Anyone who is influential in the field of pricing has likely heard about the surge pricing challenges of ride-hailing platforms and some of the pricing mistakes made by 'Gig Economy' companies in recent years. One notable incident occurred in 2017, when Uber charged a man in Toronto, Canada $14,400 US for a 20-minute ride. Uber eventually refunded the passenger, but only after identifying a serious problem with their high-demand, rush-hour price 'surge multiplier.' Operators like Lyft and others have also faced similar issues, despite investing significant resources in custom-developed pricing algorithms.

To avoid these types of errors, it's important to leverage the benefits of Next Gen price optimization and management software, which can implement constraints on price increases and decreases while safeguarding profit margins and monitoring competitors' pricing.

In addition, modern, user-friendly pricing systems can help you simulate the impact of changes before implementing them. These Next Gen pricing systems can also optimize prices and facilitate profit increases of 1-8% using big data. By combining AI (Artificial Intelligence) and ML (Machine Learning), algorithms and constraints such as percentage increase caps and profit margin floors can lead to accurate, realistic, and competitive prices.

At 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. 

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.  

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.