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WisePricer is a full-featured pricing engine that monitors, analyzes and reprices retail products in real-time. With automated repricing and easy sync, this eCommerce tool enables online retailers to beat out their competition with the touch of a button.
WisePricer is an easy-to-use tool that lets you intelligently monitor your product pricing on any of your online stores, compare pricing strategy to your competitors, and enables you to compete wisely by repricing products in real-time.
MO: What problem is WisePricer solving?
Arie: Researching product pricing is hard work for any online retailer. To determine competitor pricing, they may have to search through hundreds or thousands of products in multiple stores. Anytime they decide to adjust their pricing, they have to go through the same process again. Many SMB’s simply don’t have such resources, missing out on selling opportunities, void of effective pricing strategies.
WisePricer solves this problem by enabling retailers to be price competitive in real-time when they would otherwise lack the resources to do so. WisePricer automates the tracking and monitoring of competitor data (pricing, stock items, etc.) and allows the online retailer to respond by repricing in real-time. The goal is simplify the process of competing online while increasing their bottom line.
MO: Can you talk a bit about the process of behind developing the WisePricer platform and some of the challenges you encountered along the way?
Arie: The idea behind WisePricer emerged from a problem that I had as an online retailer. I used to sell men’s apparel online, and had no way to track my competition in real-time. Later, the same problem arose when I ran an eCommerce agency that operated and consulted to online retailers in the US & UK.
Our first thought was to do the work manually for our customers. Our daily competitor pricing research only addressed 10% of the total products. It didn’t make sense. The solution we needed would allow online retailers to change their prices according to their competitors, without all the work. As a result, we built WisePricer, and continued to develop functionality according to the retailers needs.
MO: How does WisePricer provide businesses with better tools to help them sell more?
Arie: WisePricer provides online retailers a complete solution that not only eliminates tedious research, but also provides the ability to automatically reprice in real-time. WisePricer acts as an online retailer’s new merchandising assistant. It allows them to know what to sell, where to sell it, and for how much. It enables retailers to keep up with a dynamic market, and increase sales by taking advantage of relevant repricing opportunities.
MO: Congratulations on your recent move to San Francisco from Tel Aviv! What influenced your decision to relocate?
Arie: Similar to A/B testing, we needed to test several locations to see what would work best for us. We have spent time in Tel-Aviv, NYC and now we are moving forward to SF. San Francisco is a center for startups and sophisticated developers. We felt that this was the next logical step.
MO: Can you talk about the process of moving WisePricer to the American market and what has contributed to the success of the transition? What tips would you give to a company contemplating entering a new market in a different country?
Arie: We have always focused on the US market, as it is the most mature market for eCommerce. Our commitment to our product and our customers has been central in our successful transition. We have a team of highly motivated, talented individuals who are focused on making the most of this opportunity.
As a B2B company, we understand that we need to be close to our target market to be successful. It had been difficult growing our business from Tel Aviv, so this move seemed like the best way to increase our competitiveness. We equally felt it would benefit our company culture to bring some of our team members here, so we can scale and execute goals faster.
I certainly recommend that companies targeting a specific market should be close to that market. For example, if you have a fashion startup, NYC is the place you need to be. Know your market and be there.
MO: Can you tell us a bit about your newest innovation and why Next Generation Pricing is such an exciting addition to WisePricer?
Arie: WisePricer’s newest innovation is to enable dynamic pricing capabilities, bringing ‘Amazon wisdom’ to online retailers. Currently, Amazon owns 10% of the American eCommerce market, with over than $64B annual revenue in sales. We thought to ourselves, “Why Amazon should have all the fun?” As a result, we decided to create Next Generation Pricing tools to help sellers to compete at Amazon’s level, while still dominating their own niche markets.
We believe that online stores should not only have the ability to thrive, but also get ahead.
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