Price Image influences both consumer perception and consumer behavior. It affects how a shopper perceives the fairness of your pricing, and determines where and when they choose to shop.
Competitive Price Response (CPR) is a Software-as-a-Service solution that manages your price image by recommending item/zone level pricing using psychological models and patented algorithms. It helps you balance your profit objectives with your price image targets.
Make Pricing Decisions Quickly and Confidently
There is an endless combination of variables that can affect your decision – an increase in cost, a change in a local competitor’s price, a need to change your customers’ perception of a key item. A simple dashboard that shows how your price adjustments roll up to your goals makes decision-making easy, so you can act quickly and confidently.
See the Forest and the Trees
Pricing data points and optimization solutions shouldn’t live in multiple systems. Competitive data should be tightly integrated with the supporting systems you use. Having this integration enables both a macro view of the forest and a micro view of the trees.
No More Garbage In
Clean, reliable competitive pricing data is hard to get, but we have it. CPR sits on top of the industry’s largest competitive pricing database curated by Engage3 for more than 40 years. It is integrated with a world-class competitive intelligence platform that uses AI and machine-learning to QA data as it comes in. It has a state-of the-art product linking algorithm that matches like products based on demand and supply attributes. CPR integrates the quantitative and qualitative influencers on price image with visual tools to evaluate your strategic choices.
Use a Nobel Prize-winning Technique
In 1952, Harry Markowitz won the Nobel Prize for developing the Efficient Frontier Curve Theory that maximizes returns on financial portfolios for different levels of risk. CPR uses the same technique to recommend pricing and maximize profits vis-a-vis the desired price image on a product, category, store, region, or corporate level.