If pricing is a competition, Neto and StreetPricer are pulling ahead, today revealing a partnership that will integrate their platforms for Neto customers.
Two Australian tech companies today announced they’re teaming up to “build better profits” for SMB retailers on eBay and Amazon.
Major retail and wholesale management platform Neto has partnered with StreetPricer, whose repricing tool is an AI-based, automated functionality designed to give retailers a competitive advantage in the curated online marketplace.
Neto customers will be able to access StreetPricer integration as early as today, starting with a 14-day free trial and onboarding period before subscribing for $49 per month.
Hosted on Amazon Web Services, StreetPricer tracks sales and price changes across eBay and Amazon, analysing the data it gathers so that the retailers who use it can adapt their pricing to beat competitors. The Australian startup has grown rapidly since it launched in 2016; it has a global customer base and tracks over 52,000 sellers and 1.4 million products worldwide.
This success isn’t surprising. Adaptable pricing is key to online marketplaces, as Ryan Murtagh, Neto founder and CEO, points out. “For retailers to be successful, being able to dynamically and strategically move pricing up or down to match competitor activity, including international competitors, is crucial,” he said. “As a result of this alliance, Neto customers can now import product data seamlessly into StreetPricer’s repricing and competitor analysis tool and customise the software based on margin parameters or sales targets.”
Some retailers may worry about the effect this analysis and repricing will have on their sale figures in an already competitive marketplace. However, StreetPricer founder and CEO Cardy Chung says it’s a “misconception that repricing in marketplaces is a race to the bottom,” assuring that “in reality the opposite is more often true. The majority of our price movements are upwards.”
In a culture where a strong pricing engine can offer new levels of competitor data, the feature has the potential to benefit many of Neto’s customers. “With StreetPricer integrated into a retail management platform such as Neto retailers can be informed, in real-time, when a competitor is out of stock and then recommended a price increase based on customer demand,” said Chung. The partnership also promises further growth for StreetPricer, which can now tap into Neto’s thousands-strong customer base.
“Technical integration was seamless,” said Murtagh. “As two Australian-founded and -headquartered companies, both expanding globally, it was a very strategic fit.”