AI is changing the way we all do business all across the globe. Easy replies, fast processes and better results. That’s how AI is making every business more efficient in the industry. After all, that’s how technology can help you change the future. Now, what if we said that AI pricing tools can help you be better at designing pricing strategies? Yes. AI pricing tool can help you achieve great results without much hassles and in a better manner. Your pricing can work wonders for the business and also lead to better growth in the changing market scenarios. In this blog, we would explore the benefits of having an AI pricing tool. So, let us dive in.
Firstly, we all know that pricing plays a crucial role in making business decisions. However, 85% of the business management feels that their pricing decisions require improvement. As pricing can help you generate revenue and can also make you lose money. Furthermore, only 15% of them have effective tools for setting and monitoring prices. Many companies simply rely on pricing for gaining a competitive advantage over others. Hence, they need to begin evaluating AI and machine learning.
Staying competitive in the market and transforming AI and machine-based expertise into pricing strategy should be the prime focus of any business. Data comes to the rescue in this situation for making crucial pricing decisions. In fact, it is the most reliable way of making decisions. AI has touched several aspects of our businesses and pricing is no exception to that.
Let’s have a look at how the Pricing Tool is improving revenue management:
1.Eliminate Unproductive Discounts
AI can help in finding and eliminating unproductive discounts and segments. This will free the financial resources as well as time for the ones that actually contribute to the profit. AI can be used for figuring out the effectiveness of discounts by type of discount and customer segment. When the analysis of discounts is focused, it can help in preventing revenue leakage owing to expensive customer investment.
Discounts are supposed to enhance the sales graph, but if the same is making you lose money, then that is not a good sign. And finding minute discrepancies can be difficult if done manually. In such situations, AI can be the savior. You can find very small detail about the discounts that you might be offering. Then, you can change the discounts that don’t produce much and implement more effective discount offers.
2. Increase In Revenue
Automating the pricing strategy with AI can help in increasing the total revenue by up to 5%. 95% of the digital transformation initiatives make use of some or other revenue growth levers. Improving the price optimization with the help of advanced techniques such as AI can help in improving the revenue by 5%. Automating the prices and implementing contractual pricing changes have the potential for increasing revenue.
Revenue streams are the only way to keep the cash flow going. And AI helps you fine-tune the complete process. Automated pricing can help you reach milestones quickly and better than the competition.
3. Monitor Prices In Real Time
The retail business has moved from the offline to the online arena. The new-age retail business is fast, digital, and competitive. In order to compete with the rivals in the market, advanced AI-driven pricing and analytics can help. With the help of a pricing tool, you can get insights into real-time pricing based on changes in competitors’ prices. It suggests smart prices for protecting profit margins. It becomes easy to monitor, compare, and update the prices with the help of accurate data.
To elaborate, the retail market is also aggressive when it comes to marketing and promotions. And constant tracking of prices becomes very vital for successful operations in all the eCommerce platforms. Also, eCommerce channels have distinctive algorithms and keeping at par with the updated versions can mean changing the prices every minute or in a few seconds. Now, it becomes difficult to track that manually, but AI can help achieve results in a fraction of the time.
4. Compare Competitor Prices With 99% Accuracy
For matching the prices with similar products of the competitors, you need accurate data. Any type of discrepancy in the pricing data will have huge monetary consequences in terms of revenue. With a pricing tool, a business can get access to accurate and reliable pricing data. You can rest assured about the highest price accuracy rates in the industry.
Competition in the online market is not new. The competition has only grown in the past few years. So, price changes in the market and the competition needs close observation. Not just that, there has to be in-depth analysis as well. This helps in getting the insights that are relevant and you can take more informed decisions. WebDataGuru is one of the leading companies in providing AI pricing tools to various industries everywhere in the world.
5. Coverage Across Retail Categories
With the help of Ai price tools, a business can get insight on pricing for any retail business irrespective of the category. This enables the retail businesses to get any type of price insight for several retail categories such as fashion, home décor, electronics, and more. Without the language barriers the pricing tools become global and monitor the prices of products from any region of the world in any language.
6. Get Access To Data
The AI pricing tools offer access to enormous product and pricing data. This level of huge data makes it easy to find a match for a specific product. This data offers retail businesses access to the the latest products along with the price information of competitors.
The data offers access to several data points quite fast and also keeps them informed about latest price and product information of the competitors.
7. Plug And Play APIs
You can access the pricing tools in the form of a plug and play APIs which can integrate easily with backend CRM or ERP systems for a seamless flow of data. With minimal to no integration, the AI pricing tool can be set within days and begin suggesting smart prices.
8. Optimize Price At Local Or Global Level
Whether you are looking for a broader view or a narrower view of the competition, the AI pricing tool will cover it all. The advanced algorithms can easily scrape data of competitors at the global as well as local levels. Businesses can set prices against a competitor in different geography and currencies and get a full picture of the competition at the global level.
Also, not to forget, that the AI pricing tool can help you identify markets that are still unexplored and help you with strategies that can make your business grow multifold. For instance, if you are selling in Europe and your competition doesn’t have a presence in some cities, then AI can show that you have a scope in such places and also let you in certain search keywords with the help of data extraction.
9. Improve Profit Margins
The pricing software enables retail businesses to offer competitive prices while protecting the product margin. When you offer the right price at right time, it helps in building relationships with customers and improving the brand loyalty. The pricing software helps in increasing profitability by enabling the business to benefit from the market gap. It allows the business to raise the price when a competitor’s product is not in stock or when there is a huge demand for the product. It also comes on high accuracy levels and saves costs due to the automation of tasks. WebDataGuru can help you enhance your profit margins.
10. Custom And Scalable Solutions
Every business and its needs are unique. The scalable pricing tools are designed in a way that they can be customized to meet the organization’s needs. The flexible APIs make it easy to expand the scope without connecting the service provider. It can be done from your own with the help of an intuitive interface. You can enjoy complete control with a customized software solution.
11. Affordable Price With Fast ROI
The pricing tools offer high speed and accuracy as the software is tested by the best in the industry. It offers a solution for all price and promotional-related needs that too at an affordable cost. On top of that, a quick turnaround time ensures that you get a quick return on investment. This makes it an ideal investment for the retailers and brands that thrive on data.
Embrace The Power of AI Pricing Tool
Pricing happens to be one of the four main pillars of marketing. No matter how strong the other pillars are, the business won’t be able to survive if the price is not in place. Therefore, you need to have an excellent pricing strategy. Access to data and analytics has made it easier to determine the right prices. It is worth investing in advanced tools such as AI pricing tools to ensure consumer loyalty and long-term growth. WebDataGuru is here to assist you with the best pricing-related services. Contact us today to know more!