Distribution Industry Pricing Strategies: Tips, Types & Examples

May 20th, 2022

Iain Lewis
Senior Solutions Strategist at Pricefx

Distribution Industry Pricing Strategies: Tips, Types & Examples As a business trying to make it in the ultra-competitive Distribution Industry, you face some unique challenges that other industries don’t need to be concerned about. Your business is currently facing more disruptions than any other industry as you are the critical lynchpin in the heavily disturbed supply chain between manufacturers on the one hand, and retailers on the other. What’s more your transportation overheads are currently priced through the roof, and labor (if you can get it) costs are rising steadily too. No wonder considering or even re-examining your distribution industry...

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Penetration Pricing Strategy – Pros, Cons, Examples & Tips

May 17th, 2022

Idrissa Diop
Solution Strategist at Pricefx

Penetration Pricing Strategy – Pros, Cons, Examples & Tips Even if you have never heard the exact phrase “penetration pricing strategy” before, the chances are you have seen the pricing strategy in action. Unless you have been castaway on a deserted island the last few years, you have probably seen any number of new internet or cable providers come newly into the market either offering low introductory offers, free streaming services, or extra channels to draw in new subscribers. That is penetration pricing strategy in a nutshell. Penetration Pricing Strategy, by definition, is simply a pricing strategy that is used...

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Dynamic Pricing Strategy – Tips & Examples + Pros & Cons

May 16th, 2022

Ken Edwards
Marketing Specialist at Pricefx

Dynamic Pricing Strategy – Tips & Examples + Pros & Cons When your customers visit your bricks-and-mortar or online store to purchase one of your products, most of the time they will want to know the exact prices of your products beforehand. However, if you are providing services like that of doctors, lawyers, accountants, plumbers, or electricians, setting an exact price is not a simple task. Prices vary because of multiple factors, like time, length and complexity of the service provided. That is a form of dynamic pricing and it certain cases it can be used for pricing your products...

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Retail Pricing Strategies: Tips, Types & Examples

May 12th, 2022

Jochen Schmidt
Solution Strategist at Pricefx

Retail Pricing Strategies: Tips, Types & Examples Over the last few years, a myriad of reasons have popped up increasing the rate of change of what we used to call ‘normal’ in the retail industry. Whether it is due to CoVID-19, rampant inflation, increasing fuel and distribution costs or an increasing drift to online shopping, shifting consumer buying patterns means it is now more important than ever to consider your retail industry pricing strategies.   At Pricefx, we have been analyzing retail sales data and setting automated pricing processes for our retail clients for more than 10 years now and assisting...

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Economy Pricing Strategy: What Is It & When to Use It?

May 10th, 2022

Idrissa Diop
Solution Strategist at Pricefx

Economy Pricing Strategy: What Is It & When to Use It? You have low production costs for your company’s products, but you are still struggling to meet your organization’s sales targets? It could be that that you need to consider an Economy Pricing Strategy. Also widely known as ‘Economic’ Pricing Strategy, this concept of pricing is extremely useful for companies that are keeping their overheads low. It enables businesses to price goods low and gain revenue based on many customers purchasing those low-priced goods. But if your business does not enjoy a lion’s market share or strong enough brand awareness,...

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Explaining Artificial Intelligence vs Machine Learning in Price Optimization Software

May 9th, 2022 (Updated 05/10/2022)

Guillaume Dupont
Solution Architect & Data Scientist - Presales in Solution Strategy at Pricefx

Explaining Artificial Intelligence vs Machine Learning in Price Optimization Software Setting the right price for your company’s goods or services is always a tricky question to solve. What pricing strategy your business adopts will depend on your business objectives. One part of your business may seek to maximize profitability on each unit sold or on protecting your overall market share, while another sector of your company needs to access a new market or to grow an existing one. Moreover, different scenarios might coexist in your company for different products or customer segments. If that’s the case, the time might have...

