In B2C, consumers often hold out on making a large purchase in the hopes that it will go on sale and the price will drop. In B2B, price variations are just as common, but much more complex. A product’s value may fluctuate depending on material cost, availability, demand, and more. Businesses that don’t track and adjust product prices accordingly risk leaving money on the table by lowballing, or losing out to the competition with high prices. Tracking all the factors that affect price is tedious and inefficient to do by hand, which is where price optimization systems come in.
Price optimization platforms monitor all these factors and more to generate market forecasts to predict buyer behavior. Using self-learning algorithms, the system can determine the best possible price at any given time so you can maximize revenue and remain competitive in the market.
Watch the video above to learn more about the value of a price optimization system in B2B.
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