Announcement posted by Neto 22 Aug 2018
BRISBANE, 22 August, 2018 – Australia’s leading retail management platform, Neto, today announced a global alliance with retailer pricing engine StreetPricer, integrating its automated repricing functionality into the Neto platform for customers worldwide.
StreetPricer
is an artificial intelligence- (AI) based dynamic repricing tool built
specifically for marketplaces such as eBay and Amazon. Since its launch in
2016, the Australian-founded company has rapidly grown into a global business,
with a monthly compound growth rate of 20 percent and customers based in 11
countries across North America and Europe.
“Pricing
is a very important element of online marketplaces for retailers all over the
world,” said Ryan Murtagh, founder and CEO of Neto. “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.
“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. StreetPricer’s automation
functionality also manages the entire process,” said Murtagh.
Cardy
Chung, CEO and founder of StreetPricer, said the StreetPricer tool is a ‘one of
a kind’.
“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.
“There’s
also misconception that repricing in marketplaces is a race to the bottom,
whereas in reality the opposite is more often true. The majority of our price
movements are upwards,” said Chung.
StreetPricer
currently tracks more than 52,000 sellers and in excess of 1.4 million items on
eBay and Amazon. Its sophisticated and proprietary AI scanning technology -
hosted on Amazon Web Services (AWS) for fully redundant, structured multi-zone
delivery - proactively analyses top selling products and competition to lock
on.
“The
StreetPricer integration into Neto means we now track price changes and sales
as they happen so customers always know where they stand in the market,” said
Murtagh. “Customers can quantify and identify competitor trends and, as a
result, even identify new stock lines for their own business.”
Murtagh
said StreetPricer was chosen by Neto as a key integration partner due to the
company’s technical capabilities and exceptional customer service team, also
based in Australia.
“Technical
integration was seamless,” said Murtagh. “As two Australian-founded and
-headquartered companies, both expanding globally, it was a very strategic
fit.”
According
to StreetPricer’s CEO Chung, the need for StreetPricer was conceived by
retailers, conceptualised by retailers and improved by retailers.
“Any
retailer will tell you that repricing on eBay is difficult, but StreetPricer
can do it. In fact, it’s our forte,” said Chung. “We monitor 21 eBay sites
around the world reprice more than 200,000 items every 24 hours. No other
repricing tool can lay claim to those numbers.”
StreetPricer
integration will be available to Neto customers from today for AU$49 per month,
after customers enjoy a period of 14 days’ free trial and onboarding.
Neto
today has thousands of customers who have collectively generated over $2
billion in sales online. In 2017 Neto placed in the top 10 of the Australian
Financial Review’s Most Innovative Companies, was listed in The Australian
Financial Review’s Fast 100 and CEO and founder Ryan Murtagh was named
Brisbane’s Young Entrepreneur of the Year.
- ENDS -
About Neto E -Commerce Solutions
Neto, founded in 2011, is the only retail and wholesale management platform providing a complete solution for ecommerce, point of sale (POS), inventory and fulfilment. Its integrated back end technology enables an exceptional and consistent customer experience through any channel be it in store, online, future proofing our customers in an evolving market. As an Australian company Neto offers the largest onshore support team in the market, something its customers truly value. Key customers include Edible Blooms, Spotlight, Bicycles Online, Anaconda and Hoselink.