Dynamic Pricing Solutions Comparison
Understand the differences between pricing solutions to make the right decision.
Looking to elevate your pricing strategy with the right dynamic pricing software? Navigating through numerous options and reviews can be overwhelming. Compare 7Learnings with other solutions to find the right fit that aligns with your business needs.
7Learnings vs. other solutions
Software Comparison
OtherDynamic Pricing Tools | 7LearningsPredictive Pricing |
|
|---|---|---|
| Supports rule based pricing | ||
| Utilizes competitor prices | ||
| Learns automatically from past price changes & historic sales | ||
| Algorithm considers all relevant data features (e.g. transactions, weather, seasonality) | ||
| Delivers sales, revenue & profit forecast | ||
| Goal driven steering across the assortment | ||
| Supports long-tail & initial pricing | ||
| Considers and cross-optimizes marketing decisions (e.g. coupons, promotions or performance marketing ) | ||
| Dedicated data scientists (as support contact) |
Why should you change from
Rule-Based to Predictive Pricing
Rule-Based Pricing
Definition:
Rule-based pricing involves setting prices based on predefined rules or formulas that dictate pricing actions under specific conditions. These rules are often based on factors like competitor prices, cost, or inventory levels.
Pros:
- Simplicity: Easier to understand and implement compared to machine learning models.
- Control: Allows businesses to set explicit criteria for pricing, which can be aligned closely with strategic objectives.
- Transparency: Clear rules make it easier to track and explain pricing decisions.
Cons:
- Inflexibility: Struggles to adapt quickly to market changes, potentially leading to lost revenue or competitiveness.
- Limited Scope: Typically does not account for all potential variables that could affect pricing, potentially leaving out critical factors like customer preferences.
- Maintenance Intensive: Requires regular updates and monitoring to ensure rules are still relevant and effective.
Predictive Pricing
Definition:
Predictive pricing utilizes advanced machine learning algorithms to analyze a wide range of data inputs to dynamically determine optimal pricing strategies. This approach goes beyond simple rules, continuously learning and adapting to market conditions and customer behaviors in real-time.
Pros:
- Comprehensive Analysis: Automatically evaluates a wide range of factors, optimizing prices based on their relevance.
- Proactive Adjustments: Forecasts and reacts to market changes early, ensuring prices are always strategically set.
- Business Goal Alignment: Directly aligns pricing with business goals and KPIs, minimizing the need for manual adjustments.
- Efficiency: Reduces management effort, freeing up resources for other strategic areas.
- Improved Financial Outcomes: Leverages advanced AI for sophisticated pricing strategies that enhance revenues and profits.
Cons:
- High Complexity: Requires sophisticated analytical capabilities and integration of various data sources.
- Resource Intensive: Implementation and maintenance of predictive pricing models can be resource-intensive and require skilled personnel.
Why should you choose Predictive Pricing and 7Learnings?
Make better pricing decisions to achieve your business goals.
7Learnings offers the best solution for B2C retail and e-commerce clients. Predictive capabilities based on price elasticity measurements and goal driven optimizations – which is the state-of-art and best technology for B2C retail pricing – are standard features of the 7L solution.
7Learnings ensures that every pricing decision aligns with your business goals, significantly reducing manual effort and steering your pricing decisions toward maximum profitability.
Unlock the full potential of your data and increase your revenues and profits by 10% on average
Step into the future of pricing with software that does the heavy lifting for you. See here how 7Learnings works and how we elevate your business results.
7Learnings in numbers
higher profitability
higher revenue
decrease of manual work
Predictive pricing - How to upgrade to the latest retail price optimization technology
Here is what you will learn in our guide to maximizing your pricing strategy:
- New options for your pricing strategy
- How e-commerce leaders manage pricing
- Tactics for improving your pricing with AI
- The advantages of predictive pricing technology
- How predictive pricing increase your profit margins by 10%
Why our customers love 7L
“7Learnings is making a great job in supporting us to implement an advanced pricing system.”
“With their data driven approach, 7Learnings was able to increase our profits for sunglasses significantly.”
“The 7Learnings solution has significantly increased our profitability and greatly simplified the pricing process.”
“7Learnings helped us to generate >15% more sales and >10% more revenue and profit.”
Book a demo here
What to expect:
- Get a deep dive into your current pricing strategy and insights from our experts on how to improve it
- See our 7Learnings pricing optimization platform in action
- Learn about predictive pricing and how it can improve your profit margins
- Get all your questions answered!
FAQs
Do you have questions? We have the answers.
How does 7Learnings’ predictive pricing software work?
Our solution utilizes advanced algorithms and machine learning models to analyze internal and external data, such as sales, inventory, and market trends. With this data, our software can make accurate predictions on the impact of price changes on your products. Prices can then be optimized in line with business goals, whether that is to maximize profits, maximize revenues, manage inventory levels, or more.
What kind of data do I need to provide for the solution to work effectively?
We build the foundation of our models on transition, product attribute and cost data. If available, we also use stock and marketing data. Our solution is well equipped to work with scarce data sets as it learns across the product categories. This enables us to set optimal prices for low-selling items and even new products.
Does the software integrate with existing shop and ERP systems?
The 7Learnings platform effortlessly connects with various backend systems. Our data scientists specialize in processing your unrefined data, ensuring it’s well-organized and prepared to initiate operations. We will guide you through the setup process every step of the way.
How soon can I expect to see results after implementing your pricing solution?
Outcomes may vary, but the majority of our clients typically see considerable gains in profitability and sales within the first weeks of using our solution.