Unlocking Store Network Success: How Pricemoov’s Price Setting Software Empowers Store Managers

It’s never been more important to stay competitive on price — and not just at the product or promotional level. These days, your store-level pricing matters a lot. Consider these sobering stats:

• A record 40% of consumers are shopping multiple stores to find the best grocery prices.
• Seven in ten shoppers use their smartphones to compare prices while shopping in-store.
• Customers now visit twice as many stores as they did ten years ago, and 54% say they would change stores to find savings.

In a twist that started with inflation-fueled price surges, pricing now matters more than customer reviews, product specs, or brand reputation. And those shopping trends continue even as the surges start to cool. Half of retail executives expect inflation-weary consumers to continue valuing price over loyalty.

In other words: Your customers have never been more willing to move from store to store in search of the best values. How will you optimize pricing across your network to meet those demands, without compromising margins?

Enter Pricemoov — a revolutionary price setting tool that empowers store managers to set optimal prices for each store and adjust them with agility. 

Keep reading for a look at the biggest pricing challenges facing store managers today. Let’s then uncover nine proven ways Pricemoov’s next-generation pricing software solves these challenges, giving you more autonomy to manage prices and be competitive.

Why legacy pricing software doesn’t work for store networks

Pricing isn’t just pivotal for sales. For most transactions, it now takes center stage. But as store managers typically lack input in price setting, navigating fluctuating market conditions and evolving consumer demands is grueling. This is especially true if the business uses complex legacy systems designed for pricing experts. 

Wondering if this applies to your pricing system? See how many of the following challenges sound familiar.

• Store managers have limited data access: If your current system is designed for central pricing, store managers can't access the accurate and up-to-date market data, competitor pricing, and customer insights they need to make informed pricing decisions.
• A lot of pricing is still done manually. Instead of focusing on strategic initiatives, store managers spend their time updating Excel for central pricing managers who export and upload reports, cross-reference data, and reconcile discrepancies.
• You’re still seeing pricing errors and inconsistencies. It’s not uncommon to inadvertently enter incorrect data, overlook pricing trends, or fail to update prices fast enough. After all, spreadsheets were made for static pricing — not store managers racing to adjust prices dynamically to beat the competition.
• Your network cannot interpret complex pricing data. If your system isn’t user-friendly for the average store owner, you’re already at a disadvantage. Can they understand an elaborate regression analysis with its 11-point elasticity curve? Unfortunately, most legacy pricing software has highly sophisticated interfaces and spits out complicated data reports geared toward pricing experts and analysts. The result is a lack of buy-in and collaboration on centralized pricing strategies, which ultimately compromises store network success.
• The system is difficult to scale. Does your current solution make it easy for store managers to adjust prices based on locations and business needs? Few legacy systems do. As your sales network continues to expand and evolve, it will become even more difficult to maintain consistent, accurate pricing across all channels and regions. 
• It’s hard to reprice fast. Legacy pricing software and spreadsheets aren’t built to support dynamic pricing strategies or respond to market changes. This makes it difficult for store managers to adjust prices based on demand fluctuations, competitor moves, or promotional events, resulting in missed revenue opportunities or lost market share.

These are just a few of the many challenges Pricemoov solves. By democratizing pricing, we make it easy for anyone to understand critical information and make data-driven pricing decisions.

How Pricemoov makes pricing accessible to your entire store network

There’s no time to waste. The sooner your store managers are equipped to make intelligent pricing decisions, the more competitive your entire network will be. Pricemoov helps you achieve this in nine critical areas.

Let’s explore each one in more detail.

1. Data synchronization

Until your data sources are fully integrated, store managers will always struggle to find the insights they need to make data-driven pricing decisions. But too often, legacy pricing software focuses on centralized pricing that doesn’t factor in additional data.

Pricemoov ingests vast amounts of data from multiple sources and feeds it into one platform for one view easily accessible to everyone, from central pricing managers to your entire store network. This one advantage alone makes a huge difference in store managers’ ability to make data-driven decisions. With seamless access to market trends, competitor pricing, historical data, and customer behaviors, stores can do their own pricing to drive sales and maximize margins. When it comes to planning and budgeting, they can accurately forecast sales and manage their inventory to avoid overstocking or understocking while offering attractive prices to their customers.

2. Transparent price recommendations

Without visibility into the factors driving pricing decisions, store managers don’t have a reason to follow central pricing guidelines. And as they determine their own prices in a vacuum, it becomes impossible to align on price. For that, you need a price optimization tool that fosters trust.

Pricemoov ensures transparency in pricing recommendations, empowering store managers with a deeper understanding of the rationale behind pricing recommendations. By eliminating the traditional black-box approach of legacy systems, store managers have the flexibility and control they need to confidently implement suggested pricing strategies. 

This improved visibility also positions store managers to achieve bigger results with fewer resources. For example, after rental company Kiloutou adopted Pricemoov, net prices increased more than 6% — without impacting sales volume. And it now takes just two people to optimize millions of prices daily.

