The Price Comparison & Analytics algorithm used by OptiCash helps to monitor competitor pricing by
comparing your existing product pricing with that of major retailers or manufacturers, suppliers & vendors
within the same category.
It also allows you to source products most competitively priced based on comparable product attributes;
integrate with your POS data; and also get smart data analytics that allow you to plan your business pricing
strategies and stay ahead of the game.
Price is one of the main factors influencing purchase decisions, both from a retailer and consumer perspective. To let numbers speak for itself, >75% of online shoppers actively compare product prices before making a purchase and nearly half of the shoppers purchase discounted products.
So if your pricing strategy doesn’t have its ear to the ground, then it can most certainly affect your sales and profit.
In addition, the manual effort required to monitor or track competitor pricing, to benchmark the prices of company owned or distributed products, is humongous.
The data is subject to human errors and there is usually a huge time-lag in identifying the correct or the most competitive price at which to sell.
The impact on decision making and overall business projections & revenue is dire, especially in a world where everything is expected to be delivered instantaneously and consumer preferences change almost as the clock ticks!
The smart pricing algorithm in OptiCash has been designed by Zietra to
give you a market-specific insight into competitor pricing. Accompanied by
system-aided price recommendations, the tool allows your pricing team to
make informed decisions and dynamically benchmark your pricing; making
product adoption by your target consumers easier and quicker.
OptiCash can be easily integrated with your existing retail or e-commerce software / order-to-cash process / POS system
You can add your products and also that of competitors, to compare prices among similar products, based on custom pricing rules
Competitor prices for similar SKUs can be extracted with intelligent automation with the highest accuracy and compared for better insights into pricing
You can browse by category, brand or product SKU to track pricing and dynamically benchmark your product pricing as required
The algorithm combines market data with internal data, pricing parameters, reviews, delivery time, shipment, etc., to help calculate the optimal selling price or recommend the best buying options to your customer
Competitor Price Monitoring allows you to track competitor price as well as stock information that allows you to plan your inventory
You can also track price changes in the market and get instant notification
Dashboard includes historical data, market trends & business insights to allow you to make informed pricing decisions
The extended applications of the tool are many, but one that is particularly relevant is that insights from the tool can also be utilized to recommend product bundles for x-sell and upsell
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