TOP 7 best pricing software for e-commerce
- 15 November 2023
When it comes to e-commerce and retail in general, prices are one of the most important buying factors. People compare prices and, most of the time, pick the most attractive offer. However, mastering the pricing strategy on your own is not an easy task – you need the support that advanced pricing tool software can offer. Let’s see what pricing software is about and what’s the best pricing software for e-commerce.
In general, pricing software comprises two major elements:
- Price monitoring: With this feature, you can monitor or track prices in other stores, price comparison engines, and marketplaces. Thanks to price monitoring, you know what’s going on in the market concerning the products that you offer. This helps you adjust prices in your store on your own and stay competitive in your sector.
- Dynamic pricing: If price monitoring is not enough, you can use this AI-powered tool to automatically adjust prices depending on the current market situation. We discussed this service thoroughly in this post on our blog: Understanding Dynamic Pricing: A Comprehensive Guide.
How retail pricing software works
These tools come with several essential features that enable you to make the most of your pricing strategy. First off, pricing software companies have access to the latest market data concerning products and entities offering them. Those tools monitor thousands of websites and look for product and price-related information.
Typically, the best pricing software for e-commerce monitors:
- Online stores
- Marketplaces
- Price comparison engines
In other words – all the essential places where online retailers showcase their offer. And as we mentioned before, pricing software comprises two elements – price tracking and dynamic pricing. Depending on your situation and needs, you can pick one or two services. Let’s use a simple example to see how pricing software for small businesses can help a new entrepreneur who has just started an online store with pet products.
Our seller, let’s name him Mark, decided to open an online pet store. During his research, he finds out about the service known as price tracking. Mark thinks it’s a great idea, so he starts monitoring prices in his store using the selected retail pricing software. However, at some point, Mark sees that there are dozens of competitive stores, and he thinks that it’s impossible for him to adjust his prices to changing market conditions. So, he decided to add dynamic pricing into the mix. Now, his prices are being automatically adjusted, and Mark can focus on promoting his store.
If you are in a similar situation and you want to improve pricing in your online business, pricing software companies can help you thrive in your niche.
Select the best pricing software for your e-store: 7 options
Below, you will find a list of seven of the best dynamic pricing software for e-commerce. Each of these tools can help you outrun the competition. Let’s have a look at our contestants.
DEALAVO
Dealavo – the best pricing software for e-commerce, source: www.dealavo.com
Dealavo is one of the most comprehensive pricing platforms out there. This tool offers monitoring of millions of websites worldwide. With Dealavo, you get access to several crucial features:
- Competitor Price Tracking: Within our web-based platform, you can see what prices other stores are offering for the same products.
- Product Availability: You can find out if your competitors have a given product in stock or not.
- Competitive Analysis: You can compare your product range with other retailers to see which products you both have in your offers.
Additionally, Dealavo comes with an advanced AI-fueled dynamic pricing feature that offers automatic price adjustments based on the current market situation. With this system, you can set the rules for how prices should be adjusted (e.g., so that the algorithms don’t go below your minimal prices). You can use different pricing strategies and create specific rules for various product categories, sales channels, and locations. Dealavo’s system is very flexible, and it can be integrated with tools like ERP systems to suggest prices for your store based on data collected from the market. You can automatically update your prices using Dealavo suggestions, or you can choose to review and approve each proposed price change before it’s implemented.
Other than that, Dealavo also offers a price intelligence feature – an advanced analytics solution that gives you a better insight into your sector and prices.
Elements specific to Dealavo’s pricing software:
- Global reach
- 8 language versions
- Offline price monitoring
- Data updates every 15 minutes
Try Dealavo pricing software free trial!
COMPETERA PRICING PLATFORM
Competera is another pricing software for small business you can use to boost your store’s pricing. Their pricing platform takes both internal (inventory levels, shopping history) and external (weather, inflation, seasonality) conditions into account to provide users with as accurate data as possible.
Competera comes with three main pillars of their service:
- Competitive Data: Users get high-quality, timely product matches and data scraping covering many regions, currency, or language in a single dashboard.
- Pricing Automation: You get fast and flexible pricing with defined workflows and a transparent cause-and-effect analysis of every price change.
