Anyone who is anyone in the world of pricing has probably heard about the surge pricing dilemmas of ride-hailing platforms and some of the pricing miscues that ‘Gig Economy’ companies have made in recent years. Most dramatically, back in 2017, Uber charged a man in Toronto, Canada $14,400 US for a 20-minute ride. Of course, Uber eventually refunded the passenger for his ride, but not until they identified a severe problem with their high demand, rush hour price ‘surge multiplier.’ Operators like Lyft and others have also experienced similar issues, despite spending millions of dollars and thousands of man hours on custom developed pricing algorithms. These types of errors can be easily avoided by leveraging the advantages of Next Gen price optimization and management software to put constraining price increase and decrease rules in place, all the while protecting profit margins and tracking competitors’ pricing.
Furthermore, modern, easy-to-use pricing systems can help you simulate the impact of changes before making them live. These Next Gen pricing systems can also optimize your prices and facilitate increases of 1-8% of sales in pure profit using big data. Using the combination of AI (Artificial Intelligence) and ML (Machine Learning), algorithms and constraints like percentage increase caps and profit margin floors, accurate, realistic, and competitive prices result.
https://youtu.be/dHAKNWTAfpYAt Pricefx, we’ve spent the last decade using our AI and ML driven Next Gen pricing optimization and management software to assist hundreds of companies to unlock their unique market advantage by setting and managing prices in real-time.
If your company is interested in discovering price optimization and flexibly adapting your approach to meet the pricing challenges of the market with advantages of Next Gen price optimization software, check out its competitive advantages in the Pricefx model below.
Who Needs Next Gen Price Optimization and Management Software?
They are several unique reasons to choose to take the advantages of Next Gen pricing software over others. Equally, there are also reasons not to.
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If you are a large-scale enterprise business with extensive and diverse product lists and disparate customer sets, operating interstate or even internationally, and looking to incorporate rebate and quote management into a less labor-intensive, flexible, and future-proofed price optimization solution, (or any sine one or combination of those factors), then Next Gen pricing is precisely what you’re looking for. |
Who Doesn’t Need Next Gen Price Optimization and Management Software?
On the flip side, if your company has only a few products, stoic prices, operates in a single region and you prefer to manage your pricing with manually generated Excel spreadsheets, then perhaps a modern Next Gen AI-and-ML based pricing software solution may not be exactly what you’re after, nor best suit your business’ needs.
In addition, if you are responding to complex RFPs for very large and specific projects, like a call center for example with service offers catered to your clients and incorporating many 3rd party products and services into them, this software might not be a good fit.