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The top features to look out for in a product pricing solution

16 Nov 2020

There is no denying the fact that markets across many industries are becoming more competitive with each passing day.

This fierce competition in the market calls for a software solution that makes it possible for retailers and different brands to monitor the growth and position in the market so that they can control their prices accordingly. 

Many software solutions promise to provide accurate market analysis, which helps in price management of your product. But some solutions are more helpful than others. And the effectiveness of the software will depend on the needs of the organisation.

Having said this, there are specific indicators which can help to determine the value of a product pricing software. Here are the seven top features that can strengthen the case of investing in this type of software.

Effective notification or alert system 

One of the most important things about any product price management system is its ability to notify the user whenever there is a change in the pricing of the product. If the software is unable to send the notification on time, its value decreases in terms of staying ahead of competitors.

In-app notifications are essential

Getting desktop notifications is not enough. Good price management software allows for useful notifications, even on your mobile apps. 

Above all, in-app notifications, like the update in your account, the addition of new functionalities, improvement in tools, or about any significant change in data, is critical. 

If the software doesn’t offer to notify you about any in-app change, then you may need to reconsider your choice and look for other software.

Data collection and price tracking mechanism 

Good price management software provides valuable data that is compiled after taking many market metrics into account. 

For example, it includes price information for each product present in the catalogue. Having valuable data in the software is not enough. A software solution should allow you to sieve through the data seamlessly. 

This can include metrics like the difference in price between stores, information about the stock of the product, and price changing history of the product across competing stores.

Reviews collection and ratings by customers  

The price of the product is decided on a lot of factors other than the quality of the product. For example, ratings and reviews by the users play a significant role in determining the overall price of the product. 

These are critical in helping customers to make an informed choice. Above all, it has a direct impact on the reputation of the brand and on sales. Therefore, the software must provide useful information on the reviews and the ratings given to your product by your clients.

Real-time report generation of market trends 

Any price management software should allow for the creation of reports using different analytics generated by the software. For example, the software should allow the inclusion of relevant information about the price of the product, stocks, promotion of the product, and the retailers monitored for each product. 

Apart from this, good product price management software should allow downloading the report in all formats to allow for future amendments.

Must aid in product management 

Adequate management and analysis of the performance of each product present in the catalogue of the software is critical. 

This feature is vital as it allows us to change the prices of the products accordingly. Above all, it helps to negotiate better with other retailers and suppliers. 

Simple and effective user management protocol 

This particular feature may not be essential for SMBs. Larger enterprises, however, need to manage their users effectively to make sure that they have excellent product experience. 

Getting another software solution for the sole purpose of user management is going to cost a lot. So, make sure that the price management software that you are using also offers user management as well. 

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