3. Strong collaboration workflows 

To unlock the full potential of your store network, you need to facilitate seamless collaboration between store managers, sales teams, and pricing analysts. 

Pricemoov automates workflows by providing a centralized platform for pricing managers and store networks to collaborate effectively. It serves as a hub for all pricing-related activities. Pricing managers set strategies, rules, and guidelines, which store managers then apply when setting and updating their own prices. This streamlines the pricing process and ensures alignment across the organization. In addition to saving everyone in the team valuable time and resources, it allows store managers to focus on strengthening customer relationships and driving sales. 

4. Adapted to local demand and constraints 

Adapting to the nuances of local demand and constraints is imperative for store network success. Each region comes with its own unique consumer characteristics and preferences, and store managers must tailor pricing strategies to meet those demands.

Pricemoov accounts for localization at the most granular level, starting with clustering stores by region. It takes various factors into account, such as historical sales data, cost of living, local competition prices, and state regulations governing pricing and promotions. These considerations empower store networks to meet the diverse needs of local customers while optimizing revenue potential. It’s the most reliable way to navigate both geographic preferences and regulatory landscapes to make each store as competitive as possible on price — every day, for any product or service.

5. From pricing complexity to simplicity

Let’s face it: Pricing products effectively across store networks is hard. And if your data is only accessible to technical experts and analysts, it’s even more challenging. Before you can drive store network success, you have to make complex pricing data simple for everyone to understand.

Pricemoov presents key metrics, trends, and recommendations in clear, intuitive dashboards and user-friendly interfaces. Our users rely on it daily to easily identify new pricing opportunities, optimize promotions, anticipate competitive market trends, and respond to changing consumer behaviors. For instance: When Iceland’s leading grocery retailer traded its manual process for Pricemoov, pricing that once took days is now completed in minutes. The system is so intuitive, Samkaup’s product manager says the brand saves half a day every day managing pricing.

6. Managed cost volatility

In today's uncertain economic climate, cost volatility poses a significant challenge for store networks. Whether it's adjusting prices to reflect increases in manufacturing costs or optimizing promotions to offset inflationary pressures, store managers need a way to stay agile in the face of uncertainty. Dynamic pricing lets you achieve just that.

Pricemoov’s advanced algorithms continuously monitor changes in manufacturer costs, inflation rates, and market trends, allowing store managers to stay ahead of the curve. With automated pricing recommendations based on accurate and timely data, it’s easier to maintain a competitive edge in any environment. Store managers can make agile and contextually informed pricing decisions, and maintain healthy margins in today's ever-changing marketplace. Consider the case of one 350-location rental car company: Rent A Car was able to boost revenue YoY by 30% simply by adopting dynamic pricing with Pricemoov.

7. Improved competitiveness

When store managers have quick access to local competitor pricing data, they can react quickly. They’ll know when prices fluctuate, products are launched, and promotions begin — and can take steps to keep their own prices competitive and profitable.

Pricemoov analyzes competitor pricing data from various sources, including online retailers, brick-and-mortar stores, and marketplaces. Armed with these insights, store managers can unlock the power of competitive pricing. They’ll be equipped to benchmark prices against competitors, identify pricing gaps and opportunities, and implement granular pricing strategies that drive customer loyalty.

8. Seamless integrations

It's never been more important that your systems “talk” to each other. From ERP and CRM to POS and inventory management software, each tool holds its own set of mission-critical data. The more connected they are, the more successful your pricing will be. But unfortunately, many legacy systems lack the integrations you need.

Pricemoov integrates effortlessly with other systems commonly used in store networks. Data connectors and APIs make it easy to connect all your tools, ensuring data flows smoothly for a complete picture of your entire store network. The result is accurate data exchange, empowering store managers with company-wide insights for more informed pricing decisions and great productivity. Audi on Demand experienced this firsthand when the 50-location network integrated Pricemoov into its back-end systems and instantly increased productivity by 20%.

9. Optimized promotions and discounts

Whether it's a limited-time offer to clear excess inventory or a personalized discount to reward loyal customers, promotions play a pivotal role in store network success. But executing targeted offers with precision and confidence requires access to timely data.

Pricemoov provides the exact data store managers need to drive incremental revenue with in-store promotions. With quick access to detailed insights, they can precisely tailor discounts and offers to specific customer segments, product categories, or even individual items. This granular approach ensures each offer not only matches current customer preferences, but also stays aligned with your overall sales objectives.

Unleash your store network pricing potential with Pricemoov

In an era where dozens of pricing variables influence each buying decision, harnessing the power of next-generation pricing software is the key to staying profitable across your entire store network. And our next-generation price management software provides the exact capabilities you need. 

Pricemoov is more than just a pricing tool. It's a catalyst for store network success — one that’s been fine-tuned by nearly a decade of research and development. Whether you're a small boutique or a large-scale retailer, Pricemoov has the tools and resources you need to thrive.

Ready to see how our next-generation price management software can be a game changer for your store network? Get in touch to discuss your current challenges and see how we can help you optimize prices, both now and in the future.