4 Best AI Pricing Software To Maximize Profits in 2023
As eCommerce becomes increasingly competitive, businesses are turning to advanced technologies to gain an edge.
Among these, Artificial Intelligence (AI) stands out as a game-changer.
AI ecommerce tools are revolutionizing everything from customer service to inventory management and, most importantly, pricing strategies.
In this article, we researched and compared some of the best AI pricing software available in the market today.
1. PROS
PROS is a smart price optimization and management software that uses advanced AI to help businesses develop impactful pricing strategies.
PROS allows businesses to set AI-powered pricing strategies that are consistent across all sales channels. It adjusts to changing business needs, market conditions, and customer expectations, helping to eliminate over-discounting and inconsistencies in your prices.
Whether you’re negotiating sales or running an eCommerce platform, PROS AI pricing software provides price recommendations based on customers’ willingness to pay. This enables faster quotes and real-time pricing adjustments in response to market shifts and competitor actions.
PROS provides easy-to-use analytics dashboards that allow you to understand your pricing optimization’s impact and get a detailed view of each price recommendation. It helps you understand what your buyers value and allows you to modify the pricing model to better align with your business needs.
With PROS, you can simulate the potential impact of your pricing models and make data-driven decisions. It allows you to adjust pricing quickly in response to market changes and ensure accuracy in your pricing data.
PROS helps streamline pricing changes across your price lists with automatic calculations. It also supports volume and tier-based pricing to incentivize bulk purchases and facilitate sales negotiations.
The software supports eCommerce growth with real-time price delivery and sub-second response times. It can handle high demand volatility and ensures 99.99% availability for price requests.
PROS continually updates its segmentation model to accommodate changing business needs. It provides dynamic pricing recommendations and optimizes prices based on various objectives, including margin or revenue objectives for eCommerce.
In simple terms, PROS is a tool that helps businesses set the right prices for their products or services, making sure they’re competitive, profitable, and appealing to customers.
2. Sniffie
Sniffie is a smart tool that helps online stores set the best prices for their products. It uses artificial intelligence (AI) to understand what customers are willing to pay. This can lead to big improvements in profits.
Sniffie’s system learns from the prices over time and figures out the demand for each product. It then finds the price that will make the most money. This usually takes one or two months, depending on how much data there is and how much you sell.
Sniffie has different modules that help with repricing, dynamic pricing, and pricing campaigns. All price changes are watched and studied by the AI. You can also add any data you want to help understand your pricing better.
With Sniffie, you can automatically change prices based on how customers behave and changes in the market. It helps you understand how your pricing strategy is working. You can choose to set your prices to increase sales or to increase profits.
Even after finding the best price for a product, Sniffie keeps testing to see if it changes over time. It also lets you see and manage all your pricing data in one place.
You can connect Sniffie to any platform you use, like your online store platform, ERP, or PIM. It starts pulling data from your systems and learns from both old and new sales.
They also offer an AI Shopify app called Omnibus that helps ecommerce business owners to display the most recent price changes on discounted products so they don’t risk facing noticeable fines.
With the Sniffie Omnibus pricing app, you can turn your Shopify store compliance.
You can install the app and let Sniffie gather your price history then
check your compliance status and automatically ensure that the correct
previous price is shown on your site.
Just copy and paste the code snippet into your theme settings, and you’re
ready to go.
3. Minderest
Minderest’s dynamic pricing tool, Reactev, is a powerful solution designed to help businesses, whether they are eCommerce platforms, marketplaces, or physical stores, automate their pricing strategies.
Reactev can process a variety of data, including prices, competitors’ promotions, sales figures, weather, seasonality, and more. This allows businesses to design and automate advanced pricing models that take into account a wide range of variables.
Minderest allows you to combine your data sources with competitive business insights and translate them into advanced pricing rules.
Before going live with your pricing strategy, you can test it in a simulated environment to ensure its effectiveness.
Minderest helps you determine the optimal price for each of your products to maximize your sales and profit margin.
With Minderest, you can design optimal promotions for products with elastic demand, where a price cut results in higher sales.
Minderest helps you understand the demand forecast for every product in your catalogue, improving stock management and purchasing.
Reactev uses AI technologies like machine learning and deep learning to detect correlations and patterns among the information analyzed, giving your pricing strategy a competitive edge.
Minderest can be integrated with your business management systems via API, allowing you to see initial results in just two months.
Overall, Minderest has more than 10 years of experience in price monitoring and price intelligence, and it has a data quality of over 99%, making it a reliable solution for retailers and brands.
However, Minderest’s pricing plans are not publicly available, and customers need to contact the company to learn more about pricing.
4. Browse.ai
Browse AI is a tool that helps business scrape and monitor data from the web. Its pricing tool helps businesses monitor competitor and retailer prices on a large scale.
With Browse AI, you don’t need to be an engineer to set up a scraper. You can go to your competitor or supplier’s website, then search for the products you want to monitor and use the robot to extract and monitor the details you want.
You can monitor prices, availability, reviews, or anything else displayed on the site. This gives you a comprehensive view of your competitors’ or suppliers’ offerings.
You can set the schedule for monitoring checks according to your needs. Whether you need to run checks once a week or every 5 minutes on business days, Browse AI can accommodate your schedule.
Browse AI will notify you when something changes, so you’re always up-to-date with the latest information.
What’s sets apart Browse AI other AI pricing systems is its integrations with Google Sheets, Airtable, Zapier, Pabbly, and more. This means you can connect your robot to over 5,000 other tools or use webhooks and the API to develop a custom solution.
Browse AI is praised for its easy-to-use interface and intuitive setup process. It’s designed to be user-friendly, making it accessible for anyone, regardless of their technical expertise.
Choosing the Right AI Pricing Software
So these are the best AI pricing software tools. All three tools use AI and machine learning for price optimization. However, Sniffie emphasizes reinforcement learning, which doesn’t require large amounts of historical data to start.
Both PROS and Minderest allow you to test your pricing strategy in a simulated environment before going live. Sniffie doesn’t explicitly mention this feature.
PROS and Minderest offer price management software, while Sniffie focuses more on price optimization and automation.
In terms of integration, all three tools can be integrated with your existing systems. However, Sniffie emphasizes its plug-and-play integrations and the ability to connect with any platform.
Sniffie emphasizes that you are still in control of the pricing process, with the ability to set safeguards or choose to approve all changes manually. PROS and Minderest do not explicitly mention this feature.
In addition, Sniffie offers specific modules for repricing, dynamic pricing, and pricing campaigns. PROS and Minderest do not explicitly mention these modules.
In conclusion, while all tools offer robust price optimization features, the choice between them would depend on your specific needs, such as the level of control you want over the pricing process, the amount of historical data you have, and the specific pricing modules you need.
Patryk Miszczak