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FYI

Pricefx Receives 2022 SAP® Pinnacle Award in the SAP Store Category

May 9th, 2022 (Updated 05/11/2022)

Pricefx Receives 2022 SAP® Pinnacle Award in the SAP Store Category  The award recognizes top partners driving value, revenue growth, and customer success MUNICH & CHICAGO – Monday, May 9, 2022 – Pricefx, a global leader in cloud-native pricing software, today announced that it received a 2022 SAP® Pinnacle Award in the SAP Store category, recognizing its outstanding contributions as an SAP partner. The company was also named a finalist in the Customer Excellence category. SAP presents these awards annually to the top partners that have excelled in developing and growing their partnership with SAP and helping customers run better....

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Manufacturing Pricing Strategies: Tips, Types & Examples

May 5th, 2022 (Updated 05/10/2022)

Iain Lewis & Sara Gansert
Solution Strategists at Pricefx

Manufacturing Pricing Strategies: Tips, Types & Examples Global manufacturing companies are arguably facing a more challenging set of conditions than in other era in their collective histories. The prices of raw materials—including zinc, lithium, iron, copper, steel, lumber, and plastics—are on unprecedented rises, while investment in plant capacity is struggling to keep pace with the demand of growing global markets. Simultaneously, distribution and shipping costs have accelerated in recent times, meaning that manufacturers cannot simply shift production abroad where labor costs are less as a money-saving method. In that light, we are going to examine manufacturing pricing strategies in-depth in...

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Everyday Low Pricing Strategy Explained + The Pros & Cons

May 4th, 2022

Idrissa Diop
Solution Strategist at Pricefx

Everyday Low Pricing Strategy Explained + The Pros & Cons You’ve probably heard the phrase “everyday low pricing” (EDLP) before and it’s possibly lodged its way into your subconscious, particularly if you live in North America. Why does it ring a bell? Because EDLP this is the pricing strategy that Walmart has used to become retail powerhouse. Amazon has followed in Walmart’s EDLP footsteps in the E-commerce sector. But is it for your business too? While it may be tempting to simply carve your prices back to rock bottom levels, it is not as simple as that. There are several...

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What Happens To The Pricing Team When You Get Price Management Software?

May 2nd, 2022

Jose Paez
Solution Strategist at Pricefx

What Happens To The Pricing Team When You Get Price Management Software? Buying pricing software can be a scary prospect. It’s a big investment and requires a comprehensive change management plan to drive adoption. Once you mention that you might be getting pricing software, no doubt you’ll have questions from members of your team wanting to know what will happen to their roles in the company. And if you lead the team you’ll probably want answers to those same questions  At Pricefx, we’ve spent the last decade helping companies of all sizes across all industries to elevate their pricing strategies, fine...

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Pricefx – A Stevie® Gold Winner for Manufacturing and Financial Management Solutions (2022)

April 28th, 2022

Pricefx

Pricefx – A Stevie® Gold Winner for Manufacturing and Financial Management Solutions (2022) Pricefx has just been awarded two Gold Stevie® Awards for Manufacturing and Financial Management Solutions. The award was determined by the average scores of judges comprising executives from around the world. Out of the 3700 submissions, we’re proud of the fact that experienced leaders view Pricefx’s solutions as drivers to help organizations meet their strategic goals. This will be the second award from the Stevies acknowledging our contributions to manufacturing, our 3 gold win, and the 6th award for the 3rd year in a row! How Does Pricing Software Help Organizations Like Yours? One of the major challenges that companies...

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Why Am I Paying for A SaaS Subscription I Haven’t Started to Use Yet?

April 28th, 2022

Darius Jakubik
Account Executive in Sales at Pricefx

Why Am I Paying for A SaaS Subscription I Haven’t Started to Use Yet? There’s nothing worse than having finally convinced the executives that the company needs new software than being called in a couple of months later to explain why they’re paying for a tool but haven’t had a chance to use all the features.   Having spent the last decade sharing our cloud-based offering with companies looking to optimize their pricing strategies and processes, we’ve had to answer this question often. And we get it. Buying software-as-a-service (SaaS) solution takes a definite mindset shift. But once you get it,...

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Do I Need A Pricing Team To Use Price Management Software?

