Retail pricing software is used by companies to define, manage, and analyze the best pricing strategies for their products, which helps improve profitability, sales, and customer retention. Using artificial intelligence (AI) and predictive analytics, this software can suggest optimal prices for each product by location or season. It also helps discover the historical and future impacts of pricing decisions and intelligently establish the best pricing strategy for the retailer.
Retail pricing solutions can help define initial price lists or provide retailers with dynamic pricing based on store location and demographic. Retail pricing tools may be used in conjunction with retail POS systems, retail management systems, and retail operations software to gather data based on price changes. Few retail pricing tools also integrate with ERP systems, marketplace software, and e-commerce platforms to enable real-time price updates.
To qualify for inclusion in the Retail Pricing category, a product must:
Provide tools to determine product pricing levels for retailers
Allow competitive benchmarking to set the best price for products
Provide features for price automation and optimization
Analyze historical purchase data to optimize prices by customer segment
Help retailers update prices in real time across different sales channels
Integrate with other software to import or export pricing data
Provide pricing analytics and dashboards to monitor prices in real time
