Pricing is a cornerstone of commerce profitability. Your prices should be high enough to cover not only business expenses but also fund an aggressive growth strategy. Pricing is not just about pure financial optimization. Prices are also a signal sent to the market, which can boost your image, or weaken it, depending on the quality of the “fit” of your strategy with the expectations of the market.
In practice, for most merchants, pricing is a tedious exercise, where every single change in the strategy requires to manually re-price dozens – if not hundreds – of items. Moreover, the impact of those change tend to be fuzzy because there is little or no tooling in place to figure out the detailed impact of the revised prices.
One year ago, we introduced Lokad’s inventory optimization technology applicable to small or even ultra-small retailers. Recently, Lokad has just unveiled its latest data crunching app named Priceforgethat brings both a data visualization engine and a pricing engine to retailers of all sizes.
With Priceforge, it’s possible to visualize trends, profitable areas, growth drivers and more. Based on those insights, Priceforge offers the possibility to craft your own pricing strategy which can then be refreshed in 1-click whenever the latest data is available. Also Priceforge comes with an Express Plan that is free and does not expire. This plan is sufficient for small merchants.
Jack Otton, Director at Racquet Depot UK has been using Priceforge to gain insights in their business. “We were already pushing data to Salescast for our demand planning needs, and as the data format of Priceforge is compatible, the Lokad team has just setup our first dashboard in minutes. Our business is growing fast and those next-gen apps will help us to sustain an incredible service for our customers.”
And Lokad teams-up again with Brightpearl
We have developed an integration that lets you download all your Brightpearl data straight into Priceforge. Don’t miss the opportunity to out price your competition. There is an easy step-by-step guide for Brightpearl customers on how to use Priceforge here.