Competera product overview
Competera is an AI-powered platform that implements deep learning technologies into the daily operations of retailers to give an edge over competitors. It uses advanced Machine Learning technology combined with the best econometric practices. It helps businesses boost bottom-line metrics and sustain the right price perception through appropriate price recommendations. These recommendations are based on various pricing and non-pricing factors as well as cross-product sales dependencies.
Competera offers a unified pricing platform for enterprise retailers. It aids in recovering lost profits and meets new shopping patterns with the help of optimal pricing for each product across all selling channels. The software uses unique pricing engines. It lets every customer benefit from an individual pricing design and get support from a dedicated account management team, including an account manager, a pricing solutions architect, and customer care managers.
The platform converts day-to-day pricing routine into a more structured and manageable business process. It evaluates critical competitive assortment data and delivers them via a user-friendly interface, helping companies develop and analyze pricing strategies and come to smart pricing decisions.
Competera offers a cloud-based web service for price tracking from competitors in the retail business. It allows users to compare prices between different companies, countries, periods, and individual items. Competera also provides MAP monitoring and offers pricing suggestions to maximize profits along with currency adjustments to the business’ currency of choice.
Pros of Competera
- Competera adapts the latest AI, machine learning, and deep learning algorithms to the needs of retailers, helping them switch to fact-based pricing. Its Price Intelligence feature also eliminates human error.
- The Competera Price Index feature displays a products/categories/brands positioning of online stores against similar parameters of the competitors and retrospectively checks whose actions influenced sales the most and why.
Cons of Competera
- Some users reported that the initial setup of the platform is slow and cumbersome.
Breakdown of core features
Competera’s features were designed to help businesses with pricing strategies to attain dynamic price optimization.
Competera helps retailers gather important information about key competitors, both in pricing and non-pricing aspects. Businesses can get a deeper understanding of competitors to fine-tune and perfect pricing strategies. The platform allows retailers to compare everything from shipping information to product photos and deliver data fast enough to effectively utilize it.
Competera’s predictive analytics provides retailers with a demand model that can forecast demand volume changes to determine the right pricing at the right time. These accurate predictions can help increase sales, transactions, and gross margin. The system gets the most relevant information to make as accurate of predictions as possible.
The platform can be used to manage products with fluctuating demands. Competera uses historical sales data to estimate cross-dependencies between products in the portfolio and calculate the demand function. It sets prices for different types of products such as new entries, Best Price Guarantee (BPG) products, cash and revenue generators, and exclusive products. The software relies on accurate forecasts in securing the achievement of strategic goals.
Competera enables retailers to get the best prices with automated pricing decision trees. Businesses can use either common pricing rules from the platform’s library or set custom scenarios based on the retailer’s and competitor’s data mix to deliver competitive offers across the market.
(Last updated on 05/05/2021 by Liz Laurente-Ticong)