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:
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 »
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 »
Remember the last time you visited your favorite shop? Let’s remember those moments together and see how it relates to e-commerce pricing.
You went into your favorite store, gazing through the stalls briefly, touching a couple of the items for the feel and texture. Suddenly, you found your perfect match. You grab it and place over your body to see if it really looks great on you. You loved the item and the only thing between owning it is the price tag. You find the price tag after a quick search, flip it, and check how much it’s worth.
Yikes!
It costs a lot. It’s not a bargain, it’s not a deal so you give up, and probably leave the shop after similar experiences.
Now, this is a quite common offline shopping story and the example here was mainly for the fashion industry, but if you think that the experience is different in e-commerce you’re wrong! The decision process is way faster than that.
Because in e-commerce pricing, the prices are right there in front of your eyes with the product name, images, and descriptions. Therefore, the e-commerce pricing of any product is one of the most crucial qualifiers when consumers start browsing that product.
Now what?
Price Edge, a fast-growing provider of Price Optimization & Management (PO&M) solutions, today announced that it has been identified as a Sample Vendor in the Gartner “Hype Cycle for Multienterprise Solutions, 2019” report. Price Edge was named as a Sample Vendor in the “Price Optimization and Management for B2B” category.
Utilized by some of the world’s leading companies, Price Edge’s technology enables company-wide price transformations leading to increased margins, more efficient pricing operations, and more satisfied customers. Price Edge’s primary offer is a cloud-based PO&M solution that makes it dramatically simpler for enterprises of all sizes to set and manage optimal prices. Continue reading »
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:
Two weeks ago, the Stockholm and Bucharest office spent a couple of great days together in Sicily outside Marsala, to work together, reconnect, and plan out our growth plan for the next 12 months. We set up camp in a fantastic Airbnb where we worked, cooked, and shared stories together. As a team, we wanted to celebrate our success, and spend some time away from the everyday hustle, to think about our company vision, and work on strategies for the future.
A retreat with coworkers can test the culture of a company, but for the Price Edge team, it felt more like a family reunion than a company event. We already spend time with each other out of the office, but the benefit of going on a retreat is that it encourages rewarding conversations and collaboration in a new, relaxing environment.
Our company trip was a roaring success, and we look forward to putting the conversations we had in to work. We’re already looking toward the future with excitement as our team grows quickly to meet the demands we have from our clients.
Company get-togethers are one of the best ways to keep your team engaged and highly motivated. It also helps to bond further between team members while having fun in a different environment.
You can check out some of what we got up in our pictures below.
Anyone who runs or has run any type of an eCommerce business can confirm:
Pricing can be an extremely tricky task to do right.
There are various things that eCommerce businesses need to factor into their pricing such as the value of the product, competition, and current marketing trends.
Unfortunately, many eCommerce businesses underperform because they make pricing mistakes that negatively impact their business. These mistakes result in them creating price wars and losing customers’ trust.
For this reason, we’re going to share with you 5 fatal eCommerce pricing mistakes we see people make in their business. So, you don’t have to do the same mistakes.
Let’s get to it.
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:
Apart from marketing, managing inventory, and taking care of logistics, as an online retailer, you must also determine the best price point for your products. This can be a daunting task because calculating your prices and staying on top of managing supplier costs takes time – time you could be spending performing other tasks for your business.
Not to mention the long hours you spend at the computer analyzing competitors’ pricing models and determining your customers’ perceived value of the product. But there are advanced strategies you can use to make pricing your products easier and more efficient: dynamic pricing and artificial intelligence (AI).
The concept of dynamic pricing is to offer the right price to the right customer, for the right product, at the right time to increase your business’s revenue and profit.
