AI powered pricing strategist for your business
Companies that continuously optimize their pricing strategy have 6x higher LTV/CAC on average than those who do not.
Top 6 Common Pricing Mistakes
- All customers pay the US Dollar price. This subjects your customers to fluctuating prices from foreign exchange.
- Using forex rates to display prices in different currencies. Customers see visually poor prices
- Ignoring purchasing power parity. Different countries, even cities have more or less money to spend that is a discrepancy from forex rates.
- Often a different segment of customers buy during business hours compared to evening and weekends. Price appropriate to the segments.
- Not testing prices often. Things change over time, follow where the customers are headed.
- Chronically under pricing. Price is an indicator of quality - pricing too low may send the wrong message to customers.
Pricing Strategy is Critical
- When was the last time your company evaluated its pricing?
- Did you consider that not every customer globally wants to pay in US Dollars?
- If you have currency specific pricing, have you considered that prices ending in .99 typically outperform rounding up to .00?
- Do you have a way to target prices to the specific purchasing power parity of each country?
- Within a country market, do you price differently between cities?
- Would your business benefit from demand based pricing strategies?
- Do you know how to identify where your products and services are over or under priced?
Pricely.ai does it for you
Pricely.ai will help you manage native pricing across 100+ countries. It will highlight places where you may have over or under priced your product or service based on changing foreign exchange rates or the impact of inflation.
We help you track, analyze, and split test and optimize your pricing strategy, to continuously improve over time.
Through smart heuristics and big data Pricely.ai is always adapting to changing markets.
How much money are you leaving on the table?
Pretty Prices
You probably know that prices that end in .99 are more attractive to buyers. Simply using exchange rates to convert your USD price reduces the appeal of prices and impacts conversion rates.
By Country
Customers in different countries have different purchasing power parity, commonly measured as the Big Mac Index. Foreign exhange will either over or under price your product.
By Region and City
Even within a country it may be benefitial to price based on region or city. Customers in Silicon Valley may have different price sensitivity than rural Montana. Pricely.ai helps capture that opportunity.
By Time
Advanced users may find that people are willing to spend more at peak times of day and price senstive customers shop off hours. Pricely.ai can help identify these trends and dynamically price throughout the day, or week.
Analytics
The perfect price is the highest where both the business and customer are happy. Finding that perfect price for every customer is difficult, Pricely analytics identify customers that are willing to pay more, and those that should be charged less.
Smart AI
Pricely.ai leverages a series of smart heuristics developed by leading business strategiests, insights from a growing big data asset, and trained deep learning models. It is like having an Ivy league expert working full time on your pricing strategy.
E-commerce Integrations
Plug-in Pricely.ai into your Shopify, Woocommerce or Magento store and enable the AI pricing engine to optimize your global pricing strategy in just a few clicks.
Simple API
Got a more advanced or custom need, we have a simple API and libraries available to make it easy to add dynamic pricing to your apps.