Price automation
Price automation will make your store more attractive to a wider range of customers using price comparison websites or auction portals, and will allow you to always stay one step ahead of the competitors.
Price automation in e-stores and price comparison websites
PriceLab is an e-commerce tool that apart from monitoring prices allows you to automatically change prices in your store. As a result, your prices will be adjusted to the current market situation and the activities of the competitors. Price automation allows you to instantly take advantage of the opportunities to optimize margins or increase sales. In addition, it saves your employees' time and reduces the risk of price errors.
How price automation works
Price automation works on the basis of scenarios in which you define what goal you want to achieve (e.g. maximizing the margin or being the cheapest seller) and what parameters the algorithm should take into account when setting the price (e.g. purchase price and minimum margin).
You can choose one of the ready-made scenarios prepared by us or create your own so that the prices will set themselves according to your guidelines.
Price automation possibilities
Price automation in PriceLab allows, among others:
- Automatically change prices in your store and in your sales channels (price comparison websites, auction portals, marketplaces)
- Define multiple pricing scenarios that will work depending on the current market situation
- Identify the sellers you want to compete with
- Define the categories and product groups for which the selected scenarios work
- Automatically respond to competitors' offers
- Take a position set by you in the price ranking
- Set a minimum price for the product below which you do not want to sell it
- Adjust an optimal price difference between your offer and the one of your competitors
Price automation on comparison websites, auction portals and marketplaces
Price automation can take place both in your store and in each sales channel on which you list your offers. Each sales channel has different transaction conditions (e.g. commission amount or click cost) and you compete with other sellers on it. Our algorithm can take into account these differences and automatically adjust the price depending on where your offer appears on the channel. This way your products will be optimally priced for each customer source. By using Pricelab’s price automation you will take care of both higher sales and optimization of the cost of acquiring a customer. Doing it manually is extremely time consuming.
Dynamic Pricing – more than price automation
We offer the Dynamic Pricing module for our most demanding customers. It is a solution that enables dynamic pricing based on a much wider range of data. In this model, prices are shaped by combining information about competitors' offers with information from other sources. When setting the price we can additionally take into account the additional aspects:
- Information on changes in demand and supply for a given product and increase the price for products whose sales are growing dynamically
- Data on previous purchases of a given customer (and individually adjust the price to them)
- Store entry source (and adjust the price depending on the page or ad the customer came from)
- Other transactional or statistical data we have