The year 2020 has had a profound impact on how organizations conduct business. The pandemic has accelerated digitization efforts across industry verticals and that in turn has changed how businesses interact with their employees and customers. One key trend as an outcome of the increasingly digitized world is the move away from physical selling to online, and this is true not just for B2C businesses, but for B2B as well.
According to a Forrester Report, B2B ecommerce transactions (globally) will reach a staggering $1.3 Trillion by 2023. Another research from Hanover research estimates that by 2025 B2B eCommerce revenues will dwarf B2C.
As organizations navigate this post-digitized, multi-sales channel world, where customers expect increased transparency and speed , they realize offering the right price at the right time to the right customer is a challenge.
Imagine a world where you can have real-time, accurate pricing, delivered to your teams and customers, across all your channels, in hyper speed.
Pricing Engine is a Pricing Software tool, that allows you to do that and much more.
What is a Pricing Engine?
Simply put, Pricing Engine is a web-based SaaS Pricing Software Solution, that allows you and your customers to look up accurate prices from any external system, at hyper speed, in real time.
Think of Pricing Engine as a channel and tool agnostic interface for your internal teams as well as your customers, that allows you to manage pricing centrally and harmonize pricing across all your channels.
A good Pricing Engine solution is one that is highly scalable, flexible and supports real-time price execution with any external system such as POS, E-Commerce, ERP, Order-to-Cash, etc., allowing users to make a real time price check request based on multitude of attributes such as customer, product, end customer, location, invoice date, etc. Based on these attributes, pricing engine performs a real-time price lookup which includes pricing rules, factors, applicable everyday discounts, deal discounts, promotions and returns the computed price back to the requesting system in milliseconds.
Why Should You Invest in Pricing Engine Software?
ERP supports complex pricing – but it’s not the answer.
B2B buyers increasingly demand a B2C-like online purchasing journey, making it crucial for suppliers to offer this sales channel to remain competitive. An underwhelming customer experience on your B2B eCommerce platform can have an adverse impact on your ability to stay competitive and relevant in this channel.
Moving to an eCommerce type of platform comes with its own set of challenges.
Customers expect an Amazon like experience, where pricing transparency, flexibility and speed are key to a good customer experience.
Instead of using a fragmented ERP landscape to manage pricing, which is tough to maintain and grow with increasingly complex business/pricing needs, there is a growing trend to leverage Pricing Engine software to de-clutter complicated ERP systems and use a Pricing Engine solution to support complex business pricing needs, optimize costs and increase price sophistication, all in one go.
While your enterprise resource planning (ERP) system may be the source for pricing information, it’s your Pricing platform that must be flexible and support complex pricing.
Vistaar’s Smart Pricing Engine is a key aspect of Vistaar’s overall pricing platform. It is fast, reliable, and proven globally across multiple industries.
Vistaar’s platform allows for easy and cost-effective horizontal and vertical scaling of the overall solution. Given this, Vistaar works collaboratively with companies across industries to easily meet required time and scalability SLAs. Vistaar’s large implementations have millions of SKUs, price points, line-items and have response times of a few milliseconds per price point.