Advanced Price Optimization Software for Accurate Competitor Benchmarking

In the retail industry, price optimization software aids brands and retailers in offering the most competitive prices without compromising on margins using data-driven, actionable pricing insights. Retailers and brands can implement different pricing strategies including cost-plus, market driven, rules-based, elasticity based, etc. as per their requirement using an AI-driven price optimization software. Price optimization software analyzes vast amounts of competitor and market data, demand patterns, product visibility, and multiple other parameters to recommend smart prices that help improve product level margins and profitability.

In manual pricing, a pricing leader uses software or excel sheets to analyze competitor and market data from one particular point-in-time. Then uses pre-approved parameters to provide price recommendations which can be used to update product prices manually on a company’s eCommerce website. In automated pricing, pricing software uses rules and pre-defined parameters like changes in competitive product pricing, sales trends, stock outs, and demand to identify competitive prices across thousands of SKUs, that are in line with the user’s gross margin requirements. The software can then automatically update the product prices on the company eCommerce site. With an automated pricing strategy, retailers and brands have the bandwidth to change prices multiple times a day across any number of SKUs without having to invest substantial amount of time or resources.

In the age of Amazon, where pricing decisions are made in minutes and not days, manual price management is not enough. With manual pricing, there are often chances that you are over pricing or under pricing your products and leaving money on the table. AI-driven pricing software, on the other hand, is fast, accurate, and provides pricing recommendations based on multiple parameters, within seconds. It eliminates manual errors and guesswork and helps you automate your pricing strategy for thousands of products so you can take advantage of gaps left by your competitors thereby increasing product margins and leading to higher revenue sales.

Intelligence Node’s price optimization software is powered by patented machine learning algorithms and Intelligent AI to give the users the most accurate pricing recommendations. With 99% product matching accuracy and 10-second data refresh rates, retailers and brands can track competitor prices precisely and in real-time using Intelligence Node. The company’s rule-based pricing ensures price optimization in line with the user’s pricing policy rules, so brands and retailers can make price adjustments automatically using AI resulting in higher gross margins and more shopper conversion opportunities.

Intelligence Node’s pricing optimization software empowers brands and retailers with an AI-driven patented similarity engine that enables them to compare and analyze products and prices across their global competitive landscape with high industry matching accuracy of 99%, extensive AI-driven retail datasets, fast data refresh rates for reviewing and updating prices across their online inventory in real-time, and plug and play APIs with zero integration for rapid ROI. Intelligence Node’s proprietary language-agnostic solutions support more than a hundred languages across six continents and are easily scalable and customizable to incorporate specific needs of any retail organization.

Intelligence Node’s robust layer of machine learning (ML) based on proprietary techniques, matches and compares information collected from thousands of global websites including Amazon, Alibaba and others, with 99% accuracy. Its patented smart crawling technology replicates human behavior, is non-intrusive, and ethically deployed. This technology, coupled with 8+ years of time series prediction models and algorithms that hone in on pricing and availability information as the primary data targets, enables our best-in-class product refresh rates.

Additionally, Intelligence Node uses a 3-layer attribution AI model that looks at collected data, inferred data, computer vision and other non-obvious product sources like customer reviews. It is because of this multi-pronged collection and review process, that it can offer the highest levels of product matching accuracy and product refresh rates in the market and optimize prices in real-time.

Yes, Intelligence Node offers a bespoke, scalable pricing solution which seamlessly integrates with your internal systems and enables you to implement a fully customized price optimization strategy, fast. From choosing the number of SKUs, retailers, marketplaces and eCommerce websites to predefining rules and monitoring competitor prices at a zip code or a global level, as frequently as every 10-seconds or once everyday, Intelligence Node can accommodate all your requirements and present them to you in a unified, user-friendly dashboard.

Key parameters for brands and retailers to consider while evaluating a pricing software for their online businesses include:

Scalability: a solution that scales with your growing business needs
Speed & accuracy: has fast data refresh rates and highest level of data accuracy
Integrations: needs minimum to zero integrations ensuring quick set up
Technology: is powered by state-of-the-art AI/ML technology, powerful retail datasets, and can automate your pricing strategies
ROI: can give rapid ROI on your investments
Customizations: is flexible and can be customized as per your requirements