Two Aussie retail tech companies have joined forces to help SMB retailers build better profits on marketplaces such as Amazon and eBay. Australia’s leading retail management platform, Neto, and ‘one of a kind’ repricing engine StreetPricer, are busting the myth that marketplaces are a race to the bottom, and helping SMB retailers realise the opposite is most often true.
Australia’s leading retail management platform, Neto, recently 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.
What does partnership mean for Neto and StreetPricer?
“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.”
Why has Neto chosen to partner with StreetPricer in particular?
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.