5 Features That Will Make Your Price Optimization Software a Full-Scale Solution
In these unstable economic times, with consumers increasingly wary of spending on products and services, price is becoming a critical factor in a consumer's purchasing decision. Many companies need to keep prices low to be competitive -- but how low is too low? When should prices change -- in either direction? Scoping out competitor's prices manually every once in a while is too time-consuming and often not effective.
Luckily, the B2B eCommerce market offers many solutions aimed at helping e-retailers stay competitive and automate various processes. Price optimizing systems are among them, coming as the assistants for merchants to set up the optimal prices for their products by controlling all competitors’ ones. They also save time and exempt e-retailers from the need to manually change prices each time. So it’s now easier than ever before to outdo the rivals and generate more profits by having your prices adjusted automatically to market demands.
Price optimization armory for the business has become a popular demand, so the abundance of solutions keeps growing at a steady pace. Instead of concentrating on what is really valuable to the customers, providers of such services often try to excel the competitors by packing their tools with all possible features.
We have compiled the list of most sought-for functionality that e-retailers would appreciate having in the price optimization system they use:
The core function of pricing management tools is an exemption from the manual routine of monitoring competitors and changing prices on all sites separately. It is a tedious chore, not to speak of multi-channel retailing.
#2 Flexible Filters
Offering your customers the opportunity to filter data is very important, as it enables them to get better insights. For example, e-retailers that sell multi-channel will appreciate the ability to filter their product data according to marketplaces. Those selling on Amazon will definitely want to have their competitors’ information grouped according to different categories such as seller rating, location the products are shipped from, item condition, dispatch time, etc.
#3 Real-Time Price Adjustment
Dynamic pricing is a very popular and effective selling strategy in e-Commerce that means setting flexible prices for products or services based on current market demands. To keep optimal prices for your customers all the time, your system should continuously monitor competitor prices data and automatically perform repricing.
#4 Pricing Analytics and Reporting
Your customers will appreciate up-to-the-minute actionable data, visualized in clear reports at their fingertips. Enable them to create real-time customized reports and informative product overviews, which will be of great help in developing effective pricing strategies.
#5 Integration with Shopping Carts
Integration with multiple platforms is what can help repricing systems become more encompassing solutions. E-retailers build their stores on different shopping carts, and in order to modify prices on clients’ stores, repricing systems need to gather information from the customer’s shopping carts. And the optimal way to get this access is to integrate with those platforms. The more platforms you are connected, the more customer stores’ data is at your fingertips and the more potential clients you get.
During integration you will face some challenges as is quite a long and difficult process. Getting connected to one platform will require the service of an experienced developer and will take at least a month. But when we talk about a dozen integrations, it can become the most long-term and expensive ordeal of your business lifetime. Due to the various data structure and architecture of every platform integration with each of them is a unique pain. The difficulty varies from one shopping cart to another, but expertise is always a need. In overall, integration with numerous shopping carts will cost you much time, money and human efforts to elaborate and maintain the code.
API2Cart can help you avoid integration pains and perform integration with numerous shopping carts at once. It provides a unified API that works for 40+ top eCommerce platforms including Magento, Shopify, BigCommerce, WooCommerce, PrestaShop, X-Cart and others.
In case you provide price management service for e-retail businesses, and you are interested in integration with API2Cart, feel free to schedule a call with our expert or see how API2Cart would work for your business.