The Pivotal Significance of Price Intelligence in 2023

The 21st-century retail landscape is characterized by cutthroat competition. For many businesses, which struggle to stay afloat, intelligent pricing can be useful. It can be the 'knight in shining armor. It is common knowledge that pricing has been the greatest level for retail revenue. It is also for profit margin. However, simple spreadsheets and manual calculations don't work today. They aren't enough to envisage the right pricing strategy. Nowadays, Big Data and Analytics-driven tools are fueled by AI. They are indispensable to developing 'intelligent pricing.' Thus, competitive price intelligence enables businesses to introspect about their position. It helps their introspection in the market. Observe competitors, and curate an optimal price regulatory mechanism. It is, indeed, a non-negotiable for entrepreneurial success in 2023. Statistics from Accenture show some important facts, optimally calculating prices in real-time premised on multiple market and customer variables. They have concrete benefits. It shows a 10 to 20 percent improvement in sales and a 5 to 15 percent inflation in revenue. Such numbers are no joke. They have a revolutionary impact on the profit of a retail venture.