Retail Pricing Software – A Powerful Means of Boosting Sales
Retail Pricing Software: A Powerful Means of Boosting Sales
Streamline your pricing-related decision making and implement data-driven optimization of optimal prices for maximized sales margin. Retail pricing tools analyze a multitude of factors, including competitor pricing strategies, current inventory levels, purchase history and real time data from your online store and other channels. The system then generates pricing recommendations and suggests the most effective way to fine-tune your product portfolio for maximum profitability.
Use data-driven retail pricing software decisions across your entire product portfolio, from establishing the best price points at new product launch to optimizing prices based on market trends and promotional planning, through to implementing markdown plans as products approach end-of-life. Get actionable insights, shortening the pricing planning timeline and allowing your teams to focus on critical areas that need it most.
Unlocking Profitability: The Power of Retail Pricing Software
The best pricing software is flexible and scalable, integrating with your existing CRM, ecommerce platform, inventory management software and promotions management systems. It also supports multiple languages, currencies and regions to meet the needs of your international operations. ScienceSoft is an expert in developing and designing effective retail price optimization solutions based on complex deep learning techniques. Our specialists can help you assess your pricing-related needs, propose a retail price optimization solution feature set and architecture, prepare a plan of integration with existing corporate systems.
AI-based optimization requires high frequency of sales for each SKU, as well as massive volumes of historical data for neural networks training. To address these challenges, we developed the first ever non-restrictive AI-based pricing engine — Imprice. It enables efficient and highly accurate product pricing for both non-food retailers with frequently bought items in their assortment and for food retailers that sell only rare or seasonal items, such as meat and cheese.