April 26th, 2022

Jose Paez
Solution Strategist at Pricefx

Do I Need A Pricing Team To Use Price Management Software? Pricing software is not cheap, and investing in a pricing solution is a big decision. Congratulations, you’ve made the decision to use price management software to alleviate pressing business pains. If you’ve made the right choice, the software you want will save you time and spark a not minimal ROI. So, if price management software does all that, do you even need a pricing team to use the software? The short answer is “yes”. Over the past decade, we at Pricefx have learned that pricing software is not for...

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Discount Pricing Strategy Explained: (Examples, Pros, Cons, Tips)

April 25th, 2022

Idrissa Diop
Solution Strategist at Pricefx

Discount Pricing Strategy Explained: (Examples, Pros, Cons, Tips) Are you struggling to move your excess inventory, want to sell your low-priced products in high volumes or are you looking to generate buying interest in one of your new introductory products? If you answered ‘yes’ to all or any one of these questions, the chances are a Discount Pricing Strategy is something you might want to consider to assist in achieving your organization’s business objectives at a national, international or even a regionalized level. But can a discount pricing strategy be sustained over the long term, and what are the benefits...

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How to Implement a Pricing Strategy: A Guide

April 22nd, 2022

Idrissa Diop
Solution Strategist at Pricefx

How to Implement a Pricing Strategy: A Guide  How you set your prices and the strategy behind your price setting can have a range of implications for your business. For example, did you know that not every price you set needs to maximize your profit margins? Nor is every price on your products required to increase your sales volume. It could be you mix and match either of those two pricing strategies on different goods across your product line. And what’s more, you might even implement different strategies again on more of your products – and it could all be...

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Everything About Price Skimming Strategy Explained (Examples, Pros, Cons, Tips)

April 21st, 2022 (Updated 04/22/2022)

Ken Edwards
Marketing Specialist at Pricefx

Everything About Price Skimming Strategy Explained (Examples, Pros, Cons, Tips) Do you have a new innovative product and you want to make hay while the sun is shining and secure as much profit as you can before your customers lose interest? As time passes and your once-innovative product becomes less novel and more accessible to a greater range of people, the price inevitably and steadily declines. That is a Price Skimming Strategy in a nutshell – just one in a range of pricing strategies that can assist your business in setting precisely the right prices for your products – and...

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How Safe is the Pricefx Infrastructure? – Very, and Here is Why

April 19th, 2022 (Updated 04/25/2022)

Jaroslaw Podgorski & Michaela Kubišová
Senior Security Specialist in Compliance & Senior Manager Compliance and Operations at Pricefx

How Safe is the Pricefx Infrastructure? – Very, and Here is Why Cybersecurity is one of the greatest threats to most companies worldwide. Since the onset of COVID-19, the FBI has seen a 300% rise in cybercrime. What’s more, with data breaches up by more than 68% in the 2021 calendar year, it is quite a valid question to ask, ‘How Safe is the Pricefx infrastructure?’  The answer is – generally speaking, your company’s data that is stored within the Pricefx system is much safer there, than it is on your work computer, home computer or your smartphone. Because of...

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High Low Pricing Strategy Explained: The Pros & Cons

April 14th, 2022 (Updated 04/22/2022)

Ken Edwards
Marketing Specialist at Pricefx

High Low Pricing Strategy Explained: The Pros & Cons Pricing your products and services in the Goldilocks ‘just-right’ zone is a challenge for any business. Set your prices too low, and you could potentially be leaving valuable profit at the checkout. On the other hand, by setting your prices too high, you could risk losing out on sales altogether to your competitors. Companies worldwide are increasingly using the pricing science available at their fingertips more and more and moving between different pricing strategies as the need dictates. These days there are a range of pricing models and strategies that can...

