- If you own a business and want to find your position in the market, then you need the best automated dynamic pricing tools.
- Try to focus on getting as many analytic reports from the software and determine the number of products you want to track.
- You will need a solution that can tailor to your needs and can quickly filter data using one-click results for each market.
Online shopping is as popular as traditional shopping these days. In fact, sometimes it’s more popular than traditional shopping due to the convenience.
Another major reason for its popularity is the opportunity for consumers to look for any product with the best price.
This has been possible due to the pricing comparison engines also known as the automated pricing software. These engines help consumers to browse through online stores and look for products.
The majority of the consumers primarily search for products online based on price. This helps the e-commerce sector set dynamic pricing strategies that eventually help them find out their position in the market.
How do they achieve that? They come to know the prices and changes of their competitors using the software. This way they can convert the customers with a doubtful and price-inclined mindset to buying customers.
From evaluating market demand to maximizing profit, these automated dynamic pricing solutions manage e-commerce business effectively.
How to choose the best pricing software?
Whether you have selling, a distribution, or production business, you need to follow your products and keep a close watch on the pricing.
The market offers a lot of automation tools for that but you need to pick the right one for your line of work and business, so here are a few tips on how to choose the right one.
- Monitor the right platforms – Some of the tools below can monitor any website for any products; others just focus on the biggest ones like Amazon and eBay. Make the decision based on the right platforms for your business.
- Get as many tools as possible – You should test all the tools from a solution and get as many as you can for the price; for instance, Competera has a Market test tool to determine your exact needs.
- Check the confidentiality methods – If you want to monitor the competitor’s products, you might not want them to know that; there are tools on our list that scan their websites without leaving any traces.
- Determine the number of products to track – Most tools have offers based on the number of products you want to track so make a list before getting a plan so you know how much you can invest.
It all goes down to knowing your business very well and that will help you determine exactly what solution to get for your needs and budget.
Here are some of the price-tracking software programs that maximize conversions and help you grow your business.
What are the best automated dynamic pricing tools?
Price2Spy is an all-in-one price monitoring service that provides robust solutions for both small and large eCommerce professionals.
Some of its main capabilities include price comparison, price change alerts, and identifying repricing opportunities.
The platform’s Price Matrix report will offer you a full market overview, allowing you to use the data to your advantage even in the most competitive market conditions.
Price2Spy has a customizable dashboard, so you’ll be able to organize the reports to match your business objectives.
Moreover, it has API integration and built-in alerting mechanisms that enable you to act promptly whenever there’s an important price change.
The software uses stealth IP traffic, a unique method that makes it impossible for system administrators to distinguish regular traffic from the one generated by Price2Spy to monitor their prices.
Right from the start, the app is tailored to your needs and you can add all your products and sites that you need to monitor.
Let’s review some of its best features:
- Large volume of products to monitor
- Automation features
- Bulk function to add more products at the same time
- Untraceble stealth IP traffic
- Built-in price allerting mechanisms
Enhance your business techniques with this versatile pricing software!
E-commerce businesses looking for completely automated pricing software can vouch upon Prisync. It’s one of the leading price tracking applications that serves companies of all sizes around the world.
Among its major advantage is that it requires no integration or setup. Users can launch the account and begin optimizing prices, in a matter of minutes.
Since it’s fully automated, users do not need to track it manually. The best part is that it updates the prices 4 times a day, and offers dynamic reports of preferred products.
It also delivers regular email alerts and instant notifications of price/stock change. What’s more?
Prisync API stores all the data that shows up on its web application, alerts, and reports to help businesses easily make custom applications.
These applications further integrate data into their internal systems and generate automated pricing and more. This price tracker is powered by detailed and fresh market data collected several times a day.
Besides, it comes with advanced analytics power and a dynamic pricing module that allows profit-making price optimization.
Take a look at some of its best features:
- Updates prices 4 times a day, automatically
- Generates automated prices based on market info
- The interface is simple and friendly
- Dynamic reports of your desired products
- No integration or setup is required
Amazon Repricer by Repricer Express is one of the best Amazon repricing solutions around that comes equipped with a full suite of competitive tools.
This helps users beat their Amazon competitors with aplomb. The software offers a full view of the current product prices across all the listings and marketplaces.
The tool will allow you to take a quick jump to the listings of Buy Box winners or among the top 20 merchants.
It also shows you the number of products that changed prices in the last hour, in 24 hours, or in the past seven days. Moreover, users can quickly filter data using clickable results for each market.
Besides, it offers a look at the last repricing time and when the latest listings were last imported. That’s not all, as users can also view the minimum, maximum, and lowest prices of products in a single click.
View of Amazon channel standings, an option of powerful filtering, bulk editing, or quick links for inventory views are among its other major features.
Let’s see what are its top features:
- Focused directly on Amazon and eBay
- Helps you set your price to get you closer to Amazon’s Boy Box
- Advanced automation functions
- Easy setup and configuration
- Flexibility in customizing the prices
Skuuudle brings you the technology and the intelligence that helps users to create smart strategies and find the perfect price.
