We developed a detailed user flow to make it easier to analyze competitors’ pricing and update unit pricing accordingly to maximize profit per unit.
The executive team wanted a dynamic pricing tool for real time updates of unit pricing so they could have more confidence their prices maximized profit while remaining competitive in their respective markets.
First we looked at their spreadsheets and manual processes to learn about how they were currently managing pricing updates. We created a User Task Outline and UX Flow to document the process and various decisions that are required to complete pricing updates. Once we understood the essential information and the model of how they make pricing decisions, we created several User Interface Prototypes for their business analysts to test various ways of displaying data and updating pricing. We also created an algorithm to calculate suggested pricing based on their business model and competitive rates. Using a vendor’s API, we added real-time price data from competitive locations to feed directly into the UI so their analysts could see their current price, their competitors price, and a recommendation for their price all in one interface.
The business teams can now look at any market where they have property and see their current price, their competitor’s prices, and a suggested price update - all in one screen. They can choose to update their price according to the suggestion, or manually enter a new price. Once updates are made, the new price flows into their property management systems and updates in near real-time. This new system not only saves their analysts hours per day, higher pricing accuracy created an overall increase in profit per unit.