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Is Cloud Infrastructure Really Safe? Yes & Here is Why

April 13th, 2022 (Updated 04/21/2022)

Christian Tratz & Michaela Kubišová
Co-Founder & Chief Code Monkey + Senior Manager Compliance & Operation at Pricefx

Is Cloud Infrastructure Really Safe? Yes & Here is Why  Because of its prevalence, most people with even a mere passing interest in technology already know what cloud infrastructure is, but for the uninitiated and explained simply, the cloud allows an internet user to access a third-party computing resource (just like our own Pricefx pricing software). The cloud is ‘located in’ an almost endless network of interconnected servers that allow you to run your computer’s applications over the internet without having to buy, install or manage your own servers. But we hear the inevitable question almost every day from new...

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What Kind of Training Does Pricefx Pricing Software Provide?

April 12th, 2022 (Updated 04/14/2022)

Kate Grusemann
Manager Customer Training in Customer Solutions at Pricefx

What Kind of Training Does Pricefx Pricing Software Provide?  It can take longer than you think to implement Pricefx pricing software. After all, implementing a full-fledged native-cloud pricing system informed by the power of Artificial Intelligence should take longer than uploading Google Chrome or doing a Windows update, right? With all the time and effort that the team at Pricefx put into developing your pricing software and customizing it to suit your company’s unique set of business objectives, wouldn’t it be disastrous if end users like yourselves could not take full advantage of it and use the software to its...

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The G2 Spring Report for Pricing Software is Out

April 7th, 2022

Pricefx

If you’re looking for the perfect pricing software, whom better to ask than real users? G2 is the leading verified review platform for software, written for users by users. In the latest report, Pricefx has been chosen as a leader in pricing based on a variety of factors that matter to you: average ROI, average go live, ease of use, flexibility and more.

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What Are Clusters, Partitions, Production & Instances in Pricing Software?

April 8th, 2022

Jochen Schmidt
Solution Strategist at Pricefx

What Are Clusters, Partitions, Production & Instances in Pricing Software?  If you’re new to pricing software having spent most of the last generation with your company’s Pricing Department doing all their work in Excel, the chances are you’re now faced with a new range of terms you have never encountered before.  For example, using the power of the innovative technology at your fingertips, you want to differentiate between the prices you charge across different regions because the distribution costs vary wildly between California and New York, or Germany and Spain. But what the heck is the point of the differentiation...

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Private Cloud vs Public Cloud: What is the Difference?

April 6th, 2022

Christian Tratz
Co-Founder & Chief Code Monkey at Pricefx

Private Cloud vs Public Cloud: What is the Difference?  The sheer number of cloud-based pricing software services on the market today can be bewildering. If you’re switching over from an on-premises server-based pricing software system and you’re just starting out with the cloud, it helps to have answers to some basic questions. It’s good to know that not all cloud pricing software systems are created equal, and every company may have a different set of requirements to suit their specific business objectives. For example, do you want your own personal cloud space, or are you fine to cut costs and...

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5 Mistakes to Avoid When Migrating from Excel to Pricing Software

April 5th, 2022 (Updated 04/08/2022)

Maggie Buckland
Managing Director at Big Data Pricing

5 Mistakes to Avoid When Migrating from Excel to Pricing Software  You have made the decision to buy enterprise pricing software to support your large-scale business. Congratulations on joining the latest pricing industry trends and business solutions. You could invest $100,000 to millions only to have a tool that your team can’t or won’t use. In this article, we will describe the 5 mistakes to avoid when moving from Excel to enterprise pricing software.  Working closely together, Pricefx and Big Data Pricing are focused on guiding their clients on strategic pricing as the most rapid and effective way to improve...

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How to Manage Fluctuating Prices & Margin Erosion

April 1st, 2022

Hartwig Huemer
Value Ambassador in Revenue at Pricefx

How to Manage Fluctuating Prices & Margin Erosion  In the current business environment, regardless of the industry your company operates in, if you have not changed your prices at least once (or even more this quarter), the chances are you’re missing out on plenty of profit that is being left at the checkout. Focusing on changing price levels of raw materials and fuel, anyone from technology retailers and wholesalers to companies in more specialized fields such as waste management and food distribution are being required to maximize their profits by making tweaks to their prices every time it’s necessary to...