- Price Optimization: It’s an elasticity-based price setting supported by demand patterns, product cross-impact, and more than 20 different pricing and non-pricing factors.
To make their platform as effective as possible, Competera uses 2.4bn annual data points.
Competera, one of the most popular pricing software for small e-commerce, Source: https://competera.net/brand-pricing-platform
What sets Competera apart:
- 20+ pricing factors
- Voted one of the top 3 startups at the AI Summit in London
- Comes with a promotion management feature
- Has solutions for dark stores
See also: Top 6 Tools for Competitor Price Tracking in 2023.
PRICEEDGE
It’s a Swedish cloud-based price tracking software for online stores, retailers, manufacturers, and distributors. Their offer comprises four major modules enabling you to make the most of your prices:
- COLLECT: It’s a competitor’s price collection and tracking feature. It gives you new price suggestions in response to competitor price movement and shows you how prices have changed over time.
- OPTIMIZE: It enables you to optimize your pricing with AI. This feature allows you to forecast demand after each price shift and helps you analyze both consumer and product data to tailor your pricing approach.
- PRICE: PriceEdge will help you create the price logic you need. With PriceEdge, you can make the most of advanced pricing strategies – users can easily manage all price lists by building their own pricing strategies.
- ANALYZE: You can use this feature to simulate the effects of implementing new prices. This feature offers a unique reporting tool that helps you find price improvement opportunities as well as measure price effectiveness.
PriceEdge, a Swedish retail pricing software; source: https://blog.priceedge.eu/in-case-you-missed-it-priceedge-updates-for-autumn-2020/
What’s specific to PriceEdge:
- See the effects of price changes before you implement them
- They offer a free price strategy course
- They have a solution for aftermarket and spare part price management
- Available in 65+ countries
PRISYNC
This Turkish platform is one of the best e-commerce pricing software companies out there. This tool offers price monitoring, dynamic pricing, MAP monitoring, and digital shelf management. It automatically keeps track of your competitors’ prices and product availability, presenting this data through an intuitive online dashboard.
This tool monitors the prices and stock of products and sends notifications whenever there are changes in the market. It also allows you to run detailed benchmarking analysis and get comprehensive reports at both brand and category levels. Users value Prisync primarily for its dashboard and flexible reports. When it comes to dynamic pricing, this pricing software tool offers an engine that automatically adjusts prices based on your competitors’ activity to make sure your prices are exactly as you want them to be against competitors.
Prisync – one of the best e-commerce pricing software in Europe. Source: https://prisync.com
Read more about Prisync:
What sets Prisync apart:
- Monitoring of up to 5,000 products in the highest plan
- Product variant price tracking
- URL or channel-based pricing plans
- SmartMatch – discover new competitors
PRICE2SPY
Price2Spy is a Serbian price tracking tool designed for online retailers, manufacturers, brands, and distributors of all sizes. Price2Spy offers both price monitoring and dynamic pricing. Users have access to tools for collecting pricing data and various reporting options to analyze the pricing data effectively.
What’s especially interesting is that Price2Spy is capable of monitoring stores that require additional action in order to view the price (e.g., adding a product to the cart or logging in) and can even deal with sites that show prices in images instead of normal characters. With Price2Spy, you can monitor prices regardless of your location, currency, or industry. This tool also comes with a screenshot capturing feature (e.g., for brand protection purposes).
Price2Spy: Pricing software with the longest free trial. Source: https://apps.shopify.com/price2spy?locale=th
Elements specific to Price2Spy:
- 30-day free trial
- Monitoring of even bot-aware websites
- Setup in less than 5 minutes
- Unlimited number of competitors
Read also:
Price2Spy alternatives: Compare and choose the best price tracker
TGNDATA
Tgndata is a Greek cloud-based pricing intelligence software. It comes with four main features that are useful for every e-commerce store owner:
- Price Monitoring: It’s a cloud-based analytics platform that gives you a better understanding of your competitive landscape. Through this dashboard, you can see your competitors’ prices and product availability but also price history and overall price index.
- Dynamic Pricing: Their solution is very straightforward. All you have to do is set specific rules, e.g., I want to be $5 cheaper than my competitors on Google Shopping in the gaming laptop category. You can also include or exclude specific products, categories, or brands from the price adjustment process.
