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The benefits of a PO&M software for your business

January 20, 2020 in Blog

From tweaking your pricing to running large price revisions, every aspect of your pricing process contributes to the overall success of your business. While this means there are plenty of opportunities to improve and grow, it also means that there is a lot to keep track of, which is why you need a Price Optimization & Management (PO&M) system. Here are the benefits of PO&M for your business and your pricing team.

And then there’s everything outside the business.

No organization works in isolation, and staying in tune with the market and industry you operate in is just as important as knowing what’s going on internally.

You have a knack for spotting new opportunities, but if you want to grow your business and build your team, you need visibility across your entire business and every member of your organization needs to be aligned.

There’s an entire industry of software tools designed to help you keep your finger on the pulse of your business, and it goes by the name of Price Optimization & Management (PO&M) software. Continue reading »

Last Month’s Best Pricing Reads – December 2019

January 2, 2020 in Blog

Every month the Price Edge team puts together a curated list of all the must-read pricing articles picked-up from a variety of trusted online sources.

If you are curious and looking to learn more about pricing, you should definitively read the Pricing Monthly.

Here is a list of last month’s best pricing reads:

Continue reading »

Merry Christmas!

December 20, 2019 in Blog

Happy holidays from all of us at Price Edge 🎉 And big thanks to partners, customers, and team for another great year!

Psychological Tricks to Use in eCommerce Pricing

December 11, 2019 in Blog

This shouldn’t come as a surprise, but we humans aren’t always rational creatures. Sometimes we make choices based on sound reasoning and logic, and sometimes based on our emotions and our “gut feeling”.

When pricers set prices assuming an “economic” model customer (using rational choice theory), they risk missing out on the best pricing strategies.

Shoppers don’t always carefully consider the quality of a product, its relationship to other products on the market, or the correlation between its price and its actual value. Sometimes they make purchasing decisions based on whether a product is made to look like a great deal, or whether it seems like it might sell out quickly.

This unpredictability can complicate the work of setting prices in eCommerce stores. Fortunately for eCommerce marketers, there are several psychological “tricks”–we prefer to think of them as good strategies–that can make customers more receptive to certain prices.

Here are some of our favorite strategies:

Continue reading »

Advantages of PO&M software: Three steps to help you find the right one

December 5, 2019 in Blog

Convinced that adopting PO&M software is the next step on your journey to pricing excellence? Then your first task is to figure out which one will work best for you and your pricing team, and then to evaluate the benefits of using a PO&M software.

There are hundreds of tools listed in Capterra’s price optimization software directory alone, not to mention on the market as a whole. The available features range from simple price data management to full-blown price optimizations & process automation.

The three steps outlined below will help point you in the right direction so you can start drawing up a list of PO&M options and their advantages that will lift you and your team up rather than weighing you down.

Continue reading »

eCommerce pricing: How to stay competitive without loosing profits

November 13, 2019 in Blog

Profit is the driving force behind any retail business! The bottom line of your business is to grow your bottom line. You need to make money in order to keep your business afloat, but you also do not want to price yourself out of the marketplace by pricing your merchandise too high.

In today’s retail world, eCommerce accounts for over $3 trillion in overall sales and you can’t afford to pass up your piece of the profit pie! Digital technology now makes it possible for customers to compare prices on the items they want at many different retailers in seconds, and most customers will purchase the item they want from the retailer who is offering the most competitive price.

So, how do you ensure you are pricing your merchandise to sell?

Continue reading »

What is Price Optimization & Management (PO&M)?

November 10, 2019 in Blog

What is Price Optimization & Management and how should you choose the right PO&M solution for your business?

‘Price Optimization & Management’ or ‘PO&M’ for short, refers to the technology and processes that an organization uses to efficiently manage and optimize the price of its products and services, both external and internal, including actions such as:

Continue reading »

Last Month’s Best Pricing Reads – October 2019

November 2, 2019 in Pricing Monthly

Every month the Price Edge team puts together a curated list of all the must-read pricing articles picked-up from a variety of trusted online sources.

If you are curious and looking to learn more about pricing, you should definitively read the Pricing Monthly.

Here is a list of last month’s best pricing reads: Continue reading »

What is the best software for fully automated dynamic pricing in e-commerce?

October 17, 2019 in Q&A

Dynamic pricing, price optimization, profit-maximizing software; we find many names for those we love. I will try to answer: what type of software support e-commerce companies use for full automation of changing prices to maximize profit and/or market share.

To keep this text on a high level I will elaborate on the pricing of two important categories of products: key products and tail products.

Key Products
Like traditional retailers, e-commerce companies are keen on being seen as the most price competitive on the key products. Wheater you are a consumer electronics company offering iPhones and Samsung TVs, a street clothing retailer selling Adidas or Nike sneakers, or you are shipping newly released books to your Continue reading »