.
To determine how to update prices multiple times a day in response to current market conditions?
Pricing multiple products on a large marketplace like Amazon & Flipkart becomes an extremely complex and time-sensitive process. While also making sure that prices are uniform across all platforms. It also requires immediate action and velocity. It becomes a very cumbersome process while doing it manually. That is why pricing requires automation, which streamlines the process and minimizes errors.
Pricing analysts face a constant challenge to maintain profits in the order to compete in market volatility. By automating pricing, companies can define their pricing strategy in response to changing data.