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Pricefx Receives Multiple Awards Highlighting Technology Innovation, Growth Velocity and its Industry-leading Partner Program

March 31st, 2022 (Updated 04/06/2022)

Pricefx

Pricefx Receives Multiple Awards Highlighting Technology Innovation, Growth Velocity and its Industry-leading Partner Program   Pricefx, the global leader in cloud-native pricing software, today announced it has won several awards for its technology and growth potential. These awards recognize Pricefx’s groundbreaking AI technology, outstanding growth, and industry-leading partner program offerings that help customers maximize margins, increase profits and close better deals. Pricefx was named a winner of the 2022 Artificial Intelligence Excellence Awards, which recognizes companies that apply AI to solve real problems. The company launched the first AI-powered market simulation for price optimization. Market simulation is designed to enable...

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Wie lässt sich SAP in eine Pricing Software integrieren? Und wie fängt man an?

April 4th, 2022

Jochen Schmidt
Solution Strategist at Pricefx

Wie lässt sich SAP in eine Pricing Software integrieren? Und wie fängt man an? Sie haben also Ihre SAP Enterprise Resource Planning (ERP)-Software zum Laufen gebracht. Ihre Preisstrategie erreicht eine völlig neue Dimension, und die Effizienz wird so weit gesteigert, dass Sie Ihr Unternehmen erweitern und Ihren Kunden- und Produktstamm diversifizieren können. Und dann plötzlich – bumm! – haben sich Ihre geschäftlichen Anforderungen geändert. Sie stellen fest, dass Sie Ihre neu eingeführten Rabatte und Werbeaktionen automatisieren und verfolgen müssen. Außerdem müssen Sie Ihre Finanz- und CRM-Systeme (Customer Relationship Management) in eine Software für die Preisgestaltung einbinden, die schließlich zu einer...

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Wie lange dauert die Implementierung einer neuen Pricing-Software?

March 31st, 2022

Chris Keenan
VP Customer Enablement at Pricefx

Wie lange dauert die Implementierung einer neuen Pricing-Software? Wenn Sie zu einem Anbieter von Preissoftware gehen und fragen würden: „Wie lange wird dieses Projekt dauern?“, würden Sie so viele Antworten erhalten, wie es Anbieter gibt. Das liegt daran, dass die Dauer eines Implementierungsprojekts von einer Vielzahl von Faktoren abhängt, darunter das, was Sie erreichen möchten, die Komplexität Ihres Geschäftsprozesses, die Anzahl der beteiligten Personen, Ihr Engagement für das Erreichen von Meilensteinen und das Geben von Feedback. Wir haben Hunderte von Pricing-Softwareprojekten implementiert und können normalerweise anhand einiger Faktoren abschätzen, wie lange die Implementierung von Pricing-Software dauern wird. In diesem Artikel...

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Creating an Effective Food & Beverage Industry Pricing Strategy

March 30th, 2022

John Gilbo
Account Executive at Pricefx

Creating an Effective Food & Beverage Industry Pricing Strategy  The speed of change in the food and beverage industry is formidable.   With a backdrop of supply chain disruptions, logistics backlogs, labor shortages, cost increases, administrative bottlenecks, regulatory updates, climate change, and major modifications in customer behavior as well as the competitive landscape, companies in food and beverage are struggling to keep pace.  After a decade helping companies in the food and beverage industry develop successful pricing strategies that enable them to respond quickly and appropriately to the changing market, at Pricefx we know how important pricing agility is to the bottom line. ...

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Key Pricing Metrics for The Food & Beverage Industry

March 29th, 2022

John Gilbo
Account Executive at Pricefx

Key Pricing Metrics for The Food & Beverage Industry In an era defined by the unexpected, it’s more important than ever that companies in food and beverage make agility a key business goal. With change being the only constant, adaptability is the only means of survival.  At Pricefx, we’ve dedicated the last decade to supporting companies in every industry in developing effective pricing plans and strategies while arming them with the tools and know-how to adapt swiftly and fittingly to the ever-more frequent “unexpected”.   In this article, we’ll explore some of the key challenges food and beverage companies are currently facing,...

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