Consumers value the same products differently, making a single price for many shoppers inefficient. This is evident by the immense number of sales and promotions that retailers are constantly executing to find the “right” price, however en masse. The result is billions of dollars in lost opportunity for both the shopper and retailer.
Retailers can now capture additional revenue and margin, while also building loyalty through “Customer Engaged Pricing” (CEP) for both online and in-store customers. Nyopoly, Inc. has built a CEP SaaS platform, which finds the optimal price between a single-buyer and a single-seller, via fast individualized pricing negotiation. This unique pricing approach is the most efficient solution to the traditional fixed pricing model.
Nyopoly.com, Nyopoly’s showcase of CEP, currently sees a 20% uplift in transaction price when using CEP as compared to flat discounting. These results are significantly more efficient than current industry price optimization solutions, which realize 1% to 2% uplift. Also, due to the nature of this approach, Nyopoly collects yet-to-be-captured “Consumer Willingness-To-Pay” data. This data, comprised of real shoppers, making real-time offers on current products, provides invaluable insight into pricing products on a macro level. It also provides optimization information for targeting pricing. As part of the CEP SaaS platform, Nyopoly will offer tools and reports to turn that data into actionable insight, increased margins, and shareholder value.