How do you decide the selling price of a product? You must consider many factors like your competition, the customer expectations, the product quality, and the current demand. Earlier, pricing decisions were taken based on assumptions. Slowly, businesses started to make these decisions based on data. Businesses started to collect data about what their customers want, what the market trends are, and what their competitors are doing.
Now, in the technology age, we are entering the realm of ‘real-time pricing data’. When you get real-time insights about pricing, you can make informed pricing decisions much faster than before.
What Are Real-time Pricing Insights?
‘Real-time’ means the actual time when something happens. When you receive data as and when the related event is happening in real life, it is called ‘real-time data’. Using Artificial Intelligence, many tools have been developed to collect relevant data quickly and deliver it to businesses in real-time.
Some software tools provide ‘real-time pricing insights’ to businesses. Pricing insights mean valuable information about prices of competitors’ products, pricing as per seasonal demands, discounts to be given, and so on. When you get real-time insights, they are fresh, relevant, and accurate. You can use the changing insights to tweak your pricing strategies according to the data you receive.
New-age AI Powered Tools and Real-time Pricing Data
The market is quite dynamic, and things change every minute of the day. In order to provide real-time pricing insights, data has to be collected, processed, and converted into insights quickly and accurately. Humans need to put in a lot of time and effort to collect, analyze, and convert data into insights. Artificial intelligence is used to make this process faster.
AI-powered tools have algorithms that can detect relevant data, identify the patterns, learn from the data, and turn the data into valuable information. High-quality AI price monitoring tools will provide accurate pricing data quickly that will help you adapt your pricing to changes in the market.
Let’s understand how these price monitoring tools can add value to your business.
5 Benefits of Real-time Pricing Insights with Monitoring Tools
Here are some of the most important benefits that you can get from the real-time pricing insights that monitoring tools provide.
#1. Knowledge of Customer Expectations
According to a study conducted by Infobip, 52.4% of customers believed that AI would enhance their customer service experience. But how does this relate to pricing decisions?
When a customer walks into a store to buy something, he or she has an expected price for the product in mind. If your product is priced higher than that, they may not pick it up. That’s why some businesses determine their product prices based on what their customers expect.
With real-time pricing insights, you can get useful data about which products are selling the most, what their prices are, and how you can adapt the price without losing profits through cost management.
#2. Tracking the Movements of Your Competitors
A few decades earlier, it was easy to keep track of what your competitors were doing because every business had only a handful of competitors. Now, the market has grown so much that you can have hundreds of competitors. You need to use technology to track their pricing movements.
If you have real-time data about your competitors and their pricing strategies, you can modify your own decisions accordingly. It will help you in preventing your customers from going to the competitors due to lower prices.
AI-driven price monitoring tools can help you gain an edge over your competition with your pricing. You can get accurate insights about competitors’ price positioning along with seller-level analysis and one-to-one product matching with discount and stock analysis.
#3. Strategic Discounts
Giving discounts is a timeless marketing strategy used to attract customers. With every new festival and occasion, businesses have to put up sales and discounts for their customers. How much discount should you provide? What do customers want? At what percentage of discount will your sales go up? AI tools can answer these questions based on real-time market data about discounts. You can offer strategic discounts to boost your sales instead of basing your decisions on estimation.
#4. Understanding a Dynamic Market
Markets have become so volatile that something changes every minute of the day. Understanding such ever-changing markets is difficult because a lot of factors influences the change. Everything from government policies, weather changes, and international events can influence the market. To track the ever-changing market, you need a tool that gives you real-time insights. When the pricing insights that you get are current and fresh, you will be able to understand the current market and make pricing decisions accordingly.
#5. Learning About the Latest Market Trends
Market trends have become very important for marketing and pricing decisions. Trends influence the value of your products in the eyes of customers. For example, when a certain product is trending due to a viral social media video, customers will be ready to pay a higher price for that product.
But at the same time, learning about the current trends has become difficult. Price monitoring tools, however, are powered by an algorithm that detects patterns in the data and generates helpful pricing information based on that.
Summing Up
Data helps you make more informed and strategic decisions about pricing. However, markets have become so dynamic that you need the help of technology to collect and process data faster. AI can help you by providing real-time information that will help you make faster and better pricing decisions.
Use AI tools like Pricing Intelligence by Rubick.ai to get real-time insights about pricing. These tools can provide analysis of competitors’ price positioning, seller level analysis, discount analysis, and stock analysis to help you make better pricing decisions.
