Retail pricing software is a collection of methods and tools used by retail marketers to determine what customers are willing to pay for a brand’s goods or services. It is a crucial element of retailing that influences consumer buying behaviors, as well as sales and profitability for brands.
Pricing decisions are based on many factors, including the company’s costs and desired profit margins for each product line. This is why it’s important to find the right mix of pricing techniques to reach business goals and maximize profits.
“Pricing Precision: How Retail Pricing Software Optimizes Profit Margins
The best retail pricing software is able to predict how price changes will affect unit volume, revenue and profit margin in real time. It also offers the ability to run what-if scenarios, allowing you to see how different pricing strategies will impact each product line and the entire portfolio.
Retailers that implement retail pricing optimization solutions increase new product success rates by 30-80% and improve forecasting accuracy by 4-10%. They outperform competitors with higher profit margins and market share, and are able to sustainably grow their businesses.
ScienceSoft has extensive experience in the design of pricing optimization solutions powered by AI and machine learning, as well as in integrating them with existing corporate systems (CRM, selling channels, inventory management software, an ecommerce website, etc). Our experts can help you analyze your pricing needs and identify optimal solution features (including those powered by AI), architecture and tech stack. They can also prepare a plan of integrating the solution with your existing systems and provide cost & time estimates for expected ROI calculation.