What is Dynamic Pricing?
Dynamic Pricing is a pricing strategy which consists of automatically adapting the price of your products based on a set of predefined rules.
For example, with a Dynamic Pricing strategy, an online retailer could make sure that its products are always 1 € cheaper than its competitors, only if that price keeps its minimum margins safe.
Dynamic Pricing helps you stay competitive and increase sales, while safeguarding your minimum margins.REQUEST A NETRIVALS DYNAMIC PRICING DEMO
Looking for a Dynamic Pricing tool?
Check how netRivals’ Dynamic Pricing can help your ecommerce to increase sales and conversions
Perfect product repricing
Information on competitors’ prices, active promotions and stock availability help you evaluate your pricing strategy and detect whether changes are needed.
netRivals repricing system allows you to modify prices of products in which you compete in the market through a condition-based procedure. You decide if new Dynamic Pricing suggestions correctly adapt to your repricing criteria in relation to market state and competitors’ pricing moves.
Product price suggestion
netRivals takes into consideration your acquisition price, prices set in your catalog, the amount of competitors existing for each of the products, as well as stock availability.
The best price for each of the products is then calculated based on the state of competition. The system will always ask for your confirmation before making any price changes.
Margin limit protector
The current profit margin for each of your products is benchmarked against the minimum margin set in netRivals repricing rules.
This functionality helps detect any inconsistencies in your pricing and make sure that price changes do not end up in any profit loss. netRivals’ Dynamic Pricing algorithm takes into account all the critical points relating to the competition state for a product in the market to ensure reliable pricing suggestions for your product catalog.
How it works
Working with netRivals’ Dynamic Pricing is as easy as 1, 2, 3:
Set up your store’s URL and your competitors’ in netRivals.
Our bot will gather data about the products that you and your competitors have in common.
Set your Dynamic Pricing rules in the software and start receiving alerts when you should change prices.
Meet our Customer Success representatives
Sandra, Customer Success SpecialistIn today’s digital world, consumers extensively compare prices before completing their purchase. This is why netRivals’ Dynamic Pricing is helping our customers to keep being competitive and increase their conversions.
Diego, Customer Success SpecialistMaking the most out of netRivals’ features is crucial to maximize its benefits. That’s why the Customer Success team helps our customers on their entire journey, from the onboarding to the day-to-day, making sure they optimize their pricing strategy.
- How does dynamic pricing work?
- Dynamic Pricing is a methodology that suggests prices for your products according to several rules or parameters and considering competitors’ prices.
- How to implement dynamic pricing?
- Usually, best price monitoring software include Dynamic Pricing features.
- Who uses dynamic pricing?
- Retailers can benefit from Dynamic Pricing solutions to control the values of their products according to several rules previously set.
- What is a dynamic pricing strategy?
- A dynamic pricing strategy is a strategy methodology based on a set of rules that determine the suggestions of the dynamic pricing tool. Define if you want to be cheaper or equal to an specific competitor and adjust your prices accordingly.
- Is dynamic pricing legal?
- Yes, dynamic pricing obtains public data available on the internet by scanning competitors’ websites.
- How does dynamic pricing benefit customers?
- Dynamic Pricing benefit customers by offering competitive prices that match the needs of the market.
- What is a dynamic pricing tool?
- A dynamic pricing tool is a powerful solution that suggests prices for your products based on a set of rules and parameters. Define the requirements for your products and adjust more competitive prices.