Pricefx – Shortlisted in the 2021 SaaS Awards
August 3rd, 2021 | 5 min. read
Pricefx Shortlisted in the 2021 SaaS Awards
The SaaS Awards has named Pricefx as the winner of the category Sales and Marketing. Pricefx was the only pricing software in any finalist category making us the only pricing software to win in any category.
As Patrick Moorhead, Chief Marketing Officer of Pricefx, explains, “The sales and marketing software category is highly diverse, extremely crowded and includes large, established market leaders – which makes this win so incredible for our company. We are seeing pricing software become increasingly important in the current economic climate, as a strategic way to increase revenue and drive profit. As the first cloud-native SaaS solution in the pricing industry, we are delighted to be honored for our technology innovation and market traction. This win is a testament to our values and to our customers who use Pricefx to succeed at pricing.”
Head of operations for the SaaS Awards, James Williams, said: “Just as SaaS technologies have been vital in pivoting organizational functions to respond to global crises, they will be essential as we look forward to returning to normal levels of productivity.
“We’ve seen remarkably innovative solutions across all conceivable areas of industry, and it’s increasingly difficult for our team to identify the entrants that can’t make it past this shortlist stage.
“The shortlisted candidates announced today, however, have made it through that first round. They represent truly innovative thinkers in the SaaS industry, whether they’re freshly-funded disruptors or established names.
We cannot agree more. One of the many commitments we make to our customers is to not only provide a fair and welcoming business approach but to continuously innovate. We believe that the SaaS Awards are a testament to our keeping that promise.
Innovate Your Pricing Strategy with Market Simulation
Cannibalization is the biggest hidden challenge companies are facing today because most algorithms pretend that changing the price of one product won’t impact the sales of another. Harsh is the lesson that teaches that applying “optimal” discounts to two products at once (hoping to see the promised profitability lift in each) will, rather, result in no change or even a decline in profitability. This is because the predicted lift in the first product was calculated at the expense of the second, and vice versa. So, combined, your profit lift is a big fat zero.
Current solutions often use price elasticity to optimize prices. While these models can maximize the profit of a single product, they require masses of transactional data and are only valid for single-use. They aren’t able to predict cannibalization, calculate the total impact of a price change across an entire product category, anticipate competitor reaction or handle simultaneous price changes.
Market Simulation is Pricefx’s next step in price optimization and has been designed to enable superior price optimization through predicted end-to-end impact simulations.
Best SaaS Product for Ticketing or Event Management & e-Commerce
We were shortlisted for this year’s SaaS awards in two categories – Ticketing /Event and e-Commerce. But it’s not all talk. With Ticketcorner, we were able to improve online bookings 10X, increase revenue by 36% and increase pre-booking by 1250% all in a single season.
Ticketcorner was able to become a pioneer in dynamic pricing for the ski-ticket industry. They achieved this honor because they were the first to move the industry from staticity to a dynamic system that can factor in snow quality, seasonal changes, and the popularity of skiing in the region. Value-based pricing was a positive for new price-sensitive skiers who were willing to take weather-related risks. This type of skier, who would not otherwise visit the ski slopes, purchased their tickets in advance and were then rewarded with lower prices.
The introduction of dynamic pricing brought to participating ski resorts a better-balanced cash flow throughout the season, increased sales volume and, with that, also an increased demand for associated business (hotels, restaurants, etc.). By utilizing the available weather data, which was seamlessly integrated into Pricefx’s pricing engine, businesses can successfully lower their dependency on positive weather conditions.
We were able to also help the leading consumer electronics retailer in Europe find a happy medium between retail and their online operations. MediaMarktSaturn is not only ‘matching’ its prices with those of its competitors, but is successfully matching its own online and offline prices too, meeting the needs of its customers while gaining a holistic, 360-degree view of their buying habits. The improved data capture built into the system augments its overall intelligence and has allowed for the creation of several ingenious pricing scenarios that effectively model how different customer segments behave when making a purchasing decision.
Ready to see how Pricing Software can make a difference in your organization? Start a conversation with our chat box to learn more about our solutions.