- MAP Monitoring: Use this feature to keep track of MAP prices among your retailers and distributors.
- Web Scraping: The last feature gives you a way to collect information about your competitors, like their prices, products, promotions, and tactics. Having this data helps you adapt your own products and pricing strategies to remain competitive in the market.
Tgndata – pricing software for small business. Source: https://tgndata.com/features
What’s unique to Tgndata:
- 65+ pricing modules
- Price change logs
- Custom-made reports
- Hybrid pricing plans for online stores and marketplaces
Read more: TGNData Alternative: Check if there is a better substitute to it
PRICER24
The last pricing tool on our list comes from Ukraine. Pricer24 provides visual product analytics services to suppliers, distributors, and other online businesses, and it offers three main services:
- Price Intelligence Tool: It helps you increase sales with data-driven pricing. You can use it to automate price collection and product matching in your e-store. Also, this feature allows you to track the prices of competitors and suppliers.
- Assortment Analysis: Allows you to conduct competitive research on prices and assortment. This feature helps you analyze the presence of your products in other stores. You can group the results by categories, groups, segments, or individual positions.
- Competitor Analysis: You can use it to analyze competitors’ prices and promotions in real time. This feature comes in handy when you want to find new niches and trends on the market and improve your pricing strategy.
Pricer24: Retail pricing software from Ukraine. Source: https://pricer24.com/blog/dashboards-new-opportunities-for-a-helicopter-view/
What makes Pricer24 stand out?
- High-quality visual data presentation
- Analysis of the reasons for the lack of sales
- Rich content analysis
- Advanced data segmentation
Summary
Pricing software is undoubtedly very important for online stores, primarily because it provides you with real-time insights into current market trends, competitor prices, and offers. With good retail pricing software, you can easily automate monitoring and adjusting prices, thus saving time and increasing the competitiveness of your online store.
We showed you seven pricing software companies – each of them has pros and cons, naturally. What you should do is compare their offers and pick the solution that works best in your situation. It’s always a good idea to start with a free trial period. This is something we’d like to provide you with as well. All you have to do is send us this short form, and we’ll show you how the Dealavo pricing platform works in real life. Would you like to know more before you start your demo version? Don’t hesitate and reach out to our team – we’re happy to answer all of your questions!
FAQ
What is pricing software, and how does it benefit e-commerce businesses?
Pricing software encompasses tools for price monitoring and dynamic pricing, enabling businesses to track competitor prices, adjust their own prices accordingly, and stay competitive in the market. This software automates pricing strategies and offers real-time insights into market trends, ultimately saving time and enhancing competitiveness.
What are the key features of pricing software for e-commerce?
Pricing software typically includes price monitoring, which tracks prices in other stores and marketplaces, and dynamic pricing, which automatically adjusts prices based on market conditions. These tools provide access to the latest market data, monitor online stores and marketplaces, and offer insights for pricing optimization.
How can pricing software help small businesses in e-commerce?
For small businesses, pricing software offers invaluable support in navigating competitive markets. By monitoring competitor prices and adjusting prices accordingly, small businesses can maintain competitiveness and focus on other aspects of their operations, such as product promotion.
What are some examples of dynamic pricing software for e-commerce?
Some notable examples of dynamic pricing software include Dealavo, Competera Pricing Platform, PriceEdge, Prisync, Price2Spy, Tgndata, and Pricer24. Each of these tools offers features for price monitoring, dynamic pricing, and competitive analysis to help businesses thrive in their respective niches.
How do pricing software companies gather market data for price monitoring?
Pricing software companies typically gather market data from various sources, including online stores, marketplaces, and price comparison engines. They monitor thousands of websites for product and price-related information, providing businesses with comprehensive insights into market trends and competitor pricing strategies.
What factors should businesses consider when selecting pricing software for their e-store?
When selecting pricing software, businesses should consider factors such as the comprehensiveness of price monitoring, the sophistication of dynamic pricing algorithms, integration capabilities with other tools like ERP systems, and the flexibility to customize pricing strategies based on specific needs. Additionally, businesses may want to explore free trial options to assess the suitability of the software for their operations.
