9 Pricing Tools To Consider (With Definition And Examples)

By Indeed Editorial Team

Published 28 May 2022

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.

With so many retail and wholesale companies offering numerous products, each boasting of being the best, the sales industry is highly competitive. So, pricing is an essential aspect of sales strategies because it affects the profit margin, customer satisfaction and sales performance. Understanding everything about pricing tools can help you create pricing strategies that give you a competitive edge over competitors. In this article, we discuss what pricing software are, understand what price monitoring, scraping and optimisation tools are and explore some examples of these tools.

What are pricing tools?

Pricing tools are software that helps a company determine the pricing option that best reflects a product's value. These tools analyse, manage, define, predict and optimise the appropriate pricing strategy. These tools help companies make long-term and short-term decisions that affect their bottom line. Here are some reasons these tools are essential:

Helps stay competitive in the market

In a hyper-competitive market, acing the product's pricing is the key to success because the pricing decides whether a product stays or gets removed from the shelf. A pricing software helps understand the demand and price elasticity to make informed pricing decisions. These tools give information about competing price points in a particular market.

Related: Business Strategy Components And Examples

Enhances knowledge of the buyer persona

It is challenging to reach a price without understanding the buyer's persona. A pricing software helps companies understand the buyer persona, which increases revenue. Often, a company relies on these tools to understand the customer's willingness to pay, a feature they like and dislike about a product and where they can find potential customers.

Related: What Is Revenue? Definition, Types, Examples And More

Maximises profit margins

Without assessing the value of a product, a company might short-sell or compromise on the profit margins. Pricing software help companies understand the product's actual value and create a price point. It lets you justify the higher pricing, especially if it offers greater value than the competitor's product.

Related: Gross Income: What It Is And How To Calculate It per Month

Pricing tools to consider

Here are a few pricing software to consider:

Price scraping tools

Price scraping is extracting competitors' price data using price scraping tools. These tools provide a detailed customer behaviour and competitor analysis. Businesses that use dynamic pricing, such as travel, retail and e-commerce, often use these scraping tools to adjust their pricing and attract competitors' customers.

Price monitoring tools

Price monitoring or price intelligence tools help analyse external and internal variable prices to optimise one's pricing strategy. The tool helps you gather real-time insights into a company's product prices, stock availability, promotions and other data that help in creating an effective pricing strategy. Also, many price intelligence tools offer specific competitor insights, such as product popularity and customer satisfaction. These tools conduct regular online searches to understand any change in the competitor's pricing and provide users with real-time notifications about the price drops and low stock availability.

Price optimisation tools

Often, companies use price optimisation tools to analyse external and internal data to understand the perceived value of the products. Price optimisation is finding the price point that resonates with your target audience and helps you execute your pricing strategy. It is not about finding the right price, but the right price based on the product's value to a customer who wants to purchase it. The tool recommends price points based on the customer's willingness to pay.

Price engine tools

Another essential pricing software is the price engine that takes input like prices, recommends new prices or suggests a larger pricing strategy. These engines go beyond reducing the price. They match similar products' prices, make changes based on customers' behaviour and consider other market conditions before calculating the ideal product's price. These engines help build a personalised shopping experience, as pricing depends upon the demand, market fluctuation, market trends and purchasing power of customers.

Dynamic pricing

Dynamic pricing is a perfect example of a price engine. These tools adjust the pricing based on the market demand. Airlines are companies that rely on a dynamic pricing model. For instance, the cost of a flight one day before Diwali is going to cost customers a lot more than if they bought the same ticket three months earlier. Often, this creates a scenario where two passengers pay significantly different prices for the same destination. Some other industry using the dynamic pricing tool is the retail sector.

9 Eamples of pricing software

Here are a few commonly used pricing software to consider when creating your pricing strategy:

1. ProWebScraper

ProWebScraper is an intelligent pricing and web scraping tool that helps scrap price-related data from any website. It empowers you to extract anything from websites, including text, links, images and tables. You can scrape the data from websites comprising multiple navigation levels, such as linked pages and categories. What differentiates this tool from others is that it lets you schedule scraping tasks hourly, weekly or monthly.

2. Webscraper.io

If you are looking for easy access to price-related data, there is no better option than webscraper.io. Webscraper.io tackles dynamic and complex websites by simply pointing and clicking on elements that require price scraping. It lets you access data using the API or get the data delivered in the desired medium. The tool uses hundreds of IP addresses to ensure that price scraping goes on without getting blocked seamlessly.

3. Import.io

Import.io is a downloadable add-on extension that provides customisable plans based on the number of websites you plan to monitor. The tool offers web data integration features that provide insights into a product's performance and customer satisfaction reports. You can use import.io features to monitor web data extraction processes like screenshots, URL generations and API access.

4. Mozenda

Mozenda is another downloadable price monitoring or intelligence application offering a free trial and paid plan. Mozenda's price monitoring and intelligence tool focus primarily on e-commerce products such as health care and manufacturing companies. This tool collects data from various sources and integrates them with various platforms to create data visualisation and analysis reports. Using these reports, you can make intelligent pricing decisions.

5. Prisync

Prisync is a competitor price tracking software ideal for e-commerce businesses of all sizes. Using Prisync, e-commerce companies can track the competitor's product pricing and stock availability and create their pricing strategy to attract competitors' customers. Though the software offers a 14-day free trial, you can purchase their paid membership based on the requirement. Regardless of your plan, you can monitor competitors' prices, use advanced search filtering and track stock availability for products worldwide. Other features include dynamic pricing, unlimited email alerting, instant price change notification and detailed filtering and reporting.

6. PROS

PROS is another powerful pricing software that helps plan a winning pricing strategy and aligns a product, demand and availability. The software uses artificial intelligence (AI)-based price monitoring tool that uses pricing science to optimise shopping transactions and sales. What differentiates PROS from others is that it delivers instant and personalised prices for every buying and selling transaction. It effectively helps companies develop an effective omnichannel pricing strategy. This intelligent software dynamic prices to buyers across various traditional and digital channels.

7. Zilliant

For those looking for cost-effective and intelligent pricing software, Zilliant is an appealing choice to make. Zilliant is a prescriptive selling and pricing software helping companies overcome pricing decision complexity to drive growth. It helps influence price, measure price elasticity and align prices according to the business rules. The software uses data science and scalable technology to provide the right pricing answer at the right time. Their Price IQ features enable B2B companies to reach profit objectives while meeting customer expectations.

8. Pricefy

Another widely used pricing software is Pricefy. The software monitors competitors' prices to enhance profits. Due to the robust AI algorithm, the tool monitors product prices of various ecommerce sites, discovers best-selling products, spies on the competitor's catalogue and discovers which company is offering the best prices. Interestingly, it monitors competitor product prices in any currency and country on a daily basis. Using Pricefy, companies can monitor competitor pricing just by entering their marketplace username and website URL. It also lets marketers understand how competitive the market prices are to adjust the user price and increase the profit.

9. PriceGrid

With PriceGrid, businesses can enjoy a competitive pricing analysis and monitoring. The service helps in simplifying the pricing strategy. Using this intelligent software, companies can analyse the prices of thousands of items with a single click. Interestingly, the tool lets the company know the moment competitors change their pricing structure, introduce new products and file for patents. What distinguishes PriceGrid from other competitors is its ability to deliver data insights in multiple common formats. Using their API, companies can access the pricing data from anywhere.

Please note that none of the companies, institutions or organisations mentioned in this article are associated with Indeed.

Explore more articles