Pricing is troublesome, whether you are a new company or a business with many years of experience in the market. We are not going to stop mentioning this. But, how does any company come up with a pricing solution? Well, they either do this with pen and paper or in Excel. And there are a few companies that have pricing software that does the work.       

Now it is time to forget about manual work and Excel for your pricing. It is time you join the companies that use a program for those tasks and discover the advantages pricing software offers to any company.  

1- Automated work     

Most companies have a team in charge of searching the prices of their competitors. Then they have to put the data collected in an Excel spreadsheet and finally update their prices on their website. These people are valuable for any company. 

But let's be realistic. That manual job takes a lot of time and leaves room for human mistakes.     

An automated program can do this quicker and complement the job those people are doing. They can work together on better solutions. While the program is searching, this group can focus on other tasks.  

2- It has many functions     

A pricing software does more than helping you with adjusting the prices of your products. They can see the stock availability of your competitors and the pricing history of their products. That data on your hands is excellent for your business because it works like a map to guide you.       

These programs can also see which of your products is selling the most and which are not. On top of that, you can see the profits these products are making over a time frame you can choose from in the report settings.    

3- Increases the prices of your products     

There is a common belief that pricing software only drops your prices, and that is incorrect. These programs do much more than that because they have a lot of information about the market. If you do not monitor the prices of your competitors, you are underselling your products. Remember that 30% of companies make every year fail to deliver the best price.      

Pricing applications are intelligent enough to understand when a product should have a higher price. One example occurs with the stock availability of your competitors. If one of your competitors has a low stock on one item, the software will recommend you a price raise to capitalize on this. The program does this because it has insight into this.

4- Prevents price wars    

Now you know that pricing software does not lower your prices. Therefore, these programs prevent your company from entering a price war. A price war occurs when a company continuously drops the prices of its products to be the lowest price in the market. It begins with one company dropping the price below the market value, and that forces the competition to do the same.       

A pricing software prevents your company from entering a price war because you can set minimum and maximum prices on your products. With this, you will not affect your margins. That also protects your brand because it prevents continuous price fluctuations, which have a destructive relationship with customers.   

Conclusion: 

Pricing software offers your company great benefits. They provide retailers with insights to help them stay competitive and profitable. PriceTweakers gives the best alternative for your company regarding pricing software. It works 24/7 as your pricing analyst, and it gives you detailed information about your products and competitors. Contact us for more information.

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