Pricing Out the Competition with Cloud Service Software
Originally, online and local retailers had to price out competition manually, a process that required the retailer to analyze trends, prices, products and competitor branding to determine how competitive their own pricing is in the industry. Typically retailers are required to do this one to two times per year and can spend a few days to a few weeks pricing everything out. Unfortunately, this hands-on method has proven to be laborious and ineffective, especially if competitors update their pricing regularly or the retailer miscalculates during the analysis. Now retailers can skip the manual analysis by using cloud service software that analyzes, tracks and integrates with accounting software to help a retailer be more effective at pricing. One such program is hosted by the cloud service BlackLocus.
Real-Time Pricing through Cloud Services
Since is 100 percent online through a cloud service, they are able to offer real-time pricing updates to allow retailers to create an effective, competitive pricing strategy. Retailers stay on top of their competitor’s pricing, even if they just changed their pricing the day before, and therefore the cost of labor for spending countless hours analyzing competitor pricing is eliminated.
BlackLocus’s cloud service-based pricing software uses a machine-learning algorithm that tracks and locates local competitors, even those who just opened their doors. All online competitors are categorized by industry, which means when users enter the industry, product type and pricing, other online companies are automatically pulled and compared.
Companies Maximize Profits Even While Spending Monthly Service Fees
BlackLocus is a cloud service, which means users have to pay a monthly service fee to utilize the program. However, according to BlackLocus makers, their cloud computing service maximizes profits by:
- Providing retailers with the data needed to stay ahead of the competition and market their products with competitive price points
- Automating all data collection, which saves the retailer time and labor costs associated with manual input
Since BlackLocus is a cloud service, it allows the users to set up alerts and automated reports that can be integrated into accounting software and used with other cloud services for maximum pricing and effectiveness. This is highly beneficial for small online retailers who operate independently when it comes to pricing products, conducting inventory, making sales and managing other administrative duties of their business.
By Julia Spence