In order to face the above challenges, retailers and brands need to focus on the use of software solutions since the strategy of monitoring and adjusting prices based on competition involves the following struggles:

• The constant need to research and compare prices: Not only is this strategy time-consuming but also difficult for Pricing Managers to get the most accurate and up to date information when they don’t know how to use it to their advantage and can represent a real issue for managers. 

• Customer demand: Customer demand can change for various reasons, such as changes in the economy, consumer preferences, or the launch of new products and services.

• Globalization: Can significantly impact pricing strategies, as they need now to consider the impact of exchange rates, tariffs, and other factors while choosing pricing solutions. 

• Dealing with pricing regulations: Certain industries and products may be subject to government regulations regarding pricing based on which country the business is operating in. 

• Keeping up with the competition: Pricing Managers need to know what their competitors are doing to overperform them. This can involve using strategies to monitor prices on multiple websites and marketplaces and analyze competitors’ market data.

Before going any further with some of the examples of Competitive Pricing Solutions and explaining why Netrivals is the number one solution for your pricing strategy, let’s define first what competitive pricing is.