A lot of business have gone bankrupt because they priced themselves out of the market. Your pricing needs to be right all the time if you want to lead your competitors. There are three ways to improve your profits. You can cut costs or sell more, or find more profit with a better pricing strategy. Perfect price optimization is an art you should master to maximize your profit. The top 20 most-trafficked retail websites changed their prices nearly 30 times more often than their less-trafficked peers in the last quarter of 2011, according to an analysis by BlackLocus.
BlackLocus is a provider of automated and optimized pricing tools for small and mid-sized online retailers. By combining competitive pricing data from across the web with customers’ online store data, BlackLocus delivers actionable recommendations on competitive pricing and positioning.
Through proprietary machine-learning algorithms, BlackLocus is able to find all online competitors for every product in your online catalog. BlackLocus deploys sophisticated machine learning and revenue management techniques in a pricing-as-a-service model, enabling small and mid-sized online retailers to compete with larger and/or more established players.
BlackLocus maximizes your business profit in 2 ways:
(1) The data they provide allows you to price as high as the market will bear and low enough to be a competitive leader.
(2) They also automate the data collection, relieving you and your team from doing it manually.
To get the right data, BlackLocus crawls online retail sites a few times a week, or as often as the prices tend to change. Once it has the pricing data it runs several algorithms against the data to match products across different sites and puts them in a database.
