Advanced Pricing Logic INNOVATION
The PRICEXPERT Solution
Nearly 10 years of real-world, real-time development by Advanced Pricing Logic, Inc., has resulted in a real innovation for SMBs across many sectors. Until now, retailers, distributors, and wholesalers had few options to help them with pricing optimization and analytics: either mortgage their futures on million-dollar software solutions or go back to spreadsheets.
APL’s Pricexpert levels the playing field with powerful pricing automation tools. Businesses can now compete – SKU to SKU – for market share and profits. Now, almost any small to medium-sized retail operation on Main Street can quickly generate predictive analytics and prescriptive guidance that will compete with big retailers from Wall Street. Looking for innovation for your business? Pricexpert has better tools and smarter ways to generate more profit. Dig deeper and you’ll uncover cutting-edge intelligence from predictive analysis and prescriptive guidance that you may have believed was unreachable for your business.
Read the articles below for a closer look at our innovative approach for bringing true pricing analytics and intelligence to your business.
Articles and Discussions
Pricing with Confidence Custom Research – RIS News: March 2016
Pricing optimization solutions are one of the essential tools used by merchandise and promotions management teams to make sure their prices are optimally set to drive sales and business performance. Yet these deployments, which are frequently cited as being capable of delivering increases of one-to-two percentage points in revenue and two-to-three percentage points in profit, sometimes produce disappointing results because of organizational limitations that get in the way of meeting expectations.
The reason, according to Robert Hetu, research director retail merchandising for Gartner, is that, “Unfortunately, optimized prices are ignored by the user community (buyers, planners, category managers and pricing specialists) or they are so tightly constrained by business rules that no optimization can take place.”
This means that the problems that crop up are not necessarily found in the technology solution, but instead are found in the merchandising team and how it puts the tools to use. In this custom research report, we examine the state of price optimization in retail today and uncover both the challenges that retailers face and the opportunities they chase.
Advanced Pricing Logic (APL) participated in this article. Read more about “Pricing with Confidence” here…
Intelligent Pricing Strategies: Avoiding The Treacherous Race to the Bottom – RIS Retail IQ Study
A successful pricing strategy is more than just having the lowest price — it requires the comprehensive understanding and application of a product’s price elasticity. However, this commands insight into consumer demand, as well as competitor pricing. By leveraging sophisticated pricing solutions from automated analytical software to artificial intelligence, retailers can more accurately and competitively price products — a move that can help retailers reclaim valuable margins.
It is no secret that the omnichannel retailing experience has created a new type of shopper. In this digitally-driven landscape, search engines are becoming a shopper’s best friend when it comes to finding the best price on merchandise — whether they are browsing online or right on the sales floor. This all-knowing, all-encompassing shopping tool can access the entire competitive pricing landscape in mere seconds, enabling shoppers to instantly make strategic purchase decisions.
This digital shopping model is so prevalent that 50% of U.S. retail sales are digitally-influenced, and price comparisons are the top use case for most product categories, according to “The New Digital Divide,” a report from Deloitte.
Advanced Pricing Logic (APL) participated in this research. Read more about the RIS Retail IQ Study – “Avoiding the Treacherous Race to the Bottom” …
Analytics-Powered Pricing in the Omnichannel Age – RIS Retail IQ Study
Anytime, anywhere shopping has catapulted price transparency into a critical shopping tool for consumers, a move that is changing the game for omnichannel retailers. No longer able to compete on price alone, all-channel brands need to redefine their overall businesses strategies as a means of differentiating themselves in a competitive marketplace, as well as attracting shoppers and driving long-term loyalty.
As a result, retailers are investing in forward-thinking analytics tools that drive visibility into consumer behavior. The solutions are the foundation needed to help brands design symbiotic pricing and merchandising strategies, an effort that can improve localized pricing efforts designed to drive customer loyalty. The digitally-influenced omnichannel retail model has changed the shopping experience exponentially. In a traditional retailing landscape, consumers choose where to shop based on the brand that routinely offered the “lowest price” or best deal. However, omnichannel models have completely changed the game.
Shoppers now connect with their favorite brands via desktop, laptop or mobile devices. Shoppers are leveraging powerful web-based search engines and 24/7 access to retail websites to gain product-level pricing visibility. And oftentimes, this price transparency is the deciding factor that drives purchase decisions. In fact, 47% of companies reported that price transparency is one of their top pricing business challenges, compared with 24% of retailers in 2014, according to “Pricing 2015: Learning to Live in a Dynamic, Promotional World,” a report from Retail Systems Research.
Advanced Pricing Logic contributed to this RIS study, “Analytics-Powered Pricing in the Omnichannel Age” …
Technology Solutions Guide: Pricing Optimization
In the hyper-competitive retail landscape proper pricing can often be the difference between capturing the sale and driving shoppers to the competition. Access to the entire competitive pricing landscape is never more than a few clicks or swipes away and shoppers are leveraging this info to make buying decisions.
While it is important to price products competitively, retailers need to avoid the treacherous race to the bottom. By leveraging a dynamic analytics-powered approach to pricing retailers can not only gain a real-time view of the competitive landscape and adjust prices accordingly, but discover hidden margin in their product array, boosting the bottom line.
To acquire and maintain any advantage in today’s hyper-competitive retail world is no simple task. With more e-tailers and retailers jumping into the mix at record pace, everyone is feeling the pressure as they look to squeeze the most out of razor thin margins. The knowledgeable retailer understands the vital importance of taking advantage of today’s sophisticated price optimization solutions as the only way to stay ahead of the competition. The real players are turning to intelligent software solutions that combine deep, back-end analytics with matching product data aimed at optimizing vast product lineups to dynamically predict and prescribe accurate prices both in-store and online.
The Advanced Pricing Logic team contributed to this technology solutions guide on Pricing Optimization…
The Mother of Invention: A Price Expert’s Story, APL December 2016
To get to the beginning, you’ll need to step deeper into the past. Back all the way to 1982 when APL founder and Pricexpert’s creator, Dave Leonard, launched his first business, Original Parts Group, Inc. (also known as “OPGI”).
OPGI was launched to take advantage of burgeoning demand for aftermarket car parts. Success came very quickly for Dave and his company. First, he was a pricing genius. He instinctively knew what kinds of car parts were hot and where to push for profits. Second, he knew the importance of holding himself and his company to the highest levels of quality and customer service. Soon, he found himself in a very enviable position of a significant commercial success.
Advanced Pricing Logic wrote and produced this story about how PRICEXPERT was created. Read more…