With a dynamic pricing strategy, companies constantly adjust prices to maximize margins, conversion and profit. Most of the time, this is done automatically by smart software and algorithms. This process automates mundane pricing adjustments for pricing managers and enables them to spend more time working on more complex challenges and tasks.
Custom dynamic pricing software is dynamic pricing software specifically adjusted to the needs of an individual business. It used to be something for the largest enterprises, such as Amazon. But due to technological advancements, custom dynamic pricing has become available to a much wider range of companies.
A Dynamic pricing strategy is the most advanced level of pricing you can achieve but requires the most advanced software and knowledge to implement. The following are the most common use cases but you can apply custom dynamic pricing to fit your specific needs.
The E-commerce platform is a classic example when it comes to custom dynamic pricing as they were one of the first to focus on this practice intensively. Amazon changes product prices’ on average every 10 minutes, to constantly offer the best possible price to its customers. Changing prices this often is not required for every business, but changing your pricing a few times per week can already lead to significantly increased business results.
These websites also have their own custom dynamic pricing software to offer the best possible prices for their products to their platform visitors. The custom dynamic pricing software of these companies often reacts to factors that change the demand for rental hotels or apartments such as seasonality, holidays or scarcity.
Small and medium-sized businesses are increasingly using their own custom dynamic pricing software to increase their profit margins and revenue. For example, they automate price changes for changes in different factors such as costs, to prevent inflation and supply chain challenges from impacting their profit margin.
There are multiple ways of implementing a custom dynamic pricing software solution. Businesses can develop these technologies in-house, but for many small and medium-sized businesses, this is likely to be too expensive. To make these kinds of software solutions as a business you need pricing professionals, developers and AI experts to closely work together for a long time. Another way to implement this is to work together with a dynamic pricing software company to make the software designed for your business needs.
SYMSON offers AI Pricing software to companies that want to power up their pricing processes and make their pricing more dynamic. The company offers pricing software, powered by AI and smart algorithms, that can be customized to the specific business needs of companies. Whether you want to use the 9 pre-programmed pricing strategies, create your own strategy with the pricing strategy builder, or get your own features, it is all possible!