As the ecommerce industry is flourishing, in the context of the pandemic crisis, analytics and automation software company PriceFlux is launching a new technology, created to help online retailers automate their pricing strategy in real time, in accordance with their market strategy.
“Online stores are among the businesses that flourished during the Covid-19 situation and we have received great insights from ecommerce businesses regarding the need to implement new automation tools and pricing solutions, meant to help the retailers better manage and use that data to drive better outcomes, meaning higher margins,” said Mihai Bisnel, Managing Partner at PriceFlux.
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“More and more online retailers have had to deal with an increased demand and have become aware of the value that automation tools have in helping take some of the load off when it comes processing new and increased demands in their daily activities,” Bisnel added.
E-commerce as a total percentage of all retail stood at 19.6% in February, rising to 22.3% in March, before soaring to 30.7% in April, according to the Office for National Statistics. “It will be very interesting to see how the reopening of non-essential stores will affect this figure further this year, but it is clear to say that consumers are now more open than ever before to do most of their shopping online, which is a great opportunity for us to serve and help this new market develop,” explained Bisnel.
European start-up PriceFlux helps online retailers better use data and technology to enable real-time pricing. With PriceFlux’s pricing optimization software, e-commerce businesses can set any pricing strategy they decide, no matter how complex, for every single product in their assortment.
PriceFlux helps retailers to better track, monitor and compare their competitors’ offer and pricing data through: automatic product matching and competition analysis; price monitoring and detailed reports; fast API integration and easy to use dashboard with custom notifications; history, stock analysis and pricing automation.
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While pricing has been historically done in a spreadsheet, the extensive number of products and factors in the mix now mean that it is too difficult to do manually. The PriceFlux price monitoring and automation platform helps retailers better manage and use data to keep ahead of their competitors.
When it comes to user experience, the main advantage PriceFlux has over competitors is the fast implementation and the automatic product scanning: PriceFlux automatically scans entire categories, not just certain products, monitoring them in real time, without being affected by product range fluctuation, new product listings and old product delistings.
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