It helps improve the pricing and advertising strategy for users through business-ready competitive skills. Moreover, it offers high-quality intelligence that’s always on time with a complete service level agreement.
The best part is this automated pricing software offers human quality guaranteed data. All the reports generated by the software are evaluated by an experienced QA analyst at the final stage.
This helps you focus on the decision-making process. Furthermore, it offers dedicated account managers who are intelligence experts.
They are ready to help with trusted information, allow you to act with confidence, and win against the opposition.
Coming back to the software, it collects competitor data from any source and location whenever you want and as many times as you want so that you can have a clear picture of the market.
Take a look at Skuuudle’s best features:
- Human input analysis for evaluation
- Collects competitor information from any source
- No installation or implementation required
- Expert and personalized support
- Automatically links identical or similar competitor products
The sole intention of Informed is to help increase profits for an e-commerce business and help the consumers stay in the buy box.
This automated price optimization software is especially useful for sellers looking for easy setup and manual support.
It’s known to automate price revisions with tried and tested planning and make use of analytics to delve into new possibilities.
The program has been simplifying the complex process of repricing for around a decade. It can be set up quickly and integrates easily with marketplaces and prices.
It also helps businesses fix a preferred profit margin and observe where the majority of the revenues are coming from.
The tool comes with pre-developed algorithms that help users take over the Buy Box fight. It also helps maximize the users’ private label listing prices.
The software comes with a set of customs regulations that confines the competition using the completion technique, the rating of the sellers, and more.
Best of all, it syncs with the eCommerce wizards and extracts actionable reports to find growth possibilities.
Here are a few of this tool’s best features:
- Optimized especially for sellers
- Automates price revisions
- Uses analytics to provide acurate reports
- Special algorithms to determine the correct price points for winning the Buy Box
- eCommerce wizards synchronization to extract reports
Competera helps retailers reach business goals by providing competitive data scraping, price optimization, and pricing automation solutions that help omnichannel retailers manage and adjust pricing at the category level for any number of SKUs.
It is built using Deep Learning algorithms and ensures tangible uplifts up to +9% for the bottom line.
This software provides fast, flexible, and coherent pricing, carefully defined by workflows and comprehensive cause & effect analysis.
With Competera, users can interpret any pricing move made in the past and understand how it will affect the business in the future.
Therefore, your business will benefit from a tailored pricing logic that will harmonize prices across all channels and product categories.
Competera will also reduce pricing efforts by more than 50%, as well as eliminate human factors and errors from the process.
You will also be able to set up prices faster, in concordance with the internal or external triggers like changes on the market, internal pricing structure, and formations, vendors’ terms.
Depending on the pricing engine, your prices can be rule-based, i.e. recalculated upon external data changes or be optimized by Deep Learning algorithms that take into account price elasticities and cross-product dependencies.
At the same time, every Competera solution helps to shift to a portfolio-level approach, with the category goals being a top priority.
The pricing platform has a user-friendly interface that is comprehensive and built for pricing and category managers to manage repricing in 4 clicks.
Such a smooth user experience reduces the usual repricing time spend from 60 to 4 hours weekly.
Custom export formats will ensure full compatibility with all of your current systems, so support is not an issue when it comes to Competera.
Here are the software’s main features:
- Self-service pricing configuration that has customizable or preset rules
- Optimal workflows for users with different roles
- Batched or real-time repricing triggered by cost change, competition, and other factors
- Forecast projection, SKU-level price interpretation, and what-if scenarios
- Recommendations can be exported in any format to easily integrate with current systems
Best tips for a successful eCommerce business
If you are running an eCommerce business, optimizing profits is one of the crucial aspects not to be missed.
However, there are a lot of aspects that you need to focus so here are our recommendations.
➡ Start a loyalty program
Rewarding your customers for their repeated purchases is one of the most important things to do if you want to increase your sales and number of customers.
Develop a loyalty program to provide incentives for customers. Not only they will be happy about the incentives but they will also recommend your store to others.
According to a study led by Superoffice.com, the customer experience is the most important focus for businesses in the next 5 years.
➡ Communicate with the customers
Although automation and pricing software gives you a head start, these tools will let you focus on the most important things.
And communicating with your customers on all possible platforms is one of the key ingredients for a successful business. Answer all their questions and requests as quickly as possible.
➡ Focus on the experience
Whatever product you’re selling, you’re not doing just that, you’re selling an experience of the customer with the product.
So, focus on that, not on the product itself, and try to differentiate your product from the competitors.
Use any of the above best automated pricing software tools to help your customers find products with the best price. This will not just help you win convert customers, but also win their trust.
And as your venture grows, you might be interested in the best automated hiring software to get the best staff for your business.
Have you tried any of these tools? Tell us about your experience in a comment on the dedicated section below.