Online selling companies are always looking for solutions to make their lives easier. One of those is using a dynamic pricing solution. Dynamic pricing is when sellers modify their products’ prices depending on supply, demand, and other factors. They also offer many advantages for your business. So, if you are interested in having this solution, these are the features you must look for in a program.

1- High-quality data  

You must have information about your competitors to create a dynamic pricing strategy for your business. What type of information do you need? Their prices, stock levels, and the times they modify their prices are examples of what you need. Without the correct information from them, the new prices you implement could be wrong, hurting your profits.   

2- Must be automated 

The dynamic pricing solution must save time for the people in your company and make life easier for them and you. These are the automated qualities it must have.   

• Data recollection: Manually gathering data about your competitors takes too long. By the time you are finished, your competitors will have new prices. Automating this process saves you time and increases productivity.   
• Price changes: After collecting the data, the program must automatically modify your prices on your website. 

3- No black box   

You should always know what the program is doing. It cannot be a black box. Inside the program, there should be a tool or a question mark sign that explains everything. If you do not know, then someone at the company that offers you the dynamic pricing service must know and help you solve your doubts. If the company does not have a clue, this is a gigantic red flag for you. 

4- Personalize your rules 

The dynamic pricing program you pick must let you add and personalize the rules you apply. Whether they are simple or complex, it must let you do it. These rules allow you to react to competitors’ price strategies and changes. That allows your company to be ready for any situation and not hurt your profits in the process.        

5- Friendly interface and reports 

If you can’t correctly navigate through the dynamic pricing solution you chose, then what is the point of using it in the first place? The program you choose must let you navigate smoothly and be simple to understand. Also, it should give you the information you are looking for, and it must frequently update to fix bugs and add new features.    

The reporting system must be perfect. When we mention perfect, it should give different types of insights and charts to understand where you are doing good and when you are performing poorly. Those reports must help you improve your business.   

Conclusion 

Any dynamic pricing solution you pick must be able to do all of the things we mentioned above. Guess which company has these features and more? PriceTweakers, of course. With our software, you create different pricing strategies that will increase your margins and sales. You will have more free time because much of your work will be fully automated. If you are interested in these solutions for your company, contact us.